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Saturday, October 8, 2011

Duggars on the Value of Money

Jim Bob and Michelle Duggar understand the importance of teaching their children (even the little ones) about the value of a dollar. When the kids complete a task around the house, they receive a bit of money to help them learn the value of hard work.

Michelle offers an example in her latest "Parentables" article: "At Bible time in the evening, when Jim Bob is reading and we're all sitting around together, the little ones will offer to rub daddy's feet or mommy's feet and we give them coins in exchange.

How do the Duggars make sure their little ones don't lose what they earn?
"We let them get the joy of touching the money and seeing it and understanding it," explains Michelle. ''But then we always encourage them by saying, 'Now, if you really want it to be safe and know that you're not going to lose it, you can keep it in the bank."'

Jill, the family banker, maintains a ledger book to keep track of everyone's earnings.  And all the kids know exactly how much is in their account at any given time!

How do you teach your kids (or how did your parents teach you) about the value of money?

8 Comments (Click Here to Add Yours):

Anonymous said...

I have an account in my parents account! All i have to do is ask them how much I have and they tell me. Also, my parent make us think over a purchase and search for the best deal.

Lisa G said...

My son began receiving a small allowance when he was 5 or 6. We taught him to tithe from the beginning, but we noticed that he would quickly spend the rest of it - mostly on cheap junk. We made a temporary rule that he had to start putting his after-tithe money in savings, and that he couldn't spend it until he had $50 saved up. This took him a long time, but once he did, he wasn't willing to part with it so easily. It completely changed his mind-set.

Here's a cute story: when he was 8 or 9, he was considering buying something. I had taken him to the store to buy it, and he decided not to go through with it. He said, "I just don't want to be one of those guys with only $60 in his wallet!" My sister and I got a big laugh out of that, because neither of us ever has that much in our wallet! (He is much older now, and puts his money in the bank, so he usually has much less than $60 in his wallet.)

Ginger said...

We pay our kids to do chores they aren't responsible for-- like cleaning out the van, making our bed, raking the leaves, etc. We also don't allow them to have debt, even to mommy. So when we're out and about, if they forgot their wallet, they don't get to buy anything. I learned once when I said: "You can just pay me back later" that I was actually teaching my kids to have debt. Since we don't have debt, we definitely don't want our kids to either.

Anonymous said...

My Dad believes in very very hard work! We are lucky if we ever get paid.HEE HEE. I guess it's because we live on a farm and he grew up on a farm. But my Dad is very wise when it comes to money. Thanks Dad!!!

Rock on Duggars!

Anonymous said...

I don't know if giving money to children is the best thing to do...
I mean, why would you give kids money for doing something they are expected to do? And what if the Duggar parents run out of money? Are they going to just stop giving the money and break the poor kids hearts? Giving money to 19 kids can be really expensive and you gotta cut back on something! Why not just not give it to them in the first place so not to do that?
This is just my opinion on this issue...

Anonymous said...

How much does a Duggar child earn a day?

Lily and Ellie said...

Hi Anonymous!

The Duggar kids usually earn 3 cents per chore, but the earnings for "extra" chores vary.

Thanks for reading!
Lily and Ellie

Anonymous said...

My parents had bank accounts scine we were young and have always instilled the vaule of saving your money.But,I am better at that then my sister:)I think it's cool that they use a ledger system.

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