Included here is a list of "contracts" or agreements for use in identifying behaviors and goals that are mutually agreed upon by parents and children as they explore their money adventure together. Maybe you want to call them "rules" as a way of making your kids comfortable with something they are used to. While it's not necessary to use any of these, they give an important tool to help identify exactly to what it is you are both agreeing. And it gives you something to refer back to when you discover undefined boundaries. The very process of going through these rules, or contracts, or agreements will bring up ideas and allow you to clarify the whole realm of responsibilities you are actually talking about. The real world runs on contracts so it is an important developmental step for kids to learn about them. The idea will likely feel foreign and odd to your kids so approach it gently. Perhaps you can call them "Agreements". By writing things down, you have something to refer back to later. It is difficult to have limits to spending unless you commit ahead of time.

Feel free to copy these contracts and use them to teach your kids what you think they should know.

Change them, add to them, clarify, delete. What's presented to your kids in a context of loving concern will work well to get your kid thinking about being responsible for her or himself.

Let us know on our Feedback page just how it went and what worked for you. Our goal is to teach kids to be financially savvy. You can help by sharing your experiences.

 

Comments: jwhit@wi.rr.com