I mainly wanted some advice on the strategies my wife and I have decided on for teaching our 14 year old daughter to handle money responsibly. We decided to start giving her an allowance lets say $10 a week as long as she keeps up on her chores. She has the option to earn more by doing extra chores or various jobs we may offer her. We decided that 20% of everything she earns has to go in savings. We will help her create some goal to save towards such as a big purchase she wants or even start saving for a vehicle for when she turns 16. We told her that we would match what she puts in to a vehicle. We thought of creating a chart for her savings and have her put cash in a jar so she can watch it grow.
I have told her that if she adds more to the savings besides the 20% then we will match half of what she puts in. At the end of the month she will have to pay a small portion of bills such as her cell phone bill. We will keep the amount low as she is not getting a large sum of money every month. I mainly wanted her to get used to handling money more regularly and get in the habit of saving while being aware of upcoming bills.
We also wanted to have her track her spending throughout the month on a spreadsheet or some phone app. The wife and I have semi regularly budget meeting to go over our finances and budgets and we wanted to start including our daughter and also go over her budget to give her and idea of how it all works. I wanted to see if anyone thought some of our ideas are good or bad and any tips that you have used and found successful.
Submitted January 07, 2019 at 09:04AM by DogNamedZeus http://bit.ly/2LVzky1
