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Saturday, October 16, 2010



Great post, and one that is very much on my mind. We just started giving an allowance to our 4 and 6 year olds, in the hope that they would appreciate what it means to spend $10 on an electronic hamster. (5 whole weeks' allowance!) But instead, they seem happy to blow the entire thing on trinkets like Silly Bandz or those dime store magic tricks that break as soon as they get them. No matter how many times I encourage them to save up for the thing they really want.

As for charity, I don't like the idea of forcing them to give - I want it to come from the heart. But now that all the other kids at religious school give some change for charity each week, my 6-year old doesn't want to stand out by not contributing.

It's hard. I guess you have to let them make their own mistakes, and learn from them, and hope that they never end up inadvertently choosing pinball over dinner. (Although, that would be a lesson they'd remember!)

Paula Lewis

When Leah has any money it usually ends up on the floor with everything else. Sigh.


Karen, Your idea of three piggy banks can still work. Make one a charity box instead and let them see you put money in the box every sabbath.
I was lucky - I had little money given to me as a child, and without giving away my age, was given pennies to give to tzedukkah (charity) at Hebrew School and a small amount for me. I could spend it or save, there would be no extras. I started babysiting at age 11, and saved and used that money to send myself to summer camp, and with after school jobs in high school, saved enough to buy a car at age 17, and send myself to community college at night while I worked during the day. I am not trying to play the pity violin, but I learned to discern the difference between what I really wanted and what I craved at the moment. A couple of impulse purchases is all it took, or I had to work more to make up for it. I learned that I could work and increase my sepnding power. My kids were taught to save by being expected to work for their allowance. They were given a set amount, but had household jobs to do and their money had to last. For an especially good job or extra tasks (geting the house ready for Passover) they could earn a bonus. There were no loans and they both learned to save for the big items. My daughter graduated from Brandeis, a very pricey college and while she had some scholarship help, and I paid a portion of her tuition, she had personal $20,000 in student loans and paid off her loans and a car loan five years after graduation. My son is on the same track, paying off student loans, three years after graduation,and working two jobs. My kids were taught the power of self sufficiency and that charity is also expected. I gave them their allowance on Friday and we all put money in the pushke *charity box) together before candle lighting. They learned from example.


A great and timely post. I've always been a firm believer that learning about money should be done around the kitchen table;it's a question of imparting your values to your kids.


One thing we've done as our kids have moved into their teens (4 of the 5 at this point!) is to take a clear area of spending - like clothing - and turn over the responsibility to them. We have them propose an annual budget, review it, and approve it. Then we give them an allowance based on that budget and have them make all the purchase decisions (as long as they stay in budget and adhere to a few high level family guidelines) and deal with the consequences (like blowing most of it on a one-time prom dress and having to skimp the rest of the year).

It's been a valuable learning experience every time and a good one to have under their belt before hitting college.



I give all the coins to kids to put in piggybank. We also talk about pitfalls of loans, how to grow money. Another site that helps parents teach kids about money is

Money flow is so easy nowadays that kids always think it is easy to earn money. It is not. Saving is the key. Budgeting is next.


This is a great post and thanks for the sharing. How kids perceive money depend on the value parents' impart to them.

I gave my two kids allowance but they never spend any. As far as I can remember, my daughter only bought a mechanical pencil she likes. Another time, they dig into their allowance was for the school fund raising. And, that's it! All the money went into their bank account. They don't seem to have any material things they want to buy.

Recently, I was surprised to find out their friends' parents rewarded the kids with money when they do well for the school examination. It is a norm when I found out most of the parents in the school did the same. Luckily, my kids are not motivated by money to study hard.

As far as I am concerned, teaching them the right value about money is important. When the time is right, we will definitely want the kids to go out and work to earn some pocket money. This is already in our agenda.

Computer Repairs London

Really True amazing words of the post. I think Bill Gates has done a lots of development and have shared their income with the charity funds to reduce the poverty in the world and free from dangerous virus.

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