OK, so I'm fixin' to adopt a passel of kids. (I think that's the proper way to say it in Oklahoman)
One of the things we're very concerned with is teaching kids how to handle money -- a topic neither of us received much instruction in.
Dave Ramsey's schedule is something like this:
3 - 6 years old: chores earn crumpled up dollar bills tossed into a clear jar (so it fills up and they can see it)
6 - 12 years old: chores earn dollar bills put in envelopes marked "Spending", "Saving", and "Giving"
13 and up: personal checking account and more responsibility (buying own clothes, etc.)
My question is this: if you were in my shoes, and adopted a 14-year-old (for example) who may not have any clue whatsoever about money, how would you start the process? I'm thinking of starting them in phase 2 for about 6 months or so, then transitioning them to a checking account of their own based on how they absorb the lessons. Something about tossing them right into a checking account worries me, though I can't really put my finger on why.
One of the things we're very concerned with is teaching kids how to handle money -- a topic neither of us received much instruction in.
Dave Ramsey's schedule is something like this:
3 - 6 years old: chores earn crumpled up dollar bills tossed into a clear jar (so it fills up and they can see it)
6 - 12 years old: chores earn dollar bills put in envelopes marked "Spending", "Saving", and "Giving"
13 and up: personal checking account and more responsibility (buying own clothes, etc.)
My question is this: if you were in my shoes, and adopted a 14-year-old (for example) who may not have any clue whatsoever about money, how would you start the process? I'm thinking of starting them in phase 2 for about 6 months or so, then transitioning them to a checking account of their own based on how they absorb the lessons. Something about tossing them right into a checking account worries me, though I can't really put my finger on why.