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24HourForums.com > Supported Forums > Britt's Child Education > Teaching children the value of money |
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shirohniichan Original500© Member  Obscurius per obscurum
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A while back, Britt wrote this in a thread:One way I introduced hardship to my children is saying "No" to frivolous expenses. I have always kept a strict budget and my children were aware of this budget. My children never went to a store and begged for something beyond our means. They knew our budget was limited. That's pretty much how I've taught my older daughter (the younger one is still too young to understand), but a customer of mine gave me food for thought. He said he decided to give his kids $80 per month in allowance with the stipulation that his kids had to pay for everything with their own money. They had to pay for their own clothes, school activities, etc. So when his son signed up for baseball, he had to buy his own uniform and cleats. When they would go to the store, his kids stopped asking for things once he said, "OK, you can have it-- but it's coming out of your allowance." He didn't give them free reign to buy whatever they wanted, however. He said his 16-year old son asked to be allowed to get a Remington 870 shotgun. His son explained that he wanted to take up sporting clays and dove hunting. He had done his homework and knew what he needed and how much it would cost. After seeing how much thought his son had put into it, my customer agreed. He did say that doing this sure showed him his kids' personalities. The older son saved almost everything he was given and carefully weighed which activities he wanted to participate in, how much they would cost, and how much he wanted to save for the future. One of his other sons blew through his money fairly quickly and saved relatively little. Do you have any good ways to teach kids (let's say 7 and up) how to budget and save money?
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Erinna1112 Original500© Member  Witty clever title pending
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My son doesn't get an allowance. He gets "commission." He works for his money. Nobody just hands me money because they like me; I have to work for it. I don't think that seven is too early to learn this lesson. So...we have a few things that he has to do just because I put a roof over his head and clothes on his back and food in his belly. He has to contribute some things to the household he lives in, and he doesn't get paid for them. These include cleaning up any messes he generates, keeping his room clean, and feeding and watering our two cats. Other things, though, he gets paid for. We've set prices for things that get done around the house, and the harder things get paid more. The more he works, the more money he can make. If he doesn't work, he doesn't make anything. So we're reinforcing the "work = income" idea. Then, what to do with the money...he has three envelopes. One is labeled "GIVE", one is labeled "SAVE" and one is labeled "SPEND". Any money that he gets or earns is divided up 10%/40%/50%, respectively. The GIVE money is self-explanatory; he likes to save it up for a year and then go buy toys for the Toys for Tots box. As long as he's giving to some charitable effort, I don't direct it. It's his choice. The SAVE money is saved up for large purchases. He's bought a Nintendo Game Boy and then a Nintendo DS with the money he saved. This teaches him to plan ahead, save, and prioritize. The SPEND money is his to spend on whatever he'd like. If he chooses to blow it on candy, well, then he's got a bellyache and no money for a DS game, or whatever he'd like. He used to ask for toys rather frequently at the store; now he knows that if he didn't bring his own money he's not getting anything. Here, too, I don't try to direct what he's purchasing - as long as I don't have a moral obligation to whatever it is he's buying, he can get it. The idea is to let him make his own mistakes; that's the only way he'll learn. He has regretted, at times, blowing his money on candy and then later not having enough for something he wanted. For smaller kids, the same principles can be adapted a little bit. One idea I used to use before the envelopes was three clear jars, with the same labels. When he did jobs, he got paid immediately, and in the correct change so that he could divide the money up between the three jars. For example, if he did a job that was worth 50c, I'd give him a nickel for the give jar, two dimes for the save jar, and a quarter for the spend jar. The immediate reward was a big incentive. He's learned to budget, to save, to prioritize, and to work for his rewards. I think it's not a bad system, myself. Last edited on 02:49 am by Erinna1112 |
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24HourNut Administrator  Body pillows rock!
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Basically, I make my kids invest part of any money they get from whatever source or event, and make them see how their money can work for them. No allowance, they have to earn it.
 The best human beings start good new topics and vote on the better posts. |
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24HourForums.com > Supported Forums > Britt's Child Education > Teaching children the value of money | ||||||||||||||||||||||||||||||||||||||||
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