Looking for advice!
We feel like we're finally hitting the stage that we need to start coming up with a plan we can stick to for helping our kids find ways to earn and get money. Hayley is 6 1/2 yrs and is starting to get more interested in saving her money for things better than the dollar store. In the past we've let her do "extra chores" for money but now we have lots of questions...
-Should we start giving an allowance?
-What is it contingent upon?
-If we make it contingent upon doing basic daily chores...what happens if a kid has one bad day and 6 good days?
-We need to decide what chores are just part of family life and what chores they can earn money for...and how much?
-Right now we've introduced a split piggy bank--10%-tithing, 40%-college savings, 50% spending money. It's been accepted well so far. Any thoughts on telling your kids how much they have to save?
-We have great plans to teach about investing by matching their savings and letting them watch it grow--any advice?
I'd love to hear your opinions, thoughts, plans, book recommendations, mistakes, etc, etc.