Kids and Money
By danandsam3
@danandsam3 (14)
United States
August 16, 2010 7:21am CST
how do you properly teach kids the value of money and smart financial tactics in today's materialistic world?
4 responses
@danandsam3 (14)
• United States
16 Aug 10
First off, my kids are 10, 8, and 6. We are trying that but they spend it on little pointless stuff then ask us for DS games or Ipods!! My husband and I disagree on how to handle this. I say set an amount for them to save to, then allow them to spend half that money. Or have them pick something to save for, then let them buy it. My oldest wants to take money from her college savings to buy a new Ipod (she has a little one that works fine BUT EVERYONE else has the Ipod Touch!!! blah blah blah). My husband is at the point where he just says NO SPENDING PERIOD. I don't think that is going to work either.
In today's society, I think kids feel "entitled" to stuff because they see it on TV or their friends have it. We try to give our kids what they need but can't always give them everything they want. My kids act like money is no big deal, take us here, buy us that, etc. We didn't raise them like that so it hurts my heart to see them being so materialistic.
1 person likes this
@dorannmwin (36392)
• United States
29 Aug 10
My children are seven and three years old and I've been working on teaching them the value of money from the time that they were very small. I will let them go shopping when they want to, but I will never let them spend more than what they have. For example, just after Christmas my son had almost $100 of Christmas money and he and I went shopping (he was just over three at the time) and he picked all kinds of things that he wanted and then I made him decide what he wanted then and what he could wait on. Now, whenever he gets more money or finds more money, he immediately wants to put it in his piggy bank because he wants to buy himself a skateboard.
@puccagirl (7294)
• Israel
16 Aug 10
Give them a piggy bank, and make sure they use it! It is a very proven method that really works, my parents did it with me, and as a child, it is really educational, believe me!
@pastigger (612)
• United States
18 Aug 10
I would tell her that collage money is not for an ipod. If she wants an ipod she is going to have to get the money to buy one. She could go though her old things and maybe a garage sale. Maybe she can do some extra chores around the house to earn one. But let her know if she can't save the money up then she can't get one. My daughter is only 3 but I try to show her oh here are some things that we want but should we get them now or wait. She is really quite good at waiting, I have actually found myself trying to talk her into things. I hope that this will last. Right now any money she get goes into her piggy and I let her put it in there. It is hard as children are just different I was always a saver and hated to spend my money unless it was something I really wanted but my sister could never save money and it was like it would burn a whole in her pocket. Tell her that it is nice that her friends have one but if she wants one she will have to save up her money to get one. And I would say no way on the collage money. She may get mad and maybe she will get mad enough to save the money, or maybe not, either way she is learning that you can't always get something just because you want it. My husband is finally learning this and is getting much better with money. I know that may a bit discouraging but it just takes some longer to learn these lessons than others. Good luck and let me know if anything works as I may need it in a few years.
