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Teaching Our Kids About Money and Our Latest Family Meeting

We don't hold family meetings regularly or often, but when we want the kids' attention, we call one to order after dinner.

So yesterday, we notified them in advance and called a family meeting. The kids were quite wary beforehand. Turns out, they thought it was all good (except for the announcement of what their summer yard chores would be, ha ha). We told them about our "Mom and Dad Matching Plan": any activity they want to do, they pay half and we pay the other half. So basically, we'll match their money. When I said some people might find us abusive for expecting our kids to cover half their expenses at their age, Rose piped up with, "but mom, no kids I know get a $50 a month allowance!" Woo hoo! We're training them well...

We extended our matching program to their future transportation needs and also said they might want to start saving for a car at some point (Eli has only two years before he can possibly get his driver's license--ack!), because we'll match their money for that too (within reason, of course...Not being as rich as Dave Ramsey, we're going to have to decide what our limit will be.)

This all started because when I was thinking of how to keep Rose busy this summer, and the cost of all the activities she might like to do and how hard it is for us to spend that money especially since we're trying so hard to get out of debt, I realized she's now at an age where instead of costing us so much money, she can start making some money by babysitting and doing other jobs. Having the kids work has the added bonus of keeping them busy at the same time.

Seriously, my Grandpa quit school in 8th grade so he could start earning money for the family. We've only had a few generations of spoiled brats in America, and look what it's done for our country? (I don't say "spoiled brats" easily or lightly, because I truly believe kids to be good, but they're also incredibly smart in general and will get used to what they're given and come to expect it. I think it's time to change our ways with money.) I think my kids feel great about their ability to save and spend wisely. We compliment them on it all the time, and are so proud of them. We're helping them "live like no one else so later they can LIVE like no one else"!

Comments

Matriarchy said…
Babysitting advice for Rose: Tell her to invest in the babysitting training offered by the Red Cross, which includes infant and child CPR. Then, get her a criminal background check - yes, they do them for kids, too. That will enable her to babysit for families with foster children. Foster parents like to get out once in a while, too, and in many states they are not allowed to leave the kids with anyone that does not have a criminal background check. If Rose develops a roster of families that know she is "legal" for them to hire, she will be in-demand and have little competition in that niche. My daughter also has a repertoire of arts and crafts projects and games that she brings with her - so kids are happy to see her, because she brings something new to play with, and then takes it back home with her. She can also cook fro scratch with/for kids - vegan and omnivore.
Lisa Zahn said…
Great ideas, Matriarchy! Rose is already signed up for the Red Cross class next month. I never knew about the foster child babysitting idea. At her age, we've said she can only sit for people we know and that live nearby, but as she gets older this will be a great idea. And maybe we can get to know some foster parents! We do know one, but she has plenty of teens in her own family to provide babysitting. I'm hoping Rose will get a nice little business going, she certainly has the drive to do it and well.

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