Personal finance expert Dave Ramsey discusses how people save money in the midst of the coronavirus crisis.
Editor’s note: Currency expert Dave Ramsey is CEO of Ramsey Solutions. He has authored seven best-selling books, including “The Total Money Makeover.” His radio show “The Dave Ramsey Show” is heard every week by more than 16 million listeners on 600 radio stations and multiple digital platforms. Every week he answers a question about personal finances in his column “Dave Says”.
Dear Dave,
My wife and I try very hard to save money and pay off debt, but we are not making progress as fast as I had hoped.
What do you think of the idea of grabbing our son’s compensation for the jobs he does around the house until we get into a better financial situation?
Kellen
Dear Kellen,
Children need to learn at a young age that money is linked to work. Even a child who is in kindergarten is old enough to start doing some age-appropriate tasks around the house.
WHO IS DAVE RAMSEY?
I admire your drive and determination to get out of debt, but if it were me, I would not stop the process. However, I would stop calling it a fee. There is a victim mentality attached to that word. He does work and picks up the rewards.
We did this kind of thing in our house with our kids, but we called it a commission. We keep it very simple for them, and very affordable for us.
When they did their jobs, they got paid. If they did not do their job, they will not get paid.
It did not take long for them to make the connection.
Do not let these learning moments slip away, Kellen!
—Dave
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