As the father of a two-year-old (with another baby on the way this summer), I have a bit of time before I need to start worrying about teaching my kids about the value of a dollar. But not that much time.
There are different philosophies on the subject. Some feel an allowance as payment for completing chores is the way to go. Others feel that keeping the two separate is a better approach.
Some parents (like mine) like the idea of kids having part-time jobs – once they’re old enough, of course. Others still feel that kids are best when they’re allowed to just be kids.
Whatever the approach, it’s safe to say that all parents want to raise children who are smart with their money, and understand the value of hard work.
So tell us, what’s your approach with your children? How do you instil in your kids the knowledge that money doesn’t grow on trees?