Family Finances: Do Your Kids Contribute?

I read on Strollerderby today about an 11-year-old boy who is selling his toys in order to contribute to the family finances . I guess his father has been out of work, and he wants to contribute the family’s earning power. I think this is an amazing example of good financial parenting, and, of course, selflessness on the part of this young boy. Here is what Strollerderby points out about the situation :

But I’m glad to see him allow his son to at least try to help the family. The toy sales probably won’t amount to much, but he’s instilling a sense of value in his son . . . both in the value of material possessions and a value of his place in the family.

Would you let your child do this to help the family finances?

I think I would. It’s important for children to learn the value of money, and the fact that money has many uses — including buying things you need and things you want. This boy knows that keeping his family financially sound, so that they have a home and food and other necessities, is more important than having toys . I also like that he is taking the initiative to find ways that he can make money and contribute to family finances.

In the end, it’s important for children to be involved in family finances. They need to see the decision-making process, as well as be able to contribute. It’s about more than paying them allowance; they need to see family finances in action. In times like these, kids can sense when you are stressed and when something is wrong . Cluing them in — with age appropriate inclusion in the situation — can help them understand, and give them a chance to see you practice what you preach.

Image source: Andy Woo via Flickr