The Hip Mom's Guide to Money Responsibility

How do we teach our kids to be responsible with money? Do we give them weekly allowances for regular chores? Do we pay them for each job that they do? Do we monitor their spending? Do we let them spend their money on "junk" and let them learn their own lessons? I WISH that I had the perfect answer, but I'm still trying to figure it out myself! At our house, my two older kids (ages 11 and 10)have home accounts for their spending money. They record their deposits and withdrawals in a check register, and I am the "bank". When they want to withdraw money, they get it from me. As far as earning money goes, they have a weekly allowance, and they also have the opportunity to do extra jobs around the house for extra income. I let them spend, save or give their money as they desire. They have learned many great lessons on their own. They've learned to shop sales, they've learned to compare prices, they've learned about quality materials, they've learned that it feels good to give, and they've learned that it pays to save.
They also have regular savings accounts in a bank that they will not have access to until they are adults. Hopefully by then, they will have learned responsibility with money! I would love to hear how your family handles money. Don't be shy...chime in and leave a comment! - Barbie Schowalter