Hello, Wine Ebers. My name is Jesse Meekam, and this is podcast number 74

for you need a budget, where we teach you four rules to help you stop living

paycheck to paycheck, get out of debt, and save more money. Today I want to

talk about money and kids. I am not, well when you're a parent for the first time you don't know what you're doing, your only

experiences what your parents did with you, hopefully it was great, mine was.

Anyway, you don't know what you're doing. And I still don't know what I'm doing. But I will still

share with you what we do when it comes to our kids and money. First, I want to talk to you about

what we've tried in the past and what we're doing now and how and maybe a little why that's working.

So one, I think it's important that kids earn money and so they have to manage it and get in the habit of that.

Having money passed through their fingers, maybe a little bit, having a little bit stay in their fingers.

So with the kids... having a little bit stay in their fingers.

So with the kids, we at first tried cash

where they would earn money doing various,

it was pretty random stuff.

And we would say, well, we'll pay you a quarter or 50 cents to do this.

But we try and teach them to tithe and so if you give one of the kids a quarter and then

you're trying to teach them to tithe that means that they would want to give two and a half cents and that got kind of dicey so if you're giving them 50 cents that's easier because it divides evenly you know you can do five cents out of the 50. We're trying to

teach them to save half of their money for school and you know when the money

will be important to them later on and then spend the other half. So with the tithing at 10% and then the giving

and saving, they end up 45% for their own and 45% for the saving. I don't know how long we'll keep doing that.

I think when the kids get older, I don't think I would mandate some kind of a savings rate or anything like that.

I just want to teach them that saving money feels really good and hopefully they can pick something reasonable for themselves.

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