Teaching Kids Money Management: Strategies for Allowances and Chores

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Discussion Overview

The thread centers around various strategies for teaching children about money management through allowances and chores. Participants share their personal experiences and methods for instilling financial responsibility in their kids.

Discussion Character

  • Anecdotal
  • Opinion-based
  • Exploratory

Main Points Raised

  • One participant discusses the challenge of managing children's requests for money and considers implementing a chore chart with payment tied to completed tasks.
  • Another participant shares a plan where children do not receive an allowance but instead are given a monthly budget based on tracked expenses, emphasizing the importance of budgeting and responsibility.
  • One participant describes a system where a child pays for damages caused by destructive behavior, using a chart to track chores and money earned.
  • A participant mentions a previous system where children received a weekly allowance divided into spending, saving, investing, and tithing categories.
  • Another participant recounts their experience with a child who declined to do chores for money, leading to a decision to stop paying for chores altogether.
  • One participant explains their method of giving children an allowance based on their age, with a portion automatically saved, and outlines specific chores required to earn this allowance.

Areas of Agreement / Disagreement

Views differ among participants regarding the appropriateness of tying allowances to chores and the consequences for not completing tasks. Some participants support strict adherence to these systems, while others express concern about the implications of financial responsibility at a young age.

Contextual Notes

Participants share a range of experiences from different family dynamics, ages of children, and personal philosophies on money management, reflecting diverse approaches to teaching financial literacy.

Who May Find This Useful

Consultants and parents interested in exploring various methods for teaching children about money management and responsibility may find these discussions insightful.

candiejayne said:
So does that mean he just does the opposite of whats being told of him?

My stepson meets this criteria to a T...this is the definition of it...it's online, you can look up more info...



A pattern of negativistic, hostile, and defiant behavior lasting at least 6 months, during which four (or more) of the following are present:
Note: Consider a criterion met only if the behavior occurs more frequently than is typically observed in individuals of comparable age and developmental level.
often loses temper
often argues with adults
often actively defies or refuses to comply with adults' requests or rules
often deliberately annoys people
often blames others for his or her mistakes or misbehavior
is often touchy or easily annoyed by others
is often angry and resentful
is often spiteful or vindictive
The disturbance in behavior causes clinically significant impairment in social, academic, or occupational functioning.
The behaviors do not occur exclusively during the course of a Psychotic or Mood disorder.
 
Wow, that is him to a T also. He loses his temper very fast, but normally only with females (he's still "scared" of daddy and grandpa), we constantly get notes home from school that he refuses to do school work, or he is disruptive in school. If you pick on him, he automatically goes into defense mode. The "I don't know" kid visits often, he's really begining to get on my nerves LOL.

We see a pattern of when this happens too. Generally we have 1-2 really good weeks then 3-4 horrible weeks and it's a constant cycle.

What did they offer as a treatment for this? I'll definately look up more information on this myself too.

Sorry for the hijack guys, I am finding this very very interesting.
 

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