ParentingToday

Kids And Money

Educating, motivating, and empowering children to become regular savers and investors will enable them to keep more of the money they earn and do more with the money they spend.

8-to- 21-year-olds earn roughly 赳 billion per year and spend most of it. Some parents give their children allowances, while others encourage their children to work for money.  An allowance may be given for household chores such as keeping their room clean and helping with the dishes, as well as doing some outdoor activities like picking up after the dog.

The national average weekly allowance for a 12 year old is ů.61.  Children may earn extra money by mowing lawns, babysitting, paper routes, etc. Once children have money, there is a big challenge in teaching them responsible ways to save it. Advertisers are spending billions targeting our kids for their dollars through internet and television ads.

One way to save may be to keep a spreadsheet on the computer of the money they have earned, what has been paid out and what may still be owed. If children don’t have the money in their pockets or purses, they may be less inclined to spend it so quickly. 

Opening a savings account at the bank and beginning to understand the power of interest is another way parents use to incent their children to save.  Many parents encourage children to spend half of what they earn and save the other half. 

As children get older, helping them understand how much it costs for everyday living is an invaluable lesson.  Consider letting your kids pay your bills for a few months.  This will give them a great perspective on what it takes to live on their own. 

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