Want to make sure my kids understand the value of a dollar and that money doesn't grow on trees. Been thinking about having them work for their allowance instead of just handing it over. My parents did that with me and I turned out alright. Any of you doing this? What age did you start and how did you structure it?
4 years old is honestly probably too young to really grasp it. I'd wait until they're at least 6 or 7 and can count money and do basic math. Trying to teach it earlier just frustrated me and confused my kid.
My approach has been to let them see me making financial decisions. Like explaining why we're not buying the expensive cereal, or how I had to save for months to get the new TV. Kids absorb that stuff naturally without you needing a formal lesson.
This is such a dad thing to worry about but honestly kids learn more from what you do than what you tell them. If you stress about money constantly they pick up on that. If you're thoughtful and strategic they learn that way.
I started with my oldest at 5 with a basic chore chart where he earned small amounts for doing tasks. By 8 he understood the concept of saving for something he wanted. Definitely think starting early is the way to go.
Have you looked into those kids savings apps? Some of them gamify the whole thing and kids actually get excited about saving. We tried one with our 7yo and it's working way better than the piggy bank approach.
Sign in to join the conversation.
Started with an allowance system at 5. Every responsibility had a dollar amount. Toys cost X amount of weeks of chores. Simple and clear. He's 9 now and actually understands value pretty well.