Give, Save, Spend--What % for kids?
Posted 22 December 2009 - 11:37 PM
We would like for them to have Give, Save and Spend as "accounts". My kids would like to add Save-College and Save-Car as possible 4th and 5th options. ANY money that they receive will be divided into whatever final categories we determine. Wondering what % are best to recommend to them.
Thanks for any info you may have or employ.
Posted 22 December 2009 - 11:46 PM
Posted 23 December 2009 - 12:06 AM
Melinda S in TX
Posted 23 December 2009 - 01:37 AM
Posted 23 December 2009 - 02:00 AM
Posted 23 December 2009 - 02:47 PM
As a grown up we tithe 10% but we learned about tithing from our increase (from a study of Deuteronomy) - so anything extra we make (a raise, bonus, extra job, etc), we tithe extra (15-20%).
Posted 23 December 2009 - 03:26 PM
10% tithe, 10% long term savings, 10% short term savings, 70% spending
Posted 23 December 2009 - 03:49 PM
Posted 23 December 2009 - 03:59 PM
We also have a rule that you can only take up to half the money out of your savings account for something.
Our kids like seeing their savings account grow and being able to use it for vacations or gifts or something big. The money they keep they usually just spend on candy or toys. So $8 from my daughter's $20 is more than enough for that. (That's what she gets from G-ma for helping clean. It's a lot less around here. )
Posted 23 December 2009 - 04:19 PM
I find all of their different "money personalities" interesting. Dh and I have different money personalities and that really helps us to give/save/spend our money effectively. I think that it is more important to teach the children to consider their money management style and how that affects the way they use their money. A formula can be helpful, but only as a baseline. Being aware of our tendencies helps us be better stewards.
Posted 23 December 2009 - 06:24 PM
We think the best way to teach kids about money is by example, not by rules. Their allowance should be theirs to spend however they want. Charity isn't charity if it's forced.
We, too, believe in teaching/leading by example. We are going to give this a try per a conversation our kids started with us when they overheard us discussing our giving. THEY wanted to do it. We are just looking for some suggestions/wisdom from others who have done this before and/or are doing this now.
Posted 23 December 2009 - 06:28 PM
Gotta love unselfish little hearts.