Comments on: 10 ideas to help you teach kids to save money

By: Make Friends, Earn Money

Make Friends, Earn Money — Fri, 30 May 2008 10:20:37 +0000

These are all really excellent points although I would personally stress the importance of no 4 “Give them a set allowance”. I think that budgeting is one of the best foundations any parent can give to their child when they are growing up.

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By: SB

SB — Sat, 23 Feb 2008 00:47:02 +0000

I know that I am coming a little late to the conversation here. But I just set up my own personal ING Savings account (and subaccounts) and I want to get my kids (all 4 of them) set up as well. I believe that their accounts should be set up as “custodial accounts”. Can I do this in ING? Do I set these up as subaccounts under my original account? Is there a way to take advantage of the $25 referral bonus for each one of them? Lastly, will I pay taxes on their interest? Thanks for your help.

By: glblguy

glblguy — Sat, 15 Dec 2007 16:30:35 +0000

WJ, great suggestion. I like the idea of expected chores and then extras. I think my wife and I will sit down and plan this out. Ours has been a little more ad-hoc lately. Glad you enjoy the site, and may God bless you and your family as well!

By: WJ

WJ — Sat, 15 Dec 2007 13:30:56 +0000

Great information. One thing that we do is connect the allowance with specific chores that must be done daily (clean room, dirty clothes to laundry room, etc.), then we offered ways to make a set amount of money with additional chores. Two dollars can be earned by stacking or carrying firewood into the house. Fifty cents can be earned by helping with the dishes, and so on. It seems to work for us, and the children learn that there is a set amount coming in every week, and if they need or want more, then more work must be done. I really enjoy your website, and may God bless you and yours.

By: glblguy

glblguy — Sat, 29 Sep 2007 12:13:18 +0000

Jo, thanks for the comment. I agree, starting at a young age is vital.

By: Jo

Jo — Sat, 29 Sep 2007 06:16:31 +0000

Thanks for this, I’ve done something similar ie steps 1 & 2, as they get older will introduce more responsibility. I think helping them become financially aware at a young age is almost vital. Don’t want the ‘want it now – buy it now’ culture to be something they embrace, I did and got me in this mess.

By: glblguy

glblguy — Mon, 13 Aug 2007 15:56:51 +0000

Cheufong, I agree and why that is exactly why I started this blog. Glad you enjoyed the article and glad I inspired you! Thanks for visiting, I really appreciate it.

By: Cheufong

Cheufong — Mon, 13 Aug 2007 15:36:43 +0000

Thanks. We need more voices in this world to share the Christian perspective of managing our finances and even our lives.

Great article. Your 10 ideas to help teach your kids about money are practical. Kind of inspire me to think of practical ideas for my countrys context. Thanks!