The Trials, Tribulations and Rewards of Teaching My Kids Good Financial Habits
|June 6, 2017||Posted by BLOGGER under BUSINESS|
When my wife and I had our first child, Through their childhood and into adulthood.
We read many different articles and came to the conclusion that it would be a good idea to start giving our son an allowance at age 5 – We decided to give him a weekly allowance of an amount that equaled his age. At that time we wanted to teach him two important lessons: the habit of saving some of his money and the joy of spending some (not all) of his money. So, each week $ 2.50 went into his piggy bank and $ 2.50 went into his wallet. Everything went fine and dandy until one week when my son was 6 and i did not have money ready for him on payday. I said I was sorry and that I was going to the ATM machine in the morning and when I got some change I would pay him the money. Well, this did not sit well with him and he was rather upset with me for being late with his money.
The next day I did pay him the money like I promised, however, this was the defining moment that made me realize that I was actually teaching and reinforcing good financial habits; I was actually teaching my son entitlement and to expect something for nothing. Well, I continued to pay my son his weekly allowance, but I was secretly looking for another way to undo the mess that I created while researching on how to teach him some good financial lessons. Also, by this time, my second child was already two, and we wanted to make sure that we did not repeat the same mistakes with her.