Money Management with Teens and Tweens


Money… How to teach kids to save and be responsible… Teaching tithing… Buying higher cost items…

We’re big fans of Dave Ramsey here, and want very much to teach our kids responsibility and biblical principles when it comes to money. Well, as our kids got older and wanted to buy things, we didn’t want to just she’ll out the money for them. But, they were too little to actually earn money. We don’t have any family members who give the kids money for gifts, so we had to come up with a plan for helping our kids learn to manage money.

Here’s what we’ve come up with…


It may seem a bit complicated, but hang with me and it will (hopefully) make sense….

1. The kids had chores. Daily. They get completed daily. It’s not optional. They complete them because they live here and we’re a team, and our house would cease to function without their help!

They also can do extra jobs for more money. Sometimes we’ll do wacky challenges for money – like run 30 miles in a month and earn $30. We usually do that one in late fall for a little extra money to purchase Christmas gifts.

The lawn is a separate required job that is in it’s own pay category.

2. Once a month they get paid for their chores and extra jobs. They get $40 a month. Of that, $16 is for spending, $4 is for tithe, and $20 goes into long term savings. The savings is for big things – a car…. College… Big travel…

3. Other jobs are paid and are broken down similarly between spending, saving, and tithe.

4. The lawn is mowed about once a week. We pay $10 for the front, and $10 for the back. That is CAMP MONEY. Only. We don’t pay for camps. The kids have to earn the money. They both need to earn about $240 for camp, so it works out well.

We used to pay cash. That quickly turned into a complete nightmare for me. I would forget… We’d get behind a month or two… The kids forgot to take money to the store… I’m sure some money got lost in hone house. ARGH!!!!

* Each month has an entry. No problem if we don’t catch up for a couple of months, because it’s easy to update it.

* When the kids want to buy something, we pay for it, and then account for it in the ledger. The kids are great about bringing me the ledger to account for a purchase. Super simple.

*If the kids get money for something, they can give me the cash and I enter it into the ledger. No cash lost. Easy peasy.

*I haven’t done it yet, but once a year we plan to drop the “savings” into their actual bank accounts.

*The tithe is also done automatically, so that’s accounted for monthly.

Overall, we find this system super simple to manage and a thousand times easier to manage than cash! The kids earn money, they have some money to spend, they’re learning to tithe and save… It’s great for us!



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4 thoughts on “Money Management with Teens and Tweens

  1. This is what we do too, although your ledger with the columns makes way more sense! I never had the money on me when the kids asked for it and then trying to divide it between charity, short-term (spending money) and long-term (bank for college and big things) was a pain.

    We’ll go for ages without thinking of the ledger. We don’t update it monthly like you. Usually it gets updated when one of the kids wants to buys something. Then we look back at the last pay date and figure out how many weeks have passed since then. Usually, if the kids get cash for a gift, they just keep it in their rooms, but if they get a gift card, it gets entered in the ledger and I use it.

    I guess it is true. We are cheapskates. We pay only $2/week, but the kids really don’t want for anything. We buy their clothes and food. If they want to buy a gift for a friend, or a game, that is on them. I think the only thing I have given extra pay for is washing my car. Everything else – the lawn, trash and recycling, setting/clearing table and doing dishes – is just part of being in the family.

    My oldest just got a job. The money he makes will be going toward gas for the car and college expenses. I hadn’t really thought of it until now, but I guess we have to decide whether we continue with his measly $2/week allowance and also whether we force him to set aside money he earns at his job for charity. He sees us give, so I hope even if he doesn’t give to charity now, it will be something that he will do as an adult.

    Nice post! I just wish we had thought of a ledger using the columns! So much nicer.


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