My husband and I are trying to teach our 8 year old son how money "DOES NOT" not grow on trees!
The first week we told him he would be getting a specific allowance for doing his chores.... like make his bed... feed the dog.. take out the trash... put up all his sports balls he plays with everyday.
The first week...I had noticed no chores were being done. Then.. (in front of his friends) my boy came after taking out the trash and wanted to know "Hey Mom... when I am I getting paid that money your owe me?" I informed him.... it didn't quite work that way. (LOL)
We know Pareting does not come with a handbook.... and when it comes to teaching your children about money... this can be tough if you are not disciplined as a parent..
And Kids can be expensive!
Here's the yearly average of what middle-income American parents shell out for each child.. how do you fare????
Child Care /education $1,324
Miscellaneous (entertainment, personal care, etc.) $1,193....
Health care $851
So here's how you can cutback.. great ideas from good housekeeping...
Be skimpy with baby and toddler purchases. Buy as little as possible because kids outgrow things so fast. Try www.eBay.com, make sure the products are safe and have not been recalled.
Also check out local parenting Web sites (such as www.urbanbaby.com) for inexpensive equipment, clothes, and toys that other parents are looking to unload.
Scale down birthday parties. Don't have a party that breaks the budget... To chat with supportive parents and get great ideas go to www.birthdayswithoutpressure.com .
Control cell phone costs. Kids clamor for phones, to download music, e-mail pictures, and text message their friends. . But costs can easily skyrocket, so choose a prepaid service with limited minutes. Or tell the kids that you'll pay for basic service only - they'll have to spend their own money for overage charges, text messages, and ring tones. They'll get frugal, fast.
Brace yourself for some whining. It can be hard to say no to kids - and if you try it, they may unleash their most fearsome weapons: guilt trips. Stand your ground. They may whine for a while, but they won't love you any less. In the long run, your children will learn valuable lessons in money management - and you'll be closer to a safe, financially secure retirement.
And by the way.... our son learned the lesson the first time.... he is doing his chores ( most of the time ) hahaha... and enjoying the REWARD$ that comes each week with an allowance.
Hope you are having a Great day..