Life Lessons – How I teach my kids money management (Allie -8, Boom -6) They both get an allowance every week. A dollar each person (minus all bills) Bills they pay: Rent – .10 a week Water bill - .5 cents a week Electricity - .5 a week If one keeps the faucet on (running water) and not using it, eg. Brushing teeth or taking showers they pay extra for water usage. If they have the lights/video games/video set on in rooms and they are not in the room but somewhere else, they pay extra. Depending on how many times it’s done during the week will determine how much your allowance is on Sunday evening when you get your dollar. If you want to have your full .80 (.20 in bills) than you will make sure lights are off when you don’t need them or faucets are off and you don’t just have the water going. I have done this for two years and I must say over time they are better at understanding how to manager the money they get. and cannot be careless with the utilities (saving me money on energy and water bill) They do earn extra money from doing mommy’s photographs :-). That isconsidered bonuses and they don’t have to pay bills out of that. Hint: Kids are never too young to understand, just teach them at their level.
Posted on: Fri, 15 Aug 2014 21:38:31 +0000
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