Is This The Summer You Teach Your Kids About Money?

It has come to a time in our children’s lives where we can teach our children about money.   I know the specific things that I CAN teach him, but now to figure out HOW to teach him.

1. Talk about it

The thing is, we need to talk about it often.   We so often simply forget to talk about money, but we need to remember to talk about it.   Talk about it when you are at the store.  Talk about how household family finances work.

I still remember babysitting for the first time and earning my own money.  It also made me more aware the next time that I went to the store with my mom and saw how much (or little) that $12 would really get me.

2. Why allowance works

This summer, our kids started earning an allowance.   A week later, they asked me for a Slip N Slide.   I asked them if they were willing to spend their money on it.   The look on their faces said it all.  When it was MY money, it was fine, but once it because THEIR money that was spent, it was a whole new ballgame.   It taught them to be aware.

3. Talk about social media

A few months ago, a friend on Facebook said that the tooth fairy gave her daughter $20 for her first tooth.   Our tooth-fairy doesn’t do this and never will.   I bring this up because remember to do what works for you.  Do not do what you think your friends are doing or what the “social media world” is doing.

4. How much to give?

The thing is, we don’t to give too much, but we need to give them enough to allow them to actually buy things.  If I give them $1 a week and they have to wait 3 months to buy a toy, it seems to be like climbing a mountain to them.  I want them to be able to make aware decisions about what they are buying, but be able to choose if they want to buy it or not.   We give our kids $1 per year of age.  Our 9 year old gets $9, our 8 year old gets $8, etc…

5. Skip the store purchase

Now that they have their own money, try to resist buying them a lot of things.  If they want that shirt or toy, give them the option to buy it. My friend, Julia, says “Unless it is your birthday, we won’t be buying anything with MY money, but you are welcome to use yours.”

 

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