Natural saver and natural spender: teaching generosity

In an earlier post I wrote about a person’s natural tendencies. This was based on Gretchen Rubin’s audiobook Better Than Before: Mastering the Habits of Our Everyday Lives. Another concept that Gretchen discusses is recognising whether a person as an over-spender or an under-spender.  These concepts are more relevant to adults because we have the money to spend, whereas young children ought to have rules about spending money.  Nevertheless, it got me thinking about whether each of my children is a
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Chores: to pay or not to pay our children

Regardless of your decision to give your children pocket money or not, another vexed question many parents face is whether to pay their children for household chores. Let me make this clear. I’m not referring to pocket money that is tied to household chores. I’m referring to paying children to complete household chores, irrespective of whether they also get pocket money. Pocket money vs paying for chores We must clearly distinguish ‘pocket money’ from ‘paying for chores’. For me, pocket
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Needs and Wants: Create guiding principles

Understanding the difference between Needs and Wants is crucial to managing money.  When given extreme examples, children can easily distinguish between a ‘Need’ and a ‘Want’.  For example, children know they need food but they want toys. At these extreme ends of the spectrum is easy.  It becomes blurred when we start moving into the middle ground – a ‘need’ may in fact, be a ‘want’.  Take for example a digital TV.  Today, a TV is considered a ‘Need’ in many households in
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Paying for electricity with hot chips

My youngest child often asks if we can buy some hot chips after his swimming lessons every week.  I don’t have a problem with buying hot chips as a treat.  But he asks for hot chips every week.  Then he will eat a few strands of chips before going off to play with a friend.  By the time he returns, the chips are no longer hot and they are starting to feel soggy. It is also close to dinner time,
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Worm factory lesson: bartering

In another post I talked about setting up a small business to teach children entreprenership.  In the next series of posts, I write about the lessons that are being taught to my children from a simple worm factory. This post is about bartering. At a fundamental level, transactions involving money is essentially an example of bartering (this is explained in detail in my book).  Most people understand bartering at an abstract level because in the modern society, we rarely barter with each
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