Suzanne at Growing Rich Kids has written a wonderful blog post this week about the items kids should pay for with their allowance. She was kind enough to email me and ask how we handle this with our kids. Her advice and hints cover all the ages, from childhood through those crazy teen years.
Speaking of teen years...do you have to buy your teen a car? Does it need to be a brand new, top of the line, sports car? Squirrelers has recently tackled this topic in their post, Cars for Teens: Don't Spoil Them with Expensive Vehicles.
Here's another topic that has lots of opinions....paying kids for chores. Tie the Money Knot started a great discussion this week. Stop by and share your opinion.
In a recent edition of Pam's Picks, I mentioned an article that discussed misconceptions teens often get about money. It encouraged parents to really talk with their children instead of letting their children learn solely by watching and observing. One of our readers posted this response on Facebook:
I read all of the articles and realized I can be doing more to share what I am doing financially with my kids. Right now I am weighing the pros and cons of different home loan refinancing offers ... length of time for the loan and % rates affects monthly payment amount and overall cost ... a good basic topic to start with!It is so wonderful to see the ripple effect of a good article as it makes its way to families and teens. Keep the good articles coming folks!
A big thank you this week to LifeInsuranceByJeff.com for hosting the Carnival of Personal Finance #386 and including our article.