Friday, March 6, 2015

Money talks

At about this time last year, I wanted to introduce my son to money. But it was too early for him, as evidenced by the fact he would still mix the play money in his cash register with the real thing. So, we took a step back and waited.

Since then, a few really great things have happened:
  1. He learned about money in school. His homework had him differentiate between the values of different coins, so he has a better grasp on what money is worth.
  2. I started using cash in front of him more often.
  3. He got a real dollar. A magician we saw told the children in the audience that if they put his card under their pillows they would get a dollar. (Thanks!) My son was floored by the dollar being a "real one."
I thought about starting the conversation around money again, but then read this article by Slate outlining the "right way" to do an allowance. The article advises parents to not link the money to chores, and to start it when children start asking about money or around the same time the tooth fairy comes.

I think we are close to having the conversation again, but this time I want to be better prepared. So tell me, what have you learned about giving your children an allowance?

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