This is the first and the most important step of financial parenting!
When it comes to motivating your kids with money, a lot of people think that it can lead to the case when child does nothing unless parents give him/her some money.
To avoid such attitude at the very beginning you should set the list of items child must do on a daily basis. And it would be a good practice if you wright down all of them on a big list of paper and stick it to the fridge, board or wall.
Basically, this is a pocket money you’ve already been giving to your child for lunch or breakfast, or some other daily expenses.
It’s even ok, if you don’t usually give any amount to your child. You can just say that these are his/her daily duties and child must do this, but we recommend to set at least some amount, even if it’s going to be a dollar or less.
But what if your kid didn't complete some item(s) from the checklist?… see step #3 below…
If your child has not completed all daily checklist items, you need to punish him, as says the most famous preverb in any motivation world – you should do both “carrot-and-stick”. That works everywhere – in parenting, as well as adult life, human resources management, etc., but what kind of stick can you do in our case…
IMPORTANT! We don’t mean actual stick of course! :)
You cannot leave your child without lunch, in case he/she gets his pocket money to buy lunch. How can you charge penalty, if your kid has no money at the moment? Or even if your child has some savings, he/she definitely won’t give you even a penny back. So, what can you do?
That’s where Moneydad comes! You just create a record in Moneydad that you charge penalty. So, next time when you come to the supermarket, and hear – “…please, buy me…”, now you can say something like – “Hm… let’s check your balance. It’s -$5.00, sorry, try to do better and next time you will get it”.
Encourage your child! Create different tasks and keep him/her involved. Be creative! Besides, regular stuff, such as “wash my car” or “cut the grass”, try to find more sophisticated tasks, such as “read a book”, “learn a poem” or “learn twenty words in Spanish”.
You know your child better than everybody else and sometimes even better than your kid himself or herself. Encourage your child to discover something new, to improve and to become better and better on a daily basis!
And don’t be concerned about the money. You can set even pretty minor amount for the tasks you create. As far as your kid is involved, he/she will love to complete the tasks and play this game!
Overall, following the approach described above, using Moneydad you play with your child in an adult life with responsibilities and opportunities, so he/she can understand where money comes from.
Be patient and systematical! Try to keep track of all financial activity in Moneydad.
nstead of just screaming through the rooms “WASH DISHES!!!”, create a task in Moneyad. That’s how you keep your child involved and discovering new approach in parenting – Financial Parenting with Moneydad©