A Growing Rich Kids reader asked a great question recently. She was unsure what kids should be expected to pay for with their allowance and what should still remain a parental responsibility. As always, there are a lot of ways to approach this. I have to say it took a few years – and…
Category Archives: Allowances
Cathedrals & Financial Literacy – What’s The Connection?
Parenting is a tough gig. And biased though I am, I think being a mom is the tougher role, especially in the early years. Don’t judge me too badly but I call parenting of the 0-3 year old set, “The Drudgery Years.” What got me through them was the mantra, “The days are long but…
Are You A Through Time Or In Time Person? It Matters With Money
Are you a “through time” person or an “in time” person? A good friend once explained to me that there are two types of people when it comes to time. A ‘through time’ person is always conscious of what is coming up next. They know that they have to wrap up what they are doing…
Should You Dock Your Kid’s Allowance As A Punishment?
I love seeing how other families set up allowances for their kids so am always on the lookout for parents sharing their experiences. Bob Helbig at the Milwaukee-Wisconsin Journal Sentinel, caught my attention recently with the approach he’s taking with his two daughters. They have a chores-based allowance so they get paid for doing…
Forget Chores. Here’s A Different Way to Earn An Allowance
The best way to give your child an allowance – just like many aspects of parenting – is a matter of debate. An allowance system that works for one family won’t work for another. Alisa Weinstein – a mom whose creativity and work ethic blows me away – has come up with a new concept…
Review: bankaroo, The Basic Online Allowance Tracker
Some of the most popular posts on Growing Rich Kids are the reviews of online allowance trackers – or virtual family banks. One of the latest contenders is bankaroo, which is the brainchild of eleven year old, Danielle Gafni. I love to see kids experimenting with being an entrepreneur so after her Dad, Etny,…
Our Kids’ Allowance System – Successes & Challenges
(For regular readers, a quick apology. Three weeks of sickness in our family – including 10 days’ illness for me – plus traveling for a month to see family and friends knocked me off my regular blogging schedule. Then, lucky me, a new work opportunity conspired to keep me away for longer. But now I’m…
How This Nine Year Old Kid Deals With Money
So what happens when you give a nine year old total control of “his” money? Since we introduced our new approach to allowances, it’s been interesting seeing the impact on my son, T’s behavior. When we made the switch, T was in the middle of saving for a Nintendo DS. He kept on dedicating all…
Weekly Round-Up: The Claw Strikes Back Edition
Well so much for my lecturing about the gigantic waste of money otherwise known as the claw grabber vending machine. We were barely two feet in the grocery store this week (coming in strategically via the entrance furthest from that thrice-cursed claw) when M started up with “Mom, I’m only going to spend fifty cents…
Weekly Round-Up: May Equals Mayhem For Moms Edition
As far as I’m concerned the month of May should be renamed “Mayhem!” When you’re a parent, this is the crunch month. School goes crazy with events, big homework projects and other requests. Sports are in full swing so you’re running around making all the games and meets. There are church events and Scout events….
