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Neale
Godfrey has invented many terrific financial and parenting strategies over
the course of her career. Here are her three favorites: Look for a cool
new version of this page on Saturday, Nov. 13! |
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Neale's
Allowance System: Start young children with three jars, and older kids with
four. Give them a set amount each week (I recommend their age in dollars),
and have them divide it equally among the jars. The first jar is short term
spending: This money may be used for anything they want, and it is important
that you let them exercise their discretion in spending it. The second jar
is short-term savings, perhaps for a bicycle or a toy, depending on their
ages. The third jar is for long term savings: this money should be applied
to college, for example. As for the fourth jar, this should be 10 percent
of their allowance, and this money should be given to charity. |
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The
Saturday Box: For young children who break the rules you set for them, there
is a simple way to discipline them without being harsh. If a child does
not clean up his or her toys before dinner, for example, take the toys and
put them in the Saturday Box. Then, on Saturdays, children may once again
play with the toys, lesson learned. |
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The Pride board
is a terrific way to build childrens' self-esteem. For Pride Boards, each
child should have one, and each week they should write what they are proud
of on the chart. It can be anything: tried hard in sports, did well in school,
assembled a toy. It's a great way to teach your children that they have
something to be proud of. |
