How Do You Explain The Value of Money To Your Kids??
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Hi Twittermoms, my seven year old has been asking me over and over recently to use his own saved money to buy toys, most of which are expensive ones!
I find myself having the same conversation about "money not growing on trees". etc. with him. I am trying to teach him how important it is to save money and the concept of saving up for that "special something" rather than instant gratification, etc. How do you deal with this topic with your kids?
I find myself having the same conversation about "money not growing on trees". etc. with him. I am trying to teach him how important it is to save money and the concept of saving up for that "special something" rather than instant gratification, etc. How do you deal with this topic with your kids?
Replies to This Discussion
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Permalink Reply by Joyce on -
ugh! We go through this, too! I make sure he realizes that we, his parents, don't buy everything we want. We never have actual cash on allowance days. Our bank, has a prepaid card for children. We signed him up for that. He never actually sees the money, so he forgets he has it.
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Permalink Reply by Kipling on -
OOh, I like that one Joyce! I have said that too, just when I think it's it's starting sink in, another question comes up about dipping into "his" money - AHHHHH!!!!!
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Permalink Reply by Nicole Wells on -
We kinda have the opposite problem with our son. He thinks he can't spend his money, LOL. He will have a ton of b-day or tooth fairy money saved up and we have to encourage him to take it to the store and buy something (he was under the impression that kids couldn't spend money : ) Other than that we have been pretty lucky that he has caught on about money. Sometimes money is pretty tight for us (hubby was laid off for five months at the begining of this year, and has had three lay offs in the past couple years) and Sean is always good about not asking for things at the store or if he does ask and I have to say no he's ok with that. He sees us save up for 'bigger' items and plan out a budget every month. I think that's important for kids to see. I have a cousin who never seems to tell her kids no at the store and they are a nightmere to shop with, constantly asking for things. I think it's important to tell your kids no sometimes and to let them know that you have to tell yourself no sometimes too.
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Permalink Reply by Kipling on
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That is funny Nicole! No is important to say, I agree! I wish my son was under the same impression as Sean, thanks for sharing!
Nicole Wells said:We kinda have the opposite problem with our son. He thinks he can't spend his money, LOL. He will have a ton of b-day or tooth fairy money saved up and we have to encourage him to take it to the store and buy something (he was under the impression that kids couldn't spend money : ) Other than that we have been pretty lucky that he has caught on about money. Sometimes money is pretty tight for us (hubby was laid off for five months at the begining of this year, and has had three lay offs in the past couple years) and Sean is always good about not asking for things at the store or if he does ask and I have to say no he's ok with that. He sees us save up for 'bigger' items and plan out a budget every month. I think that's important for kids to see. I have a cousin who never seems to tell her kids no at the store and they are a nightmere to shop with, constantly asking for things. I think it's important to tell your kids no sometimes and to let them know that you have to tell yourself no sometimes too.
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Permalink Reply by Colleen Dick on -
We don't talk about money. We give allowance. It is theirs. However suppose 16 year old loses an expensive thing like her glasses. She has to pay for the replacement. That's several weeks allowance. Or she can go without the glasses. The choice is hers. She learns the value of money. and she learns to be more careful with her stuff and I don't have to preach. Because preaching is totally ineffective. Almost every kid is careless with an expensive item, either trashes it or loses it. The parents, by caving and just replacing it, are teaching little Johny that money does indeed go on trees, as far as he is concerned. They can preach all they like, little Johny doesn't believe their words, because every time he breaks or loses something he just magically gets a new one. All life's real lessons are painful.
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Permalink Reply by Kipling on
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Thanks so much for your reply Coleen, great advice!
Colleen Dick said:We don't talk about money. We give allowance. It is theirs. However suppose 16 year old loses an expensive thing like her glasses. She has to pay for the replacement. That's several weeks allowance. Or she can go without the glasses. The choice is hers. She learns the value of money. and she learns to be more careful with her stuff and I don't have to preach. Because preaching is totally ineffective. Almost every kid is careless with an expensive item, either trashes it or loses it. The parents, by caving and just replacing it, are teaching little Johny that money does indeed go on trees, as far as he is concerned. They can preach all they like, little Johny doesn't believe their words, because every time he breaks or loses something he just magically gets a new one. All life's real lessons are painful.
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Permalink Reply by Marl on -
I learned about a great site for this very issue from a must - follow on Twitter, Sundry (www.twitter.com/Sundry).
The site is www.fiftyp.com and kids practice managing their own money. When they have to budget and manage it themselves, they will learn through practice that it definitely doesn't grow on trees.
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