How do you teach your children about money?

  1. You have chosen to ignore posts from BDCKristi. Show BDCKristi's posts

    How do you teach your children about money?

    Check out these 5 money tips for kids.

    http://www.boston.com/community/moms/gallery/money_tips_from_savvy_financial_moms/

    Do you have any to add?
    How do you teach your children about money?
     
  2. You have chosen to ignore posts from purplecow89. Show purplecow89's posts

    Re: How do you help your kids learn about money?

    The age-old problem of kids and money, how to teach them to be responsible and use common sense, without being guilt-trippy, miserly, or making all the decisions for them, nor stopping them from enjoying things.  OK, if you have to pick between being an ant and a grasshopper, you're most likely better off being the ant;  but that's a false choice.

    Don't make them feel bad or guilty about having wants--like it's irresponsible or selfish even to have a want that's not a need.  Of course they will want things, or at least think having X would be nice.  We all do.  Just teach them that satisfying wants is something we do occasionally and within reason, not just because you want it. 

    If they want the "cool" brand and it's about the same price as the regular one, don't deny the "cool" thing just to teach them a lesson that it's wrong to want the "cool" thing.  Meet the world halfway so long as it's something acceptable.  Slavishly following everyone all the time is silly, but wearing the popular brand of T-shirt is not going to prime them for illegal drugs from peer pressure.  Really, they can tell the difference.  If it's significantly extra, let them get fewer things or kick in the extra themselves, or get it for a birthday gift.

    And as for the "don't spend it all in one place," forced savings, etc.  Yes, you want to teach them to save for a long term need (or a big want, that they have to save up allowance or birthday money for, instead of spending it on knickknacks).  If you've decided that a certain portion of gift money or their earnings goes to college, car payment, etc., fine.  BUT...now and then give them a couple of bucks to blow.  On anything that's not illegal, immoral, or dangerous.  When they start earning money, let them take a percentage of their pay for fun money, likewise with the conditions. And don't talk them out of an ice cream cone once in a while because "wouldn't you rather have a toy that lasts?"  Sometimes in life, it's OK to go for the ice cream.  And no "I told you so!" if a cheap toy breaks or they have to wash off the temporary tattoos for school on Monday.  What may not seem worth it to you may actually be worth it to them.

    I started giving them a small allowance (a couple of dollars a week) that they could spend on toys or books or anything reasonable.  Never had a problem with asking for things in the store--they had their own money.  I would occasionally let them do a lay-away with the Bank of Mom because I wouldn't want to make a small kid save up for a month for Toy X and have it not be there anymore the next time we went to Target.

    You want them to save and spend reasonably, but you don't want to raise people who can't stand to spend a few bucks (that they truly can afford) on something they would really enjoy, or would make someone else happy, or who will never spend money on an experience or a treat because it's "not lasting."
     
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  4. You have chosen to ignore posts from undead. Show undead's posts

    Re: How do you teach your children about money?

     Pay the bills first, then you get to have fun.

     I was not taught this rule and am now having to be simply sit at home brudding whilst missing many a convention taking place in the area.

     I would also say that there is nothing like the feeling of buying something you had to save up for, and every child should be able to do this at least once in their lives.
     For me, it was an original NES when it first hit the shelves. I was 13 and I worked a summer in a sub shop to earn the money to be able to afford to buy it along with a few games for it.
     I know. It's not an important thing to buy. It's not a home or a car. It is, however, something I bought with money I earned, and it was so expensive I had to save money from paycheck to paycheck. It's something that a kid needs to be able to learn how to respect money, in that it can and will disappear as fast as it appeared, and if you're not carefull, it won't reappear.
     
  5. You have chosen to ignore posts from poppy609. Show poppy609's posts

    Re: How do you teach your children about money?

    Just don't do what my mother did and only say, "Don't spend money."  Not helpful.
     
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