Handling hand-me-downs

Question: We have five boys in a row and currently hand clothes down as long as things last. We’ve started using your MoneySmart Kids system for our oldest two boys. How do you suggest making it fair for them as they begin buying their own clothes? Do I buy their clothes from them at half-cost or a percentage of what they paid for them to then pass them on to the younger boys? Another question regarding chore points: How do you handle it when one or more children spend a couple days with Grammy and others have to cover their chores? Is it a matter of family service to cover each other or should we award extra points to those who do it? We can see both sides but would like some advice.

Answer: Here’s how we handle hand-me-downs. The older kids, who are purchasing clothes, with money they’ve earned donate outgrown items such as t-shirts, shorts and other casual wear to the family clothing bank. These clothes are available for younger siblings. While it may not appear fair, the older ones are the first to have jobs outside the home and usually have more money-making opportunities, so selling their clothes is of little interest to them. However, clothing that was more expensive, such as a suit, prom dress or sports gear, can be to be sold to younger siblings.

Regarding chores, we differentiate between daily ones, such as setting/clearing the table and feeding the dogs, and those that are less frequent, such as mowing the lawn and housecleaning. The less frequent chore assignments can be done prior to or following the “vacation.” Daily chores reassigned to other siblings are awarded points. We also give “vacation pay” to simulate a real-world working environment, so the child is awarded points for the chores even when away. As the children have gotten older, everyone tends to pitch in and do what needs to be done without being awarded points for doing someone else’s chore, knowing that the same will happen when they are gone. Unfortunately, they will learn that this is not like the real-world. Experiment with different options and eventually it will be perfect for your family.

Read the chapter in our book on Kids and Money or order our MoneySmart Kids Financial Training Kit (MSK). The MSK is the system we've been using to train our kids to work, earn, save and spend wisely. It really works.

Here's an interview where three of our kids talked about how they manage their money. 

Here is another interview where we talked about our MSK system

Teaching your kids to be responsible with money is always going to produce good results!