Teaching Kids How to Handle Money

Teacking Your Kids How to Handle Money

Yesterday, Dawn over at By Sun and Candlelight wrote a great post about Kids, Money and Chores. She asked the following questions:

” 1. Do you give your children an allowance, and if so, must they earn it by doing chores?

2. How do your children handle their money – deciding what to spend, save, and give?

3. Do your children have jobs outside the home?”

Great questions, no? I posted my answer over at Dawn’s blog, but I wanted to do so here as well for two reasons: 1. I can give a more comprehensive answer; and 2. I’d love to hear my readers (that would be you!) handle this topic with their children.

In my answer to Dawn’s first question I stated that we don’t give allowance – not exactly, anyway. Nor do we connect doing chores with getting paid – in a way. We kind of combine the two. There are certain chores that Andrew has to do (without pay) just because he is part of our family. These chores include making his bed, keeping his room clean, picking up after himself, putting his laundry away, setting the table before meals and helping to clear the table afterwards.

When those chores are done, and done well, then he can do other chores that he gets paid for. These chores include helping with the garden, sweeping or vacuuming the floor, dusting, or whatever else he and I come up with. The cost for each chore depends on the time and difficulty of a particular chore. What makes this different from an allowance is that he gets paid for the chore the same day, and not weekly. Sometimes he gets paid immediately after the chore and sometimes at the end of the day.

The reason we do this is because, well, it works for us! Andrew is only 7 (so obviously #3 is taken care of, he doesn’t work out of the home) and he likes the immediate reward of getting his money right away. He gets his money and makes a big deal out of counting the money (homeschool activity) and putting it in the band. When he gets older we will be switching to a weekly payment – with a twist (taking out “taxes” – more on that in a future post).

How does Andrew handle his money? We follow a system similar to Dave Ramsey. Andrew has three banks. Part of his money goes into a bank for saving, part of it goes into a bank for giving and the rest goes into a bank for spending or short-term saving. (Either this week or next I’ll do a post showing how this works.)

Our biggest challenge in teaching Andrew how to handle money is being consistent. I’m the frugal one in the family and Michael is for sure the spender – although he is MUCH better now of the last few years than ever before. We’ve done the Financial Peace University program and learned tons from it. We are doing our best to follow the principles laid out in the program. We’ve struggled, are struggling, financially but we are working on getting debt free and following the system the best we can. We want to teach Andrew by example and we want him to develop good money habits NOW while he is still young.

How are you teaching your kids how to handle money? Do you have a system in place or just ‘winging it”? How would you answer the above three questions? Leave your response in the comments.

Complimentary Menu Planner and Grocery List Worksheet

Since I’ve been doing (or trying to do!) menu planning every week, I created a *very* simple menu planner worksheet and grocery list for myself.

I printed out a bunch of the worksheets and keep them in my home management binder. My home management binder is almost always open or close by, so it’s easy to add ingredients to my grocery list and put together my menu plan.

My particular menu planner worksheet doesn’t account for snacks because I don’t plan in advance for them. If I wanted to plan ahead for snacks, there is usually enough room to write them in at the end of the worksheet.

As for the grocery list, it is based on the categories of my coupon box. This template, too, has room at the bottom for notes or to add anything that doesn’t fit in the categories listed.

In case you were interested in using a menu planning or grocery list template, I thought I’d share mine with you. 🙂 Feel free to download either worksheet – or both. 🙂

Here you are:

Menu Planner Worksheet

Grocery List Worksheet

I hope you find them useful. Enjoy!

(You are welcome to pass the templates to anyone you thing might be interested, just keep the copyright info intact. Thanks!)

Complimentary Recipe Book from Jiffy!

In case you missed it in my post last week, you can receive a complimentary recipe book from Jiffy Mix here. I haven’t received my copy yet, but I’ve tried the recipes on the website and they are really good, so the ones in the book should be too!


Mailbox Fun (AKA: The Freebies are Coming!)

I love getting fr*ee stuff. Who doesn’t? Over the last few weeks I have been signing up for fr*ee samples and they are finally starting to arrive!

Here’s a peek of what I’ve gotten so far:


  • Toothpaste
  • Coffee
  • Feminine products
  • Tortured for Christ (a book about a priest who was martyred for Christ)
  • Toilet paper/wipes
  • Flavored mayonnaise

After taking the above picture I received more freebies (Not pictured):

  • Shampoo and conditioner
  • Laundry detergent
  • Several more feminine products

Where do I find all the free samples? Most of them I find here. I also make a point of going to Walmart.com regularly because they often have fr*ee samples and others I’ve found simply by doing an online search for fr*ee samples. Some I’ve actually found by accident!

Signing up for the freebies only takes a few minutes and worth it in the goodies received. It sure a refreshing change from the bills!


I *highly* recommend getting a separate email address for freebie sign-ups. It will keep your main email account from becoming bloated and over-run with s*p*a*m.