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What do you think would be the best way to teach your children the value of a dollar?

 
amessageofhope

Asked by amessageofhope at 12:34 AM on Jul. 11, 2010 in Money & Work

Level 23 (17,397 Credits)
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Answers (12)
  • Have them save up for whatever it is that they want. We recently had our 12 yo DD save up for a new laptop that SHE WANTED. She already had our old one (big and clunky) and she wanted a sleeker one. She worked odd jobs around the house and FINALLY got the money! She really appreciates and takes care of her new laptop!
    plclemo

    Answer by plclemo at 3:42 AM on Jul. 11, 2010

  • My little ones have the Smart Savvy piggy banks which we love. We give them an allowance, and of the 4 sections, they have a donate part in which to bring to church, an invest part for the bank which we rarely touch, except every few months to bring to deposit into their accounts, and the remaining 2 sections are their choice- my daughter is saving for something (she's good at saving) and my son spends his every time he gets a few dollars together.
    txdaniella

    Answer by txdaniella at 12:37 AM on Jul. 11, 2010

  • I've given my kids money and when we go to the store and start picking out items I ask them for there money and when they don't have enough I tell them "ohh you need 18 more dollars" or something like that, when they pick out something from the 99 cent store I let them pay. There more like me though, there spenders. They like to spend even if it is a dolalr and they want a candy, they spend....maybe I should check out everyone elses stradegy's I really want my kids to be able to save up there money.
    babyangelromero

    Answer by babyangelromero at 12:37 AM on Jul. 11, 2010

  • Make them work for it!
    Erica_Smerica

    Answer by Erica_Smerica at 12:50 AM on Jul. 11, 2010

  • Have them earn an allowance and purchase certain things for themselves. I can specifically remember babysitting to save up for a pair of Guess Jeans. That was a lot of babysitting back then!! :) I was so obsessed with money then that I actually washed and ironed my cash and neatly arranged it. My parents even opened a bank account for me when I was very young to teach me how to save. It was fun getting to deposit money and watch every little penny add up.

    love2snorkel70

    Answer by love2snorkel70 at 2:29 AM on Jul. 11, 2010

  • go to www.daveramsey.com they have awesome kids programs and if your not doing his plan already you should be!
    britni11

    Answer by britni11 at 6:01 PM on Jul. 11, 2010

  • good question..i wanna see these answers! LOL my daughters a spender too(shes 6).grandpa will give her a dollar or two, and first thing she says is "can we go to the dollar store" however..she does have a piggy bank in her room, thats all wood..so we can put money in, but cant take out..(unless we smash it with a hammer) and lately shes been putting her money in there, cuz shes saving up for disneyland in a few years :)
    alexis_06

    Answer by alexis_06 at 12:44 AM on Jul. 11, 2010

  • Through my credit union, my children have "Junior Savings" accounts. I take them to the credit union whenever they have filled their piggy banks, or receive cash gifts (we round their totals up to the next $100), and let them participate in depositing their money. My 8 year old is really starting to grasp the concept--of saving money for what you want. When we go shopping, I give them a price range that they are allowed to buy something from. My 8 year old is learning that the more expensive toys take a LONG time to save for, and often forgoes the cheaper toys, so he can afford to buy the more expensive toy in a few weeks!

    I opened my own savings account when I was 12, and it was the best thing I ever did! I love watching my money make money without doing anything! LOL :o)
    LoriKeet

    Answer by LoriKeet at 9:33 AM on Jul. 11, 2010

  • I tell my daughter what we make and what we spend it on and why we spend the way we do and she gets it
    blue_glass_mama

    Answer by blue_glass_mama at 1:32 PM on Jul. 11, 2010

  • My kids do yard work for the neighbors and earn their own money. If they do extra stuff around our house, above and beyond normal chores, we pay them. They paid their own way to junior camp a few weeks ago. They save their money to buy stuff they really want, like a special toy and spending money for vacation.
    Bethsunshine

    Answer by Bethsunshine at 9:02 PM on Jul. 11, 2010

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