Is it a good idea to use an allowance to recognize the accomplishment of chores or good grades?

In this short video (2:20), Ron continues a Virtual Feedback Loop series on training children to manage money. This week, Ron talks about how he and his wife balanced chores, good grades, an allowance, and the envelope system with his five children.

As always, Ron’s encouragement to you is to go back to God’s Word to restore your faith. Take a moment to consider the following Scriptures and meditate on their Truth and their application.

Ecclesiastes 7:11-12 (NKJV)
“Wisdom is good with an inheritance, and profitable to those who see the sun. For wisdom is a defense as money is a defense, but the excellence of knowledge is that wisdom gives life to those who have it.” 

John 1:16 (NIV)
“From the fullness of His grace we have all received one blessing after another.”

James 2:26 (NASB)
“Just as the body without the spirit is dead, so also faith without works is dead.”

Proverbs 22:6 (NASB)
“Train up a child in the way he should go; even when he is old he will not depart from it.”

Ephesians 2:10 (NIV)
“For we are God's workmanship, created in Christ Jesus to do good works, which God prepared in advance for us to do.”

Ephesians 3:14 -19 (NASB)
“For this reason I bow my knees before the Father, from whom every family in heaven and on earth derives its name, that He would grant you, according to the riches of His glory, to be strengthened with power through His Spirit in the inner man, so that Christ may dwell in your hearts through faith; and that you, being rooted and grounded in love, may be able to comprehend with all the saints what is the breadth and length and height and depth, and to know the love of Christ which surpasses knowledge, that you may be filled up to all the fullness of God.”