- Be age appropriate
- Pay commissions, not allowance. This helps them develop the connection between work and money. It takes work to make money! (Certain chores are done just because you're part of the family, but it also helps to have specific tasks associated with a dollar amount. It doesn't have to be a lot.)
- Teach by example! Show them how you live debt free, how saving works, etc.
- For kids age 5-12: Use three envelopes. Giving, Saving and Spending. (If they earn $5 a week, put $1 in the giving envelope and $2 each in the others. Kids' attitudes towards money will change dramatically if they are spending their own!)
"Train up a child in the way he should go, and when he is old he will not depart from it. The rich rules over the poor, and the borrower is servant to the lender." -Proverbs 22:6-7 (NKJV)
This week's lesson was extremely helpful. Ed and I already have a basic budget in place for October. I think this coming Wednesday the lesson involves doing a more detailed budget. The nerd in me is so excited! Haha. But seriously, I cannot believe how much my attitude toward money has changed over the past few weeks. I realize that I was being lazy about how I handled our finances. Yes, I made sure our bills were paid, but I never told our money where to go...I just sort of floated along, hoping everything worked out. NO MORE!!! We're developing a specific plan to get out from under all of our debt...slowly (it didn't happen overnight), but God willing, it'll get done.
Remember, you can always go to Dave Ramsey's website for more info and free budgeting forms. He also has a show on at 8pm every night on the Fox Business channel. Enjoy the rest of the weekend!! And leave comments if you have any additional suggestions on cutting down the budget.