PREVIOUS:  Teaching Financial Responsibility ~ The Basics 
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Teaching Financial Responsibility: The Elementary Years (ages 10-12)

After six years, the children were expected to have developed good habits and routines for taking care of responsibilities, completing high-quality schoolwork in a timely fashion, and treating others with kindness and respect.   They have also had plenty of practice developing good spending/saving/giving habits.   

As they enter the early teen years, they continue these habits because they are responsible and respectful young men (or women).   This is expected.   Not living up to expectations results in loss of privileges (see Parenting with Purpose).

At this age, these young teens’ work ethic is nurtured by giving them opportunities to earn more substantial amounts of money. 

In our family, money was earned in several ways:

    • Completing bigger projects around the home  
      (e.g., constructing raised gardens, re-staining cedar pillars on the home and fence),

    • Working on our property
      (e.g., raising, training and selling calves; building fences)
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    • Doing maintenance/repairs at rental properties
      (e.g., fence repair, painting, etc.),

    • Selling valuable but no-longer-used toys on eBay  
      (Legos had a great resale value)  

Most of the funds from these projects and sales went into their savings account.  We would discuss with them when they received money what amount they thought was reasonable to keep aside for spending.  All our kids by this age had little desire to spend money on frivolous things without lasting value, so the amount they would keep to spend was usually between 10-20% of what they had made.  

We as parents consistently reinforced the principles of a financially-responsible mentality (described in Teaching Financial Responsibility-The Basics) ~ the preteens gradually internalize these principles which is very important before moving on to the next phase “Almost Independent.” 

NEXT:  Teaching Financial Responsibility: Almost Independent (ages 16-17)