ErickaY
Moderator
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Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize.

 

 

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Welcome back to our new and returning community members! We’re so glad to have you here with us today. We’re excited to share another chance to win a $100 gift card this month. We’ll be discussing how you teach your kids financial responsibility: allowance vs chores. 

One of the key questions parents often face is whether to provide their children with an allowance or tie it to completing chores. Both approaches have their merits and can help instill financial responsibility in kids from a young age.

Allowance provides children with a steady income stream, teaching them the value of money and how to manage it. It allows kids to make their own spending decisions and learn from the consequences of their choices. However, it is essential to set clear expectations regarding saving and budgeting, ensuring that they understand the importance of financial planning. On the other hand, tying allowance to chores can teach children the connection between work and earning money. By completing age-appropriate tasks, kids learn valuable life skills, such as responsibility, discipline, and the importance of contributing to the household. It also instills a strong work ethic and helps children understand the value of their efforts.

Ultimately, the decision between allowance and chores depends on the values and goals of each family. It is crucial to strike a balance between providing financial independence and teaching the importance of hard work. By incorporating both elements, parents can guide their children towards becoming financially responsible individuals who understand the value of money and the rewards of their efforts.

To be able to win the $100 gift card we’d like for you to comment on this post with your response to the question: how do you teach your kids financial responsibility - allowance vs chores?

If you’d like to learn about Dependents & Child Tax Credits we have plenty of experts available to answer all of your questions! Join us for a LIVE Q&A on Wednesday, July 31st any time between 9:00am and 5:00pm Pacific Time to ask Tax and Financial Experts your questions and get advice about taxes and personal finance, for free! Learn more and RSVP here.         

Remember that responding to this post by telling us how you teach your kids financial responsibility: allowance vs chores, will enter you in a chance to win a $100 gift card. A winner will be randomly selected from this thread on Wednesday, July 31st, 2024         

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We will be hosting the Dependents & Child Tax Credits sweepstakes to give you, and others, the opportunity to share your experiences. One lucky winner will be chosen randomly to receive a $100 gift card.

  • WHAT: Sweepstakes for a $100 gift card
  • WHEN: Entries will be accepted from July 24, 2024 through July 31, 2024 at 5:00 pm Pacific Time
  • HOW: Enter by adding a comment to this post sharing any major life events you expect to affect your taxes. If you are the winner, we will send you a private message. The winner will be selected at random on July 31, 2024
Comments
Returning Member

1. I talk to my children about finances and the important of financial stability at each opportunity given, like when I am paying a bill. I try to instill in them a sense of responsibility in managing their money talking to them about the importance of having multiple accounts and subaccounts for specific expenses like bills, and savings accounts for big purchases, leisurely spending, emergency funds, and the importance of investing money in different ways like purchasing stock so the money grows. I explain to them that they receive an allowance of a specific amount not only because of the chores they complete but so they experience a sense of independence in not having to ask Mom and Dad for every dollar while learning to manage their money wisely until the next allowance. 

 

2. This year my contract work has ended an I will be starting a new job soon so I expect this change to impact my taxes. 

Returning Member

Try to teach my kids to value Of hard work and what I can't get you a life doing chores gets you to know how to work for what you want.That's the Beginning what you have established that you know how to clean and work for what you want. You had a moments that way.They are not just doing cleaning or chores, or whatever you have been doing. In reality, financial responsibility starts at home, and I tried to teach that it's just because we may not have a lot of money doesn't mean you can't earn. What you want Work for Reality is the life is work. I learned how to get chores when I was a child and never got paid to do them. I learned by watching other people and how they worked for their money. That's what I wanted to do. Stealing is wrong, and as a child. Some parents don't it the values of hard work?The work it can and what can get you. This is why I have taught my children. Thank you work for what you like. Good and bad situations happen, but you always work for what you want. 

Returning Member

When my kids were young we had a huge garden. When they were in trouble they would have to do chores (pick weeds from the garden) they would pick for 10 minutes per year old they currently were at the time. They would earn money by doing their "jobs" like mowing grass, raking a neighbors yard or weekending. They made their own money by doing actual manual work. I want to teach my boys that nothing in life is free. Go out, get jobs and get cash. Period. No allowance here, never. I think it's wrong to give children money for doing the normal everyday things they need learn to do anyway. Nobody pays me to brush my teeth or take out my trash or to wash a dish. That is teaching them they should get money for just being alive. Ridiculous. I'm raising hard working men not silver spoon fed crybabies that have life handed to them. This is a tough world we live in and they need to know that as early as possible. If not then life will be so hard for them when they actually get out on their own. Raise men not grown babies that whine about every little comment said that hurts their poor little feelings. This generation coming up now is going to have the weakest men America has ever had. My boys, they are already hard working young men with the best manors and work ethics. I'm proud of them both and I know they will be great men and husband's and fathers some day .

New Member

Teaching my kids how to be financially responsible in there future is by giving them allowance so the have they own money to spend on things they need or just want. They will now how fast there money goes,,, with choirse they learn how to be a hard worker and good worker solo they know how hard they work to receive the money and how fast it can be gone and how to spend it on necessities or just wants 

New Member

I heard aboutthis

quaryer method and I can’t wait too try it! I think it’s a common one. Google it and it explains it simpler than I could. 

New Member

Need more financial knowledge to get my kids started on this journey