Chores, Allowances, How To Teach Kids About Money | Ep. 250
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- Опубликовано: 21 июл 2024
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Today, we are going to chat with you about chores, allowances and what we are currently doing for our children. Some of this is going to be theoretical because we are going to talk a little bit about how money was treated in our homes growing up and what we may or may not do as our children start to get older.
Of course, we have our own experiences growing up in households that had various rules for chores. It seemed to ebb and flow, depending on the season. The age you were placed a big role on what chores were assigned to us. There were set chores that we all had and didn’t get paid for. In Katie’s family, you were able to do special chores/extra jobs and earn money for them. It was a very slow trickle of money coming in. Because of that, she would store her dollars because it would take forever to save up to buy anything. She got very used to delayed gratification.
Based off our experiences and what we want to create for our children, one thing we want to avoid for our children is complacency. We don’t want them to be entitled in any manner. We also don’t want our children feeling too independent from us too early. For example, we don’t want them to feel like they have all their own money and they can go buy what they want to buy and then have a battle with them from the time they are 11 years old of them saying “hey, I want to wear this, it’s my money.” We didn’t buy our clothes until we were older. We wore what our parents bought us.
Growing up in the families that we grew up in, we got to have a lot of unique experiences. We got to do a lot of cool stuff. One way that it was counteracted so we didn’t grow up entitled, was by us all developing a really strong worth ethic and realizing how hard it was to earn money.
This was a fun walk down memory lane, sharing with you all our money earning journey and what we are currently doing with our children. We gave a lot of context as to where we are coming from and will see how this goes as our children grow up.
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0:00-0:30 Welcome Back
0:32-10:32 Elisha's Experience
10:33-17:42 Katie's Frugality
17:43-24:14 Mindsets Around Money
24:15-32:30 Allowances Growing Up
32:31-38:25 Savings Accounts
38:26-44:09 Opportunities Not Handouts
44:10-52:15 What our kids do for money
52:16-52:36 See You Next Time 
Кино
Please pray for my family. My children go to a Christian school, the oldest is 13, another girl is 7 and the youngest boy is 6, we are struggling to pay for school, and this channel has motivated me to think about doing home school, and has motivated us to look for more Babies, please pray for us.🙏🙏🙏
Praying for Gods provision, direction, and peace for you and your family ❤️ you are loved and God will make a way
Homeschooling is such a blessing, we love it! Lord, please lead the way for this family, enable them to provide for their children’s education in the way You want them to go, thank You, in Jesus’ name we ask this, Thank You!
Look for babies?
@@carrieperrigo2319 I'm pretty sure she meant try for/have more babies.
I’m just throwing this out there even though I’m sure it’s not an option. Arizona offers ESA where you can take your child’s tax money and use it for homeschool or private school of your choice. Almost 8k per year per child.
Love this chat! Can you share more about SCAMP? I’m trying to get into a rhythm of chores with my kids and need ideas of how I’m delegating to them!
I came across this video. Grateful for it! I’ve been thinking about how to do chores for my kids as they’re getting to the age where they can do chores.
I think there is a big difference in valuing status symbols (brand names) verses valuing quality and waiting for something that will hold up and not break. 😊
We give both of our boys allowances 8 & 5. It’s doable bc we only have 2. They must complete their chore charts daily to earn the allowance and do everything with a cheerful attitude if stuff is forgotten or a bad attitude occurs money is taken away. It’s important for us to teach them tithe and savings. Without them earning their own money it was hard for them to understand tithe bc it was just us giving them our own money. Now they earn it pray over it and give it.
My family was too poor to do allowances but when i was a teen my dad passed away and my mother started getting monthly payouts per child (1k+ per kid) and she then started doing 40 bucks a month. Which sounds good but like she was stashing the rest to buy her boyfriend a car / pay for HIS bills and then kicked my sister and I out while still trying to collect the money LOL man some people are just wtf..
😳Tragic 😠
I completely agree!! I let my 8 year old have a small allowance when her chores were done for a very short time, until I realized these were responsibilities and they shouldn't be paid for them, they need to be done because they're contributing to the family and home. I would allow them to make money doing extra jobs, like washing our cars, or cleaning the chicken coup, etc. Even chores that are typically mine or my husband's, but currently our kids are 3, 5, and 8, and I don't agree with paying them for doing their responsibilities either. My kids do have money. My oldest has done a lemonade stand, and they've received money from family for birthdays, but they just save it and have no need to buy anything at this point. Although this week, my oldest brought $2 to the skating rink for games, she prefers to save. My first job was at a coffee shop also at 15, I worked at starbucks and stayed for 6 years.
From my own experience I think a steady allowance is not a good idea. I didn't learn to appreciate the money I had. I was entitled to it, and since it was less than my classmates were getting, I wasn't even very content with it either. Mom tried to get us more interested in chores by offering to pay us 50 cents per chore we did, but emptying the dishwasher was not worth 50 cents to me, when I could be playing, reading or doing a craft instead. I don't have kids yet, but when I do I really want to avoid creating that same situation for them. So thanks for sharing your experiences and perspective!
This has been one of my favourite segment i have listened too. Both your parents gave you such nuggets of financial wisdom!
They can also give other things than money. Time. Kind word of encouragement. Help etc. Hugs
My children are grown now, but I do not remember giving them allowances. That being said they worked a little bit as teenagers, & my husband & I provided them with what they needed. I had a similar experience growing up myself & did not receive an allowance. I babysat & did Restaurant/fast food work from a fairly young age. It is always great watch you Katie & Elijah!
Laundry sorting: some of the moms with a lot of children have good systems regarding laundry. I remember one doing each person of the family separately once a week, that way there was no sorting per person. Another one did children and parents loads separately, she had children's clothing cubbies "no fold" at their level so mom would bring the laundry basket and children would sort laundry themselves and put it away in designated cubby, and mom would hang what is for hanging until they grew enough to do that. One mom suggested: look at your system that's not working great, find the piece that's slowing you down and work on figuring out how you can make it work better for you." That was profound for me to look at the laundry situation not as a bother as a whole but figure out how to fix the part I struggled with. I hope that this blesses you! Thank you for being a blessing to me!
Good suggestions! The tips I've heard for socks, which were the bane of our existence: give each kid a lingerie bag with their name on it to put their dirty socks in then wash them in the bag, voila, no sorting. I had trouble training mine to use the bags so we finally resorted to a sock basket where all the socks lived and everyone just found a pair when they needed them.
I think it’s a good thing that your parents raised frugal daughters and that Elisha’s allowed him as a man to manage more money. Seems like a good way to raise a boy and girl although I’m sure Katie’s brothers were raised more similarly to her.
This was really interesting, thank you. Good food for thought. Katie you said you got a degree? Would you mind sharing what that degree was? Thanks again, Jerusha
In another podcast she said she majored in English Writing.
So interesting you have so many kids but didn't like other people's kids
Just because you come from a big family doesn’t mean you like being around other peoples’ kids. It is like enjoying your own children but not other peoples’ children 😂
I just assumed it was because other kids were not as well behaved, had not so great attitudes, etc.
Yes, my children are definitely my favorite! 😂❤
Did all your siblings enjoy moving around so much? And did any of them want to be in school and such?
I paid my kids an hourly allowance to do regular chores (they had to write down the time on a timesheet and were paid more per hour the older they were) but they had to pay for their teen activities in the youth group, sports activities, and anything else they wanted that wasn't a need. It is interesting that you are super frugal but spent so much on cheese, etc, from ordering from that natural company you did a podcast on and are wearing a name brand hat. No judgment. I'm just noticing. I enjoyed this conversation very much. I have 3 grown kids, but I am learning a lot about things i want to do with my 10 yo that is still at home. Wish i knew all your wisdom 25 years ago.
You mentioned that monetizing stuff becomes a hassle management-wise. At least that's the way I understood it. It's definitely a hassle to stop and pay people all day long, to keep track of who you owe what, and to keep cash and change on hand. How do you manage this and not get stressed out?
I was thinking you could have a running total posted on the wall. And putting money into their bank accounts is so easy now with online banking, can transfer money between your accounts (since the kids’ ones will be joint accounts with you) for free anytime!
@AN-jw2oe True. We used to have to pile in the car with the kids to go to the bank. I tried to do a ticket system, but I never had tickets on me, and I was also sticking the tickets to a chart, but had to get out plastitack to do it. They were also saving for action figures. Ugh. The whole system was flawed. BTW was it Katie and Elisha that shared about having a chart or white board where you write down what each child chose to spend their money on? At the end of the month, you sit and talk to your child and let them assess whether they are glad about a purchase or if they regret the purchase. Can't remember if it was them or another podcast.
@@RCGWho yeah, it can get tricky!
I don’t remember hearing about that but that is a great reflective habit to instill kids!
It's definitely a hassle.
My 15 year old pays his fuel costs when we take him to work, and will pay the increase on vehicle insurance next year. He'll be expected to save for a car, but I'll pay for his Gabb phone because it would be cheaper for him to have an iphone, and I don't want that cost savings to influence him into wanting a smart phone instead of the internet free basic phone.
Did you quit school at 15?
No he was homeschooled as well so probably did his work afterwards or on the other 3 days a week
These were the major takeaways, please correct me if I'm wrong. No jobs until 18, don't pay allowance for daily routine chores, only pay small amounts towards random substantial chores. Regarding the no job until 18, instead, would you rather help the child manage their money? So if they made $200 a week you would make them save 20%, give 10%, tithe 10%, invest 20% and spend 40%? That way it isn't a sudden free for all after a huge living adjustment?
I don't think 3 dollars is the issue but a small child working 1.5 hours alone.
I can totally see my 5 yo doing something alone in a safe space with me checking on them