from a post on the YNAB forums
One of the best bits of advice I've read on the subject of allowance and getting kids savvy and healthy with money was all about modelling. Parents model their responsibilities and accountability by going to work and doing their job. A child's 'job' is school, they are responsible and accountable to go to school, participate at their comfort level, keep their work organized, complete their assignments and attend. So their allowance becomes a salary...kind of neat I think :) I really like the belief that responsibilities to home and family are not something to negotiate with financial rewards, those responsibilities are to instill good habits in cooperative living and loving, respectful behaviours towards one's home and family.
We have required them to set up one of their goals as tzedakah (charity money) and each week we ask them how much they want to put towards their goals. The expectation is that they must put money towards tzedakah (minimum 50 cents) and other goals are up to them.
#money #parenting
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