What is your greatest challenge in teaching your kids about money?
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In working with divorcing couples, I see that so much comes down to how people handle money. So little is being taught in schools about handling money matters....credit, savings, even balancing a checkbook. We learn from our parents (who likely didn't get any education in school about this), our life experiences (which can be very painful from lack of knowledge and understanding) and trial and error.
So, what were you taught growing up about money and how has it shaped your experience in teaching your own kids? Help us all learn better ways.....share ideas, ask questions. This is something that needs to be talked about especially in light of the economic troubles our country is having...it all starts with each individual.
Lisa C. Decker
www.DivorceMoneyMatters.com
So, what were you taught growing up about money and how has it shaped your experience in teaching your own kids? Help us all learn better ways.....share ideas, ask questions. This is something that needs to be talked about especially in light of the economic troubles our country is having...it all starts with each individual.
Lisa C. Decker
www.DivorceMoneyMatters.com
Replies to This Discussion
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Permalink Reply by Pamela M. Kramer on -
I wasn't taught anything about money. I was in for a rude awakening when I had to start paying bills. I teach my children everything that I can about savings (piggy banks, big banks) IRAs, bills, cost of toys, chores and earning money, saving 10% in the piggy bank and saving for toys. Putting your favorites on your birthday and Christmas lists. I think buying stuff they want even when it is junk and breaks within the hour teaches them to become a savy consumer. We also teach the value of delayed gratification. Some times when you order online you might have to wait but the cost is cheaper. We also teach about shipping costs and taxes! Oh and we do teach the pitfalls of credit cards and the value of them. At the end of the year we dump all the piggy banks and send it to their stock funds. WOW - We must sound like freaks! lol
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Permalink Reply by Cara on -
I wasn't ever really "taught" anything about money, but I have always been very mindful of how I spend what I have, and always save as much as I can. Hubby grew up without much, and hasn't really been very good at being a saver. Now that we are managing money together, he has learned about saving more. We keep a piggy bank for our son (who is only 14 months old currently), but when he is older we will be teaching him allowances and the importance of wise spending and saving.
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Permalink Reply by Mama Grimtribe on -
We have a large family. Our oldest children, once they turned 13 became "elders" in the house. What this means to them is that they get a larger say in what happens in the house. They get to sit in and hear the financial debates we have about how to manage bills, food and house needs.
I spend quite a bit of time explaining costs and responsibilities. I think the elders get it and when the next one is ready to move up in house rank, he'll be ready as well. I think it's easier for them to understand the level of our finances if they understand how the money is being spent and the steps being made to save money.
When our oldest son was starting to go out with friends to eat, I made him little menus and talked to him about how to gauge funds for outings, how to calculate tax and tip on the bill.
Handling finances is important. If we don't take it in hand to teach our children, expect to have them living with you a lot as they get older.
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Permalink Reply by Vics on -
I wasn't 'taught' about money I was just aware that we never had any *grin*
I plan on teaching my daughter how to budget from a very early age - if she wants some expensive toy for example, I'll have her sit down with me and work out how many weeks pocket money it will take to buy it after leaving out a set amount for sweets/ magazine (assuming she wants those things - ulterior motive is to make sure her mental arithmetic is superior to mine, my maths is shockingly bad!)
I also have an excel spreadsheet that I update after every shopping trip with the amount we've spent so that i can keep track of our monthly outgoings, as soon as she's old enough to be trusted with the computer I'll show her how to update this so that she has a full understanding of what it takes financially to run a household.
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Permalink Reply by Lisa C. Decker on
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I don't think you sound like freaks at all. I think you are being wise stewards of your money and teaching your children by good example. Keep up the good work!
Pamela Kramer said:I wasn't taught anything about money. I was in for a rude awakening when I had to start paying bills. I teach my children everything that I can about savings (piggy banks, big banks) IRAs, bills, cost of toys, chores and earning money, saving 10% in the piggy bank and saving for toys. Putting your favorites on your birthday and Christmas lists. I think buying stuff they want even when it is junk and breaks within the hour teaches them to become a savy consumer. We also teach the value of delayed gratification. Some times when you order online you might have to wait but the cost is cheaper. We also teach about shipping costs and taxes! Oh and we do teach the pitfalls of credit cards and the value of them. At the end of the year we dump all the piggy banks and send it to their stock funds. WOW - We must sound like freaks! lol
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Don't feel badly about not being taught about money. Most of us never were. I am glad that you will be starting young with your son. That's the best plan possible!
Cara said:I wasn't ever really "taught" anything about money, but I have always been very mindful of how I spend what I have, and always save as much as I can. Hubby grew up without much, and hasn't really been very good at being a saver. Now that we are managing money together, he has learned about saving more. We keep a piggy bank for our son (who is only 14 months old currently), but when he is older we will be teaching him allowances and the importance of wise spending and saving.
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Wow, that is interesting with the elders concept. Love the uniqueness and the rite of passage that it signifies. And yes, I agree with you about them living at home longer. It's a tough world out there and those who are not prepared, do end up back at home in many cases.
Mama Grimtribe said:We have a large family. Our oldest children, once they turned 13 became "elders" in the house. What this means to them is that they get a larger say in what happens in the house. They get to sit in and hear the financial debates we have about how to manage bills, food and house needs.
I spend quite a bit of time explaining costs and responsibilities. I think the elders get it and when the next one is ready to move up in house rank, he'll be ready as well. I think it's easier for them to understand the level of our finances if they understand how the money is being spent and the steps being made to save money.
When our oldest son was starting to go out with friends to eat, I made him little menus and talked to him about how to gauge funds for outings, how to calculate tax and tip on the bill.
Handling finances is important. If we don't take it in hand to teach our children, expect to have them living with you a lot as they get older.
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Sounds like you have some good tools and plans in place. Keep up the good work!
Vics said:I wasn't 'taught' about money I was just aware that we never had any *grin*
I plan on teaching my daughter how to budget from a very early age - if she wants some expensive toy for example, I'll have her sit down with me and work out how many weeks pocket money it will take to buy it after leaving out a set amount for sweets/ magazine (assuming she wants those things - ulterior motive is to make sure her mental arithmetic is superior to mine, my maths is shockingly bad!)
I also have an excel spreadsheet that I update after every shopping trip with the amount we've spent so that i can keep track of our monthly outgoings, as soon as she's old enough to be trusted with the computer I'll show her how to update this so that she has a full understanding of what it takes financially to run a household.
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