This is my first shot at leading a mini challenge, so ladies, bare with me, I am learning! I’m excited to help you, as well as myself, bring our children into understanding how to handle money, the value of a dollar, and how to use their money in a Godly way!
Step 1: Look at your own personal finances. Do you have a budget? If not, you are going to want to make one. You need to lead by example. You are going to need to budget in the children’s allowances. Some of you might be giving your children allowance, and other this might be all new. You can start this as early as 3 years old! It’s never to early to start teaching your children about money.
Step 2: Decide if you will have requirements for allowance or just give them a flat amount. Personally in our home allowance is not earned, it is given as a tool for our children to learn how to manage their money in a Godly way. They know that they will always get money regardless of the grades or chores. Chores in our home are not rewarded by money; instead chores are our children’s privilege to serve the family. This way they understand that everything that is done around the house is a way of serving one another, just like Jesus came to serve us!
Step 3: Decide the amount of money you will be giving your child for allowance. Here are some ideas for those who want to give a flat rate to their children: a dime/quarter/dollar for each year they are, a flat $10 for the week.
Created for the Gift of the Home Group by Jennifer Cangiamila.