Continuing the discussion on essential skills for kids to learn: We need to rework our allowance system. For some time, rather than dealing with cash, I have kept a simple ledger for each child, showing income, expenses, and current balance.
It’s not working for us, for a number of reasons. The biggest reason, I think, is that our kids spend very little money. I thought one of the main things an allowance was supposed to teach was how to save up the little bit you get for something big. But the most they spend is for a new video game every few months! Consequently, their balances just go up, and become meaningless.
What do you do for allowance?
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Thats what I used to do. I’d save and save and save for months for a single videogame. If they are saving what is the harm in that? Its what kids want.
I think maybe the difference might be when I was a kid I walked down to the candy shop or whatever and had the temptation to spend my allowance on that instead of on the videogames. I don’t think there are any shops in your area your kids can wander off to.
The problem is, they’re not saving. The allowance just happens to come in during the in-between time, that’s all.
Very interesting observation about shopping. Because of our car culture, they don’t just “go shopping” on their own. Hmm.