Raising Financially Responsible Kids – Earn It, Learn It

One of the biggest struggles parents face is figuring out how to raise financially responsible kids.  The messages trying to undermine what you are teaching are coming at your kids from every direction: the kid in his class who gets every toy he wants, the girl in her class with the new designer outfit every week, the constant advertisements during all of the kid shows once they graduate from PBS and Playhouse Disney, even a Barbie with her own charge card!


One tool that can help parents in their battle to teach their kids the value of money and hard work – and how the two are related – is the new book by Alisa T. Weinstein, Earn It, Learn It.  This book presents a completely do-able program that teaches kids the value of a dollar AND exposes them to many different career choices. (Schools are spending time on this subject with kids as young as K4.)


Earn It, Learn It proposes a whole new outlook on earning an allowance. Rather than paying them for doing chores that are expected, such as making their bed (after all, do you get paid for making your bed???) kids have the opportunity to earn money by trying out different “careers” – just like in the real world.


For example, let’s say your child is going to be a chef for the week to earn their allowance.  They could help you in planning the weekly menu, prepare a part of the meal, or help plate and serve the final product.  The book is chock full of career suggestions and tasks that fall into several categories based on the child’s age and/or ability.


What I especially liked about this book is that Weinstein does not present it in an “all or nothing” approach.  If you like some of her ideas but not others, no sweat.  Just do the ones you like.  She says if you want to keep paying your child for making their bed, go ahead.  It’s not going to ruin the lesson you are trying to teach here.


If you are at a loss for how to approach the whole allowance thing, I highly recommend Earn It, Learn It.  Whether you adopt Weinstein’s program or not, it gives a lot of points to think about and some very creative ideas.


Disclosure: I was given a copy of the book to facilitate my review. The opinions expressed are my own and not influenced by any compensation.