Sherri and I are teaching “The Ladies” four things about money:
As they get older and we learn more we will teach them more.
Today however we did something important for them. We opened an ING account for each of them.
There is not a lot of money in their accounts. Just what they have saved to date (10% of what they earn).
BUT as they embrace the discipline of saving and begin to earn more that number will grow! And someday they will have a nice chunk of change to buy a car with, put a down payment on their first home, or buy a bunch of Barbies (KIDDING!).
We set up an automated deposit from our account into their separate ING accounts that will come out every payday. Again, the deposit is less than what a bottle of water costs but it’s the discipline of doing it, the fun of watching it grow, and the stockpile they will have someday in the future that makes this so much fun!
Besides that, I’m thinking about changing that time honored but stupid tradition of “Bride’s family pays for wedding” so that they can keep more of that money! 😉
One thought on “Kids and money”
As always, great stuff Paul!
May I ask…how much allowance do you give your children? This is something we have struggled to figure out in our home.