Money and Kids: Fiscal Responsibility

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After paying B we don’t just let her go out and spend it as fast as it comes in. What good would that do?

Instead we split the money she makes into three different categories: tithe, savings, and spending.

Tithe: 20%
Savings: 50%
Spending: 30%
For example: if she receives $1 then $.20 goes to the church, $.50 goes to her savings and $.30 can be used to purchase something.

We lean towards a larger rate of savings so that as she grows hopefully she will learn the value of saving money and never be in a lurch due to an unavoidable money situation. We also think this sets a good precedent for later in life by teaching her to live within her means.

We pay her at the end of each day because of her age but will slowly lengthen the time between pay periods.

What are your thoughts on paying your children, jobs, and savings?

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