BYU teacher offers advice on giving allowance
April 14th, 2009 @ 11:00pm
By Randall Jeppesen
PROVO -- Financial experts say what a kid does with his or her allowance today can have an impact on how financially stable he or she will be tomorrow.
Lucy Beutler teaches a "Money in the Family" class at BYU, and she says age 2 isn't too early to start teaching kids how save money.
With an allowance, Beutler says kids need to divide the money they receive into three parts. "That they share part of it, that they save part of it, and that they have part of it to spend," she explained.
Beutler says don't just give kids an allowance so they have money. Instead, have a purpose the money will be partially used for, such as to buy their lunches or pay part of the cost of new school clothes.
She also suggests parents learn to say no when they come asking for more money to hang out with friends. "[Tell them,] ‘You know, you've already had your allowance. It's gone. You know, you've already chosen to spend it someplace else,'" she said.
Once a teen gets a job, Beutler says keep using the same principles and have them divide the money into three parts.
April 14th, 2009 @ 11:00pm
By Randall Jeppesen
PROVO -- Financial experts say what a kid does with his or her allowance today can have an impact on how financially stable he or she will be tomorrow.
Lucy Beutler teaches a "Money in the Family" class at BYU, and she says age 2 isn't too early to start teaching kids how save money.
With an allowance, Beutler says kids need to divide the money they receive into three parts. "That they share part of it, that they save part of it, and that they have part of it to spend," she explained.
Beutler says don't just give kids an allowance so they have money. Instead, have a purpose the money will be partially used for, such as to buy their lunches or pay part of the cost of new school clothes.
She also suggests parents learn to say no when they come asking for more money to hang out with friends. "[Tell them,] ‘You know, you've already had your allowance. It's gone. You know, you've already chosen to spend it someplace else,'" she said.
Once a teen gets a job, Beutler says keep using the same principles and have them divide the money into three parts.
**Thought this was great for all the parents out there giving children an allowance. This is something I am going to do for my kids!! Hope you enjoyed it :)
2 comments:
Thats so cute!! I dont really have money but I should start trying to get that started with them now, so they can bugget and learn more!! That way they dont struggle as much as I am or did!!! Cute post anna!! Sorry if I dose off and my kids wonder over to your home!!LOL!!!
I know I loved this!! I think it's a great idea too. I have to implement that next FHE. Don't worry bout the kids, I love em...they can come over whenever their parents abandon them!! LMBO!! jk!! :)
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