When is a good age to start?

Question

teaching kids about money? My daugther is 5 & my stepson is 10 but he is more the type of kid that will get something for money ususally with his mom... (example)If he gets good grades everyreport card his mom give him $30 & if he behaves well at school every week he gets $15 & I personally think is not right.. Shouldn't kids receive money & not alot like an allowance maybe on Sundays a decent amount appropriate to their age??? Cuz like my steph son he will only behave & have good grades cuz he receives money but not because he is a good student. there should be better ways to reward them fro good grades & good behavor...or what do you think?? A good way I think is to teach them the significance of money but not the importance of this... what will be a good age to start??

Answer 1

I give allowance based on age.Chores are for everyone within the household and no one gets paid for those.I would not pay a child for behaving or getting good grades.That is expected and rewards for things that are expected is a bad idea.You have to show children that money is not free and work is something we all have to do.Now extra work is payable...yard work,babysitting,spring cleaning...a young child of 5 needs little money but you could give them the swifer duster and pay 1 dollar or something.Its never to young to learn and it is your job to teach them the value of money.

Answer 2

It isn't about the amount of money a child receives, but rather what he (or she) does with it. Part of each gift of money should be put into savings -- for college education, for a car which he reaches 18, whatever. Part should be used for every day purchases, like lunch or movie tickets or that hot new jacket. Part should be put into a "pot" to which the entire family contributes to share with others - buying toys for poor children at Christmas for example.

As for how your wife rewards your stepson, it's her choice and probably her money. A child rarely gets good grades because he gets paid for them. He has to study, write papers, do his homework, etc. Report cards aren't issued every week, so perhaps your wife thinks that because getting an education is your stephson's current "job" he should receive a salary for it. We're not talking millions of dollars here. And while she might say that the weekly $15 is for "good behavior" it's really just the kid's weekly allowance. If he doesn't spend it on drugs, hookers or booze, be happy.

But bottom line, it sounds to me like you're jealous of a 10 year old. I'm not certain if it's because you feel your wife is giving him a lot of money (and money equals love in your estimation) or because you think she's treating her son by another man better than she's treating the daughter you created together. Does she withhold love from your child or does she abuse her in any way? It might be worth while for your family to go into counseling, because you and your wife obviously have different ways of looking at money issues and child rearing. Those two disparities can cause a marriage to falter and break up. If you think it's worth saving, spend the time and the money to work out these problems. You, your wife and both of your children will be a lot happier for it.

Answer 3

It is never too soon to start teaching a child about finances and being responsible. I have to agree with the good performance thing. That is how it is in real life. If you do good in school you can be on your way to better paying future. On some jobs merit raises are based on your performance. You don't work..you don't get paid. You don't do good at work...not only do you not get paid, you may get fired. Whatever it takes to motivate our kids I think is great. If you have it to give then give it. He can either save the money or use his hard earned money for something he really wants. Just like in the real world.

Start yesterday.

Answer 4

My husband was telling me that when he was younger, he was given an allowance of $40 a month (later it was increased to $80) but he had to cover alot of his own expenses (hair cuts, fun money, clothes ect). His parents would cover alot of the school supplies and some clothes. But his parents also made him keep a budget. I think now would be a good time to sit down with your husband and his mother and rethink the whole give money when they are good and set up an allowance for him and say "if you do good in school then this much will be in your allowance" and so forth.

I also think that praising is a good way to show that you are proud of someone's work. I know it's not like what he's used to. Maybe take him out to dinner once a month if he's been good or take him to his favorite movie for his good report card.

I hope these ideas help.

Nita

Answer 5

It's good to start teaching them around five to seven years old. That's when they understand the concept of money and is the best time to get that information in. I don't see anything wrong with the money, because that's how life is.... you get paid for the work you do. However, people should know how to act right and work right without any kind of reward because that's how life is too.

Answer 6

if he gets that money make him start paying for the stuff he wants and only pay for food and sometimes buy him things!!!
if you give him money on sun. give him a small anout like 2.00 !!!
if he gets lots of money he will always be dependent on you and his mother and that wont get him ready for the real world!!!

=)

Answer 7

try money on this site never too soon and allowances are great they teach responsibility freebie