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Raising Money Smart Kids Series–Part 1-Earning

As parents are becoming more integrated with their kids’ education, many are choosing to incorporate real-life lessons in their planning. Why not give money lessons a whirl? There’s nothing special you need—if you’re working, managing bills, and in general, living—you’ve got the tools you need.nnIn this short series, we’ll be covering some basic money concepts you can use across age ranges.nnTo make the topic stick, think about ages and stages. You know your child’s level of attention span, level of interest in details, and their comprehension. Some kids may gobble the information up, some may need a few lessons before concepts really stick.nnTry to make teachable moments a part of every day life. Though they aren’t likely going out grocery shopping with you these days, you can still go over the concepts of price comparison or coupons while online shopping. Start with the simple things and work up towards the bigger stuff.nnThere are three components you’ll want to cover: Earning, Spending, and Saving.nnLet’s break down Earning.nnAllowances are a big part of this for most kids. Most parents have a base layer of chores—call them “Citizen of the Household Jobs” that are basic expectations. As in, “Since you live here, we expect you to have your bed made every day.” However, they may earn extra for paid chores such as helping with dishes, cleaning up after pets, or additional responsibilities.  The amount you pay and how you pay is strictly up to you.  Whether it’s “all or nothing” pay scheme or “pay per job” is also up to you. What’s important: Make sure you pay them on a consistent basis and that they know what level of completion you expect on these jobs.nnGift Money is also a part of most kids’ earning experience. Whether they get some fun money from grandparents, birthday and holiday gifts, it all adds up.nnNo matter how the earnings come in, practice with kids the importance of splitting their money between savings, spending, and sharing.nnNext up: How to Teach the Little Ones About Money!

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ABOUT THIRD PARTY LINKS ON OUR SITE

MEPCU offers links to other websites that may be of interest to our visitors. The links provided are solely for your convenience.

MPECU is not responsible for the content of linked third-party websites. We are not an agent for these third parties nor do we endorse or guarantee their products. We make no representation or warranty regarding the accuracy of the information contained in the linked sites.

The security and privacy policies on linked third-party sites may be different from MPECU policies.

If you have any questions or concerns about the products and services offered on linked third-party websites, please contact the third party directly.

Leaving MPECU

Disclaimer: You are now leaving MPECU’s website and are going to a website that is not operated by the credit union.

ABOUT THIRD PARTY LINKS ON OUR SITE

MEPCU offers links to other websites that may be of interest to our visitors. The links provided are solely for your convenience.

MPECU is not responsible for the content of linked third-party websites. We are not an agent for these third parties nor do we endorse or guarantee their products. We make no representation or warranty regarding the accuracy of the information contained in the linked sites.

The security and privacy policies on linked third-party sites may be different from MPECU policies.

If you have any questions or concerns about the products and services offered on linked third-party websites, please contact the third party directly.

Leaving MPECU

Disclaimer: You are now leaving MPECU’s website and are going to a website that is not operated by the credit union.

ABOUT THIRD PARTY LINKS ON OUR SITE

MEPCU offers links to other websites that may be of interest to our visitors. The links provided are solely for your convenience.

MPECU is not responsible for the content of linked third-party websites. We are not an agent for these third parties nor do we endorse or guarantee their products. We make no representation or warranty regarding the accuracy of the information contained in the linked sites.

The security and privacy policies on linked third-party sites may be different from MPECU policies.

If you have any questions or concerns about the products and services offered on linked third-party websites, please contact the third party directly.

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