Back to School Countdown Day 3: Start Talking

[Cafe Kate]

Today's challenge is all about getting the conversation started with your kids. Do they realize how much things cost? Do they consider what things cost they ask for new shin pads or to go out with their friends after school?

Talk about how things add up and set a plan for the year. Let them know what to expect. What do your kids know about your family's finances?

 

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[meliefrog]

We are pretty open with our kids when it comes to finances. They know what we have budgeted for certain things and understand when we tell them no on something..

[puckerup]

 I tell all of them, all the time, that things cost money and that money doesnt grow on trees. that we work hard for our money and the things we have/get/want. The oldest (12) thinks money is just handed to you when you wake up in the morning. Shes stubborn! LOL So, when she breaks something, I tell her, well, I guess you will to save your money in order to replace it. THAT sinks in! Then, she doenst need it as badly! LOL

[frankiesma530]

I tell dd how much things are and give her an opportunity to pay for things herself with her money so it translates.

[mispulgas68]

Both my daughters know about how expansive is everything so they take care their things my 8 year old told me yesterday she can use her backpack from last year again so I don't have to spend money is so nice if her but her backpack is so old that she really need a new one

[yvonne37]

 My 16 year old knows and has an idea how our finances are.. he is very conscience about spending.  We talk to him about credit, finances and how things work... this is something my parent didnt do for me and I wish they would have.

My 6 year old tells us "can i have this?" and when we say "we dont have money" she says "use the credit card" lol..  she is too small to understand but when she gets older I will talk to her too.

I think the sooner you instruct them in the real world the better prepared they are.

 

[stephwordelman1]

my ds only knows that a little amount of money doesn't mean you can really go buy something, he not quite there yet about understanding that 5cents doesn't mean you can go out and buy a big thing. He knows that we have to pay the bills and there not really much other stuff for him to get.

[Shansmommy]

They don't know very much about the finances.  I try not to let them know if things are tight or if we have a surplus.  I think the best way to try and teach kids about finances is through their own forms of allowances.  My oldest is 6 so se will probably establish some sort of allowance soon.

[kak27]

My kids are starting to understand. And if they really want something they know they have to save up their money.

[acrogodess]

The kids know we live paycheck to paycheck because of ds's special needs as well as they don't like it when I'm not around. They are much happier with us broke, but having me around except the 3-5 hrs a day I work.

[Mom2Boys9501]

 I'm honest to the point that I'll tell them yes we can afford that or no we can't right now because we have to pay such and such bills. Or I'll tell them to wait until Friday when dad gets paid. They don't know how much dad gets paid though and I don't really think they need to be saddled with adult problems. I just want them to grow up knowing that things cost money and their parents will take care of their needs and some of their wants.

Funny story: Yesterday my oldest son was walking home with a friend after xc practice. This friend and him stopped at Walgreens and said friend bought him a Gatorade. I told him when he came home that he would have to buy him one as well so today he asked if I had a coupon for drinks at Walgreens so he could buy his friend a drink. I think I have these 2 trained. :)