Tuesday, October 6, 2015

Farm Kids and Money


As a farm family even our days off often revolve around a farm related event.
During the fall a day off typically means we are at a livestock show.
Our kids show dairy cows and sheep.
This is a way to show off some of the cows and sheep we have raised
but also a way to help our kids earn money.
You see we don't give our kids an allowance.
We provide them with a place to live,
food, clothing, pets, animals, and extra curricular activities...
we personally don't believe we should "have" to pay them to help around the house.
If there is something they would like to purchase they need to use their own funds for that, but how does a 7 year old earn money??  


Show livestock!
Farmboy works hard to earn money to purchase things he would like...think Legos...lots and lots of Legos.

And much to his disappointment he doesn't get to spend all the money he earns on toys.  You see we have developed a system.  
He must do 2 things with his money and the 3rd is optional.  
He must tithed at least 10% of his earnings.  
He can choose to do this at church or through a mission we support. 
He must save 80% of his money.
 He can, if he chooses spend 10%.  
Now some of you might say that's unfair that he can only spend 10% of his earnings however I say it's generous.  You see he doesn't pay for feed, or hauling, or even all of his show stock but he gets to keep his earnings.  Now if we deducted feed cost alone he would OWE us money.  

The farmer is very good with money and has been our whole marriage.  He is frugal and some of that is passing onto our oldest.  I personally am still working on being a great money manager... you see I like baubles and trinkets way too much!   However financial literacy and independence is very important to us.  We believe if we instill good saving and spending habits in our children now in the future they will remain.  

So how do your kids earn money?  

Until we meet again may God bless you real good!

Caci