[vishenda]

As a kid my parents gave us each an allowance every week from birth. Part of it went into the bank. Part went to us when we were old enough. If we wanted something, we had to save our money for it. As this took weeks or months, we quickly learned the value of money and working for it. I see little need to explain other options to them until they are looking at getting out on their own. It is hard enough for kids to understand money and how to save. The simple plan above worked incredibly well for me. In addition, when they want other things that you would be willing to pay for, you have them work for it. Cheerleading camp? You have to help me clean out the garage for two weekends. This shows that getting money and things you want requires hard work. This is clearly something most kids do not learn these days.

Just focus on the simple concepts until HS at least. You'll be busy with teaching them lots of other things, too.

[The Stealthy One]

Honestly, I take the opposite approach when it comes to money. It is not talked about enough in schools, hence causing kids to grow up and have a fear of money. Fear breeds mismanagement. Financial subjects should replace mundane, useless crap such as trigonometry, literature, etc that you learn again and again and again. School should be teaching students things they can actually use later on in life, not something they'll forget in a year.

[Bored]

Originally Posted by The Stealthy One

Honestly, I take the opposite approach when it comes to money. It is not talked about enough in schools, hence causing kids to grow up and have a fear of money. Fear breeds mismanagement. Financial subjects should replace mundane, useless crap such as trigonometry, literature, etc that you learn again and again and again. School should be teaching students things they can actually use later on in life, not something they'll forget in a year.

School exists to teach specifications, like math, english, etc. "Common sense" shouldn't be school's main priority.

[The Stealthy One]

Money isn't common sense. It should be taught in schools. It is a critical skill that everyone will need - whether they work at McDonald's or are an aeronautical engineer.

[Newton]

TSO you are greatly mistaken.

I would agree with you if you said 'Home Economics/COoking' or 'Geography'.

But maths and literature/English are incredibly important to a persons development. Maths strengthens problem solving skills. Literature focusses critical thinking skills, also helps people learn how to communicate, how to use language to communicated.

Problem solving and communication, two of the most core skills required for the work place.

I agree that some instruction in Finance should come but never at the expense of Maths or English

[Newton]

So, how to teach a kid to budget>? I'm going to give my child a base allowance to budget. I want to give them something unconditionally, because I'll be their father, not their boss.

But if they want extra cash...

I'm going to get my kids to tender contracts to do housework, going to tinker with minimum wage systems, get them to apply for VC (Dad, can I have $10 to set up a lemonade stand? Me: What kind of ROI am I looking at here?). They'll be economic experts by the time they are ten.

Younger kids will work for less so the older kid/s will know what it's like to have overseas comapnies in competition, and as such will have to upskill.

Looking forward to it.

[The Stealthy One]

Originally Posted by Newton

TSO you are greatly mistaken.

I would agree with you if you said 'Home Economics/COoking' or 'Geography'.

But maths and literature/English are incredibly important to a persons development. Maths strengthens problem solving skills. Literature focusses critical thinking skills, also helps people learn how to communicate, how to use language to communicated.

Problem solving and communication, two of the most core skills required for the work place.

I agree that some instruction in Finance should come but never at the expense of Maths or English

I am genuinely sorry to hear you feel this way. It is my personal mission to increase the financial intelligence of the world, and attitudes like this severely undermine my efforts. Nonetheless, you are entitled to your own opinions.

[The Stealthy One]

Originally Posted by Newton

So, how to teach a kid to budget>? I'm going to give my child a base allowance to budget. I want to give them something unconditionally, because I'll be their father, not their boss.

But if they want extra cash...

I'm going to get my kids to tender contracts to do housework, going to tinker with minimum wage systems, get them to apply for VC (Dad, can I have $10 to set up a lemonade stand? Me: What kind of ROI am I looking at here?). They'll be economic experts by the time they are ten.

Younger kids will work for less so the older kid/s will know what it's like to have overseas comapnies in competition, and as such will have to upskill.

Looking forward to it.

This is the kind of brilliance the world needs more of. I think your plan will be extremely effective!

[kpfingaz]

Originally Posted by The Stealthy One

Money isn't common sense.

Totally agree with you and if anyone thinks that money is common sense they probably are millionaires. It is sad that people think like that. Of course it should be instilled in a child while he/she is very young and receptive -just like manners and behaviour. Shouldn't the school help in the proper upbringing of children too? No

[Bestmiler]

Originally Posted by The Stealthy One

Honestly, I take the opposite approach when it comes to money. It is not talked about enough in schools, hence causing kids to grow up and have a fear of money. Fear breeds mismanagement. Financial subjects should replace mundane, useless crap such as trigonometry, literature, etc that you learn again and again and again. School should be teaching students things they can actually use later on in life, not something they'll forget in a year.

I agree with The Stealthy One. Money should be taught early in schools. Althought Im not saying its more important but it is as important.

[vishenda]

Im glad that you believe "school" has a lot to do with this matter, my friends often tell me its the mom's task, its the mom's task!