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Home › Articles › General › The Value of a Dollar

The Value of a Dollar

Teaching Money Management Skills to Children

By Sharon Waldrop

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Laurie of Lake Arrowhead, Calif. recalls her son's first venture at earning money at the age of 10.

"He started to receive money for extra chores at home like helping to wash the car or raking pine needles," Laurie says. By the time he was 11, neighbors hired him to do small jobs like yard work and babysitting. Now a teenager, her son earned $450.00 in six months while maintaining high grades in school. He has a personal savings account as well as a student account.

Money Here, Money There

Veronica from Jersey City, N.J. is the mother of 11-year-old Tabetha. Tabetha enjoys saving money so much that after Christmas she opened her own bank account. "It's all my own," she says.

This money-conscious preteen does chores around the house to earn a $6 weekly allowance, which she allocates to different things: $1 goes to the bank, $1 is reserved for "play" money and the remaining $4 is classified as "junk and smart stuff," according to Tabetha's mother. "Junk" could include chips or a new pen. "Smart stuff" could be anything from clothes to video games, or compact discs to gifts.

Money that Tabetha receives as a gift is usually split evenly between spending money and bank money.

Veronica says one of the reasons her daughter is good with money is because she listens to their family stories.

"My side of the family had eight kids and my parents didn't have much money to pass around," Veronica says.


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