Thanks, Andrea, I do get the Financially Smitten emails, I'll have to look into that section!

This is a great goal.  We need to do more of this with our kids too.  Another link that might help.

 http://www.financiallysmitten.com/2011/10/24/teaching-money-to-kids-smitten-style/

 Maybe I'm not shooting high enough.  I'm still trying to teach all my kids to chew with their mouths shut!  LOL.  Definitely an admirable thing you're going for with this goal.  Good luck!

That's funny, Alex.  My initial start this week will be to try to pay the kids weekly for their help around the house.  I think that will motivate them more when it's more constant and tangible.

We try the other way around.  It's a switch to what we were doing before now that the twins are in grade one.  They start off each week with the possibility of earning $5.  If I have to remind them over and over again to do the things they know are their responsibilities, the figure decreases by $0.20 intervals.  So what they can earn each week depends on me not having to hound them.  Also, I can reward them for good behaviour too by throwing in $0.20 - things like playing co-operatively or helping eachother or a good mark on a test. 

 This is awesome! Our daughter is almost 5 months, the earlier the better with this! Probably one of the most important lessons! Please let me know what works best! :)

 I liked the ING resource you posted.  I think the project I got into more than any other when I was in high school was a contest in my business class where we each picked a stock to invest a pretend amount of money.  We'd check the business section each day to see how our stock was performing and the person who made the most money at the end of the grading period was declared the winner.  I also remember learning how to fill out a check and checkbook register correctly.  I think schools should teach more of this stuff, but of course that doesn't mean we parents shouldn't be teaching it too.  I think we'd all be surprised at how interested our kids are in money matters.  The ING website teaches at a more simple level than I think I could've figured out how to do on my own.

Zin, how's it going?  I'm loving all the feedback you're getting on your goal page.  I have to agree with Alex.  Kids absolutely could benefit from learning to respect money in school.  I believe we learned how to fill out a checkbook register too at the same time we learned how to correctly address an envelope.  I could have used a tonne more guidance though - from school and my parents.  My dad's big lesson:  save 10%.  Always.  In something with zero risk.

I do remember growing up my dad always had my savings in a CD.  No risk there =)

I only have a little to report on this goal.  We've been using the chore chart with more frequency.  The kids did a couple projects for me this weekend which there was a total $$ amount set to that they would split.  Once they starting fighting, the total $ amount dropped.  This was good because it hit my goal of helping them get along better and work as a team.  LOVE IT!!  The other benefit was that I added this to their chore chart and now there's even a competition to beat Mommy in the amount of money we all make this week ~ and, yes, I pay myself for the chores I do now, too!  

Great goal Zinful!  Sounds like a fun activity you did on the weeknd - teaching about money and getting along!  Very cool.

 I have to do this with my daughters.  They are 10 and 13 now and it's time for them to start to understand how things here are so different than back home in the Philippines with money.  I will use your chore chart idea too.

Just dropping in to say I support this goal! I definitely think that learning about how earning and spending and saving and all that good stuff works as a child is a great thing and I wish you success. And finding a way to cut down on sibling fighting is so impressive! I'm the oldest of three kids, and I know how easy it is to spiral downwards into that when you're doing an activity you don't enjoy, like chores. Building a cooperative spirit is a big success.

I have some info to share later in the Dave Ramsey book I'm reading.  The chapter about how to handle things with kids from 7-13 (or thereabouts) is perfect for me.  I can't wait to share what I learned with my kids this weekend (and, I will share with you all too when I have more time to write it out).  Irene, I see your kids are right in that area, so I'll be sure to share everything I now know!

 Looking forward to your share Zin, mine are all within that age too.

Proverbs 22:6  "Train up a child in the way he should go and when he is old he will not depart from it".

This is truly the best advise and pretty much sums up the chapter on children. 

Involve children in their learning, don't just tell them.  Teach them intentionally in the areas of work, saving, spending wisely and giving.  There should be an emotional connection to the money.  It says to never use the word allowance.  Instead, pay "commission".  Work, get paid. 

Help them set goals for what they will do with their money.  Spending is done differently when they are spending the money they earn. 

I have to go get some work done.  I've got more to post on the subject.  I'll be back.

So, last night I got to the bank to catch up on our  "commissions".  I distributed everyone's pay and then gave them each 3 envelopes.  One is marked Long Term Savings (so they can start now to save for a car when they start to drive).  One is marked Short Term Savings (which D also added a note to mean "Legos").  The the third is marked Giving, which will be their Tithe for church.  I am hoping to teach this 10% rule early in life so that they stick with it (as stated above in Proverbs 22:6). 

 I love this... you're so awesome teaching this to the kids.  I hope you'll keep updating us on your progress with them.  Perfect.  

The boys' birthdays are coming up in May and June.  I spoke to my older son this morning and suggested that he start asking for money, as he needs a new bike.  Maybe all these big purchases no longer have to be made by me...   He should start seeing how this game called Money really works. 

Planet Orange is a kids area from ING Direct.

Website: www.orangekids.com