Parental Consistency with Children & Money April, 2011

What is your first childhood memory of money?  How money was handled in your family when you were growing up will greatly affect how you handle money with your children.

Before any decisions are made about how or if children should receive money, each parent should identify and discuss his or her own attitudes about money. This will hopefully lead to a mutual view about how children are to receive money.

Here are some questions to ask yourself and each other for discussion:

What does money mean to you?
What good memories and bad memories about money do you have from your childhood?
Did you receive an allowance and what were the rules about it?  If an allowance was not given, how did you receive money?
What feelings do you have about how you received money?
What attitudes and feelings about money have you carried into adulthood based on your families approach to money when you were a child?
What attitudes about money would you like to instill in your children?

Remember, parents are the first teachers about money, even if it is only by what children observe mom and dad doing! 

If you need more information about the pros and cons of allowances, and methods for teaching your children about money, check out the Youth & Money section of the University of Minnesota Extension website at  Let’s raise financially capable children.