Chores, Allowances, How To Teach Kids About Money | Ep. 250

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Today, we are going to chat with you about chores, allowances and what we are currently doing for our children. Some of this is going to be theoretical because we are going to talk a little bit about how money was treated in our homes growing up and what we may or may not do as our children start to get older.

Of course, we have our own experiences growing up in households that had various rules for chores. It seemed to ebb and flow, depending on the season. The age you were placed a big role on what chores were assigned to us. There were set chores that we all had and didn’t get paid for. In Katie’s family, you were able to do special chores/extra jobs and earn money for them. It was a very slow trickle of money coming in. Because of that, she would store her dollars because it would take forever to save up to buy anything. She got very used to delayed gratification.

Based off our experiences and what we want to create for our children, one thing we want to avoid for our children is complacency. We don’t want them to be entitled in any manner. We also don’t want our children feeling too independent from us too early. For example, we don’t want them to feel like they have all their own money and they can go buy what they want to buy and then have a battle with them from the time they are 11 years old of them saying “hey, I want to wear this, it’s my money.” We didn’t buy our clothes until we were older. We wore what our parents bought us.

Growing up in the families that we grew up in, we got to have a lot of unique experiences. We got to do a lot of cool stuff. One way that it was counteracted so we didn’t grow up entitled, was by us all developing a really strong worth ethic and realizing how hard it was to earn money.

This was a fun walk down memory lane, sharing with you all our money earning journey and what we are currently doing with our children. We gave a lot of context as to where we are coming from and will see how this goes as our children grow up.

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0:00-0:30 Welcome Back
0:32-10:32 Elisha's Experience
10:33-17:42 Katie's Frugality
17:43-24:14 Mindsets Around Money
24:15-32:30 Allowances Growing Up
32:31-38:25 Savings Accounts
38:26-44:09 Opportunities Not Handouts
44:10-52:15 What our kids do for money
52:16-52:36 See You Next Time