Normally parents used to say that they Loved thier children very much. I think Our children loves us very much and more than we love them.

Our time and efforts we made on our children is not as to be given to them.

We are 100 % responsible for our children health , education , behaviours and everything till our last breath.

Why Children left parents when they get old. We should love them so much that we can live and die in their presence. Just imagin when a old parents eats food by the hand of his or children. You cannot calculate the happiness.

I still love my parents and they are living with us. They are the one who help me when I am in daily pressures.

I agree it’s crucial to start teaching our children about money.

Since I’m well know for helping parents find ways to teach their children about money the number one question I get is whether or not we should give our kids an allowance as a basis for teaching our children about money.

Well, my answer is that I personally don’t believe in allowances, I would rather take the time to help my own kids find ways of making their own money. I mean a car that you buy with your own hard earned money always means a lot more to you than one bought by your parents right?

But I do realize that approach may not work for every parent so I went out and asked other kids and money experts to give me their opinions. They were so very generous in their ideas. I put them all
into my ebook, “Allowance Secrets: To Give Or Not To Give?” to help parents find the style that works best for them.

I learned that there are quite a few different ideas that would suit many different types of parents.

So now, although I still do not personally give my kids an allowance, when I’m asked I tell the parent to simply go with what works for them. The main thing is to teach their kids how to manage their money, whether from allowances or their own hard efforts, so that their money works hard for them and not the other way around.

I personally recommend using 6 piggy banks:

1. Grow (one for investing with) 10%
2. Give (one for charity) 10%
3. Rain (one for that rainy day) 10%
4. Learn (one for continued education) 10%
5. Goal (for a particular goal) 50%
6. Fun (allow them to have some fun with their money) 10%

Hope you found that helpful.

Cheers…Amanda van der Gulik…Excited Life Enthusiast! ;o)

To get a copy of “Allowance Secrets: To Give Or Not To Give?”
as a personal gift from me to you and your child,
just click on my name. Enjoy! ;o)

I like your system!
Maybe you could help him fixing goals such as saving for next summer vacation? Help him determine how much he needs for a specific purchase to keep him focus. If he sees that he is actually able to save the money and buy what he want within a few months (remember, a kids can’t wait years as adult do to buy things ;-) ), I am sure he will be more into it and you can get more chores done ;-)

Our relationship with money is hard to manage at the beginning… for everyone!

i’ve got a 12 y.o. step-son who we constantly struggle with when it comes to managing his money. unless we can deposit it in his savings directly (as in the form of a check) cold hard cash does not last long in his wallet. we’ve tried everything from setting up “long-term” savings goals (to purchase a camera, etc.) to being open with him in regards to our finances and how we manage our money (including being honest about the mistakes we’ve made in the past). but he spends for the sake of spending. even if it’s just a dollar on candy or a couple of dollars on snacks or lunch on a weekend afternoon with his buddies. pretty soon all the money he had is gone because he spent it all on little things here and there.

i think we might try to give him a monthly lunch money budget (and he has to use it for lunch) to improve his money-managing skills. we don’t feel comfortable yet with giving him a full on allowance given his “spend for the sake of spending” attitude towards money. but maybe the lunch thing might be a good start.