Spend, Save & Give: How 3 Buckets Can Help Teach Kids Your Money Values! by Ellen Rogin, CPA, CFP

Parenting Money
4 months ago
Spend, Save & Give: How 3 Buckets Can Help Teach Kids Your Money Values!

Wondering whether you should give your kids an allowance or not? It’s a wonderful way to teach your kids about money! We split kid's allowances into three buckets: 

  • spending
  • saving 
  • giving

This relates to the money values we want to share with our kids. From the time they were 5 years old, we’ve been giving our kids an allowance. They are allowed to decide how to spend (or not spend) the part of their allowance allocated for spending. They go to the bank to deposit their savings money and they choose the charity for their giving money. We guide, but they decide. It's never too early to start teaching your kids about money!

start discussion

Please login to comment.

recommended tips

Kids & Money: 3 Tips to Teach Kids to Save Money for What They Want!

The First Year As a First-Time Parent: Living on Coffee, Cold Medicine & a Prayer

Millennial (Half) Minute: Need to Ask Your Adult Child a Question? 7 Tips to Help the Conversation Go Well!

6 Ways to Raise Kids Who Save Money Rather Than Just Spend It!

Got 30 seconds? Sign up for 30Seconds.com and get the best of our tips each week!