Thursday, June 21, 2012

How Do You...Teach Stewardship?

How do you teach your children stewardship of their money? 
There are differences of opinion about whether children should receive an allowance or not.  In our family, we have chosen to give a $1/week allowance to any child, age 4 or older.  Though we expect everyone to do their part to contribute to the family (and not simply work for the money), we want them to have practice in earning, saving, and making good purchases. 

We try very hard not to influence what the kids choose to spend their money on (though Brian does a much better job than I do!).  We feel it is important for them to make their own choices and their own mistakes with their small bit of pocket money.  However, we do have two guidelines.

  1. You have to save $5 before you can spend your money on anything, even a cheap pack of gum.
  2. You have to think about your purchase for 1 full week before you can actually purchase it.
These two principles make them think and help curb impulse buys. 

How do you teach your children stewardship?  Let us know in the comments. 

Also, if you have a question for a future "How Do You...?" post, share that in the comments, too, or send me an e-mail! I'd love to hear from you. 

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