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Allowance For Kids

Tell Mommy: Do Your Kids Have a Budget?

Suze Orman may be the money guru of today, but sometimes I think she took a page from my parents' handbook on raising financially responsible children. Growing up, my folks paid us for hard work done around the house and allowed us to spend it how we wanted. My chores included cleaning my room, making my bed, helping with dinner, doing dishes, and other things that eased the burden on my mom and step-dad. As we grew older, my sister and I had to set up a budget for our monthly expenditures. Based on our needs and wants, our parents devised a monthly allowance for us. It taught us both that perhaps a Polo shirt wasn't as necessary as the cheaper version available at Target.

Tell mommy, do your kids have a budget?
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Sarana Sarana 7 years
My parents were also not open about money and how they spend it and they still aren't. But they did raise me to be financially responsible. Basically the one thing they thaught me was to only spend oney that I have, if you don't have it don't spend it. And don't borrow money for anything (expect house financing).
graylen graylen 7 years
My parents did teach us to be financially responsible (mostly though example), but they didn't talk about their money at all. To this day, I have no idea how much my parents made. Maybe it was a generational thing?
milosmommy milosmommy 7 years
Man I wish my parents had taught me these lessons. I wouldn't be in so much debt. I really hope that my husband and I can teach our kids how to be careful with money so they don't get into trouble either. Seriously Annie why is talking about money so taboo, it shouldn't be. These are fundamental things everyone should know.
anniekim anniekim 7 years
Oh yes--I wish I had been taught the basics of budgeting as a child, or at any point at all! lol I'm teaching myself right now. These are some tips I'll be sure to use. Why is money talk almost as taboo as sex?
RosaDilia RosaDilia 7 years
I give my 10 year old an allowance but haven't had to time to sit down with him and give him an acutal lesson on budgeting. I do tell him though that if whatever he wants to buy is worth the money or he should wait to get it another time, perhaps on a clearance sale. Most of the time he doesn't buy it and puts his money away.
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