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How To Make Financial Literacy A Family Affair

The Huffington Post – Staff Writer

“At the Gilson household, Sunday isn’t just an opportunity for a family dinner, it’s also payday. Robyn Gilson — a financial planning coach — and her husband, Graham, give their two sons, ages 8 and 12, a weekly stipend that’s one part allowance, one part lesson and one part conversation. “Throughout the week, the kids keep track of their chores on a clipboard — it’s like a fun scorecard,” Robyn Gilson explains. “We evaluate the week as a family and give them feedback on what was ‘good,’ ‘great,’ and ‘so-so.’ We then share how much ‘pay’ they receive for the week [for] helping support the household. We pay them cash, which they then keep in mason jars in our family room.” The system is more sophisticated than simply getting paid for chores, though; the Gilsons’ sons can also choose to skip out on certain household responsibilities, although in return they’re docked money from their savings.”(more)

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