You Should Try This Family's Ingenious Money Lesson With Your Kids ASAP
Who would have thought such a simple idea about allowance could make such a huge impact on a child's world view?
One family's ingenious system for teaching their son about money has gained an insane amount of attention on social media, after it was posted to the Facebook page of Humans of New York. This very simple idea on how to manage allowance for kids has garnered almost 790,000 reactions, been shared over 92,000 times, and received 21,000 comments.
"Every week I get one dollar for allowance. Then I get to choose the section where I put my dollar. There are four sections: spend, save, donate, and invest. If I put a dollar in the 'invest section,' my parents give me two extra pennies at the end of every month. I've only used my 'spend section' twice! I have way over $10 in my 'invest section.' I used to have more but I took some money out and put it in my 'donate section.' We used to it to buy food for people who don't have much money in their 'spend section.'"
The post has clearly resonated with many parents, judging by the comments section.
"This is the perfect way to teach children compassion and understanding that not everyone is as fortunate as they are, while also helping them to grow up financailly [sic] responsible! You're doing a great job as a father," one commenter said, applauding these parents (though only the dad is pictured, he later logged on to point out that his wife is "equally responsible for everything lovely about our children.")
"What a beautiful little soul. Parenting WIN. Not people who are 'less fortunate,' not people who 'made bad decisions,' not people who are homeless, addicts, lonely, broken, or poor. People who have less in their spend section. YES," another commenter praised.
"Way to teach his kids both how to be economic and compassionate at the same time. A lot of adults today seem to have missed out on that lesson," yet another commenter said.
I, too, am pretty impressed by how much these parents are teaching their child about, well, kind of everything. It's a great reminder that structuring kids' allowance doesn't have to be super complicated to make a huge impact in the way they perceive the world—and money's role in it. And, that just because you give kids money, doesn't mean they will automatically be spoiled as a result!
In our house, my kids will occasionally get money for helping out with chores, and we do talk about the importance of giving back, but I haven't devised a true "system" like this family has. #TotallyImpressed!
What do you think of this system?
Melissa Willets is a writer/blogger and a mom. Follow her on Twitter (@Spitupnsuburbs), where she chronicles her love of exercising and drinking coffee, but never simultaneously.