Friday, July 11, 2014

Commissions instead of Allowances: Teaching Children about Financial Responsibilities

Have you ever tried to teach your children about money or financial responsibilities? It's not an easy task, but it's something that as parents we all need to do. 

This is an excellent article on teaching children about financial responsibilities. What I like from this article is that it uses the idea of "commissions" instead of "allowances" to teach kids about responsibilities and money. The author also proposes ways to use different categories for responsibilities, as well as bonuses and even fines.

 "The money our daughter earns is referred to as commission. We don’t call it an allowance. She earns commission for the work she completes, just like adults experience in the real world...We created a chart which works for us based upon our system of rewards. Our chart includes categories for responsibilities, bonuses and fines. Here is how we apply each one". 

It's an excellent article, I certainly recommend to read it. Click here to read more about this article from Penny Pinchin' Mom.
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