Money Management for ages 3-13

A kid might earn money by:

Completing a chore chart at home (new chores or extra chores...)
(NOT daily chores! Adults don't get paid to do their daily chores, kids don't either!)
a 2 yr old going potty, a 5 yr old cleaning their room, a 10 yr old washing the cars...

Selling goods or services to other families
a 5 yr old girl making jewelry, an 8 yr old selling icecream, a 12 yr old baby sitting, 14 yr old's part time job

You as a parent can decide what is the best way for YOUR child to make some money...

But NEVER have an allowance!
Allowance means they get it just for breathing... this is called ENTITLEMENT, and it lets them think that people get paid regardless of the quality of work that is done.
Instead "PAY" them, or give "COMMMISSIONS"... they only get money if they do the work it takes to EARN IT!

WORK = MONEY!

It's helpful to put their "Pay Day" on the Calendar, shortly after you get paid.
We are Military so we get paid on the 1st & 15th...
Therefore the kids get paid half their age on the 1st Friday & 3rd Friday.
(2 pays per month x half their age = 8yr old gets $8 per month)



A kid under 14 does not need a budget yet,
but they can still use ENVELOPES like adults do..
GIVE envelope for church and charity
SAVE envelope for expensive things
SPEND envelope for fun money (or a clear jar for visual aid)

My kids like to color and decorate their envelopes.
They like make a new SAVE envelope for every goal.
Their newest SAVE envelopes were made for going to the Aquarium this summer.
They decorated it with fish and dinosaurs because that's what they want to buy at the Aquarium Gift Shop.

On the first day of every week, each one of you should set aside a sum of money in keeping with your income, saving it up...
~1 Corinthians 16:2