Dads: Teach your kids positive money management habits
“Daddy, please buy me a ...” I am sure every parent has heard this plea more than once. Fortunately, my wife and I established a money management plan for our children which seems to have eliminated many arguments, fights and tears over money.
Each week, we paid our children an allowance for doing some basic household tasks, such as taking out the trash and recyclables, cleaning up after the dogs, cleaning their rooms. However, our kids could not spend 100 percent of their allowance: A portion had to be set aside for “savings,” a portion had to be set aside for “charities” and the rest they could “spend” as they see fit. Surprisingly, the hardest part for us parents was resisting the urge to stop our kids from making impulsive purchases with their “spending” funds, such as candy and arcade games. What are some things you can do with your children?
● Have an honest discussion about money with your children. Explain the bills you have to pay to maintain the household, what types of charitable organizations you support and how you were able to achieve some long term financial goals, such as paying off a big debt or making a major purchase. ● Establish a list of age appropriate household chores which your children can handle to help make a contribution to the maintenance of your household. ● Give your children some freedom to make some imprudent purchases so that they can learn from their own mistakes.
The local fathering effort, in cooperation with the National Center for Fathering, provides monthly Action Ideas to stimulate conversation between fathers and parents. To comment on this article, or for more information or to join local conversations, contact Doug Loviscky at [email protected]visckylaw.com or Marc McCann at marc.mc[email protected]