Just last week my five year old informed us that she thinks it’s time she started getting an allowance. I knew that day was coming but somehow I didn’t expect it quite so soon. And the truth is I have no idea what the going rate for a kid’s allowance is these days. I never received an allowance as a kid and even if I did that was a very long time ago. This will really date me but we’re talking about inflation of about 470% here. So, like any good parent does these days, I hit the internet to find answers. Apparently the rule of thumb these days is $1 per year of your child’s age per week. Five dollars a week for a kid in kindergarten seemed a little steep to me. What would she do with all that money? Do we make her save some of it? All of it? She’s a bright kid but exactly how do you talk finance with a five year old? We’ve had plenty of conversations about money in terms of mommy and daddy working hard for what we have and our family being much more fortunate than others but Molly is getting to be that age where the more practical conversations about money really need to happen.
Where do you start? I almost feel silly asking that. I have years of education and professional experience in accounting yet I’m not sure where to start talking to my kid about money. I could teach her how to do a balance sheet or what FIFO means but I’m pretty sure that wouldn’t be very helpful. Thankfully there are people that know where to start and are here to help.
If you’re ready to start having those money chats with your kiddos, or even if you’re not quite there but know it’s coming, you won’t want to miss the #FinanciallyFit twitter party with @TD_Canada. Stop by and join the conversation. You will probably learn a thing or two, or maybe you have some great tips to share. And of course there will be some great prizes along the way.
#FinanciallyFit Twitter Party
Tuesday, November 17, 2015 at 9 to 10pm EST
Chat Host: @simplystacienet
Chat Sponsor: @TD_Canada
Prizes: Five (5) $50 Amazon.ca gift codes
Eligibility: Open to Canada, excludes Quebec
Be sure to RSVP using the linky below:
** In the URL field please enter the link to your twitter profile. In the NAME field enter your @twitterhandle.
Disclosure: I was compensated for this post. All opinions expressed are 100% my own.