Teaching Kids the Value of Money with a Paycheck

Kids have a hard time learning the value of money because they usually get everything they want just handed to them. 

Putting your kids on some kind of a paycheck system can help teach them the value of money.

Teaching Kids the Value of Money

From a monthly allowance to grade money to my first checking account, I owe all of my amateur financial knowledge to my parents’ teaching. 

When I was nine years old, my parents began to give me a monthly allowance. They told me that my money was my own, and that I could spend it on whatever I wanted. This did a lot to teach me about the value of my money.

Giving your Kids a Paycheck to Teach Budgeting

When middle school report cards came out, my parents began to reward me with ten dollars for every A I got. This taught me that with hard work comes a tangible reward.

In eighth grade, my parents shifted to a weekly allowance system and based the value on my completion of certain household chores, such as emptying the dishwasher and vacuuming the carpets. 

In order to collect my allowance every week, my chores had to be finished by the time my mother came to check them on Sunday. This not only held me accountable to a solid deadline, but also put a value on my chores.

With every significant purchase, I grew more and more careful with how I spent large sums of my money. Going from $350.00 to $0.00 in exchange for a new iPad was nothing to take lightly. 

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