Do you talk about money with your kids?

[Cafe Denise]

How are you teaching them the value of money?

[FindersKeepers]

I have had a couple of cashiers give me a look when I have my kids pay.   I just direct my attention to my child with a nod that says "he/she IS your customer" or look away so the cashier has to talk to the my kid.   Once DD was startled by a rude cashier and tried to hand me money to me.  I said out loud, "Go ahead.  You are a customer.  He can take the money from you."   She handed him the money and I gave him the LOOK...  It was a the grocery store so he had to run my order next.  

Please do not let your DD be discouraged.  You may even have to pick up your order sometime and explain to her that you don't give business to people who are unkind because you have a choice where you spend your money.    Be polite, but there may be times that you have to correct someone's poor manners.   I have had cashiers act the same when I have taken my elderly grandma shopping.   Sorry little kids and old people take extra time.... cashiers get paid by the hour so nothing to get an attitude about. 

Quoting sakpoints:

My DD is seven and can identify all bills and coins.  She has a piggy bank and saving account.  She definatley understands we must pay for things and certain things are more expensive and must be saved for.  When we visit family out of town she is able to bring $10-20 of her own money for souviners.  I have tried to have her purchase items in the store but unfortunately we have encountered some rude and impatient cashiers so she is now scared to try. 

[sheila5745]

Quoting jimbosmom:

 I did the same, my son caught on my daughter didn't. Son owns his home and cars. Daughter hasn't done so well with any of that. I just don't get it. They were raised same home, same single mom. Same value's, but 2 oh so different people. Now for my youngest at 13. We were walking in town 1 day, and some older gentle man gave her a quarter, she said thank you and then gave it to me. She has no clue, do not and have not been able to get this through to her. The money thing just hasn't clicked. How do I start? Thanks...

Quoting FindersKeepers:

The kids are 12 and 16, they have to work for any extra money.  They have savings, checking accounts and debit cards that they are responsible for and learning how to manage.  Some things you just have to learn the hard way (DS learned what an overdraft fee is).    I also make them learn skills to manage things they will have to do for themselves in the future.   Since DS is 16, when he needed to check in for a flight/pay bag fee and pay the registration on the car he drives online.... I put money in his account and had him do everything himself with my oversight. 

 You are giving your children the most valuable lesson in life! I tried so hard with my sons and they have the "bones" of the structure, they need only to restructure. They both own their own homes, have great jobs, but are living paycheck to paycheck. My daughter, my baby, I taught her things I never taught her brothers in a way I never taught her brothers. She believed the child support check I received was hers. I sat her down and showed her two excel budget sheets. One for me alone, one for the two of us. She was amazed. She has been on budget overdrive ever since. I think at 27 she's a permanent student and spent last fall in Paris and Barcellona.

I know many of their friends who are well educated but don't understand this pay yourself first, budet your money and live your budget thing. They have lots of toys but no money.

Kudos to you for providing them one of the most important lessons they'll need in life!

 --- I also made them do their own laundry and cook one dinner a week!

Regards

[mws3]

Yes, I talk to my children all the time about money.   It's important for them to know that the things that they like in life need to be paid for and they should think about how they are going to make that happen as they get older.   

[Ametrine]

I have a DVD my son watches...Money & Making Change.

So far, he's really good at counting out money, but we have yet to try him on making change.  (When I was a teen working at Mickey D's, I failed miserably at making change.)

Anyway...

We talk to our son about money all the time.  Since he was a baby and I would push him around in a shopping cart and show him prices on the shelf and rattle on about how one item was priced higher than another.

Nowadays...DS will tell us an item is a "bargain" or not.  I'm very proud of his concentration on the price of things. 

Next thing to teach him:  Price of an item per it's volume.

[AnC83]

My kids are still young, 4 and 7. My oldest has already saved up his fake "money" at school so that on the last day he came home with big prizes from school that he got to have thanks to him saving his money up for what he really wanted. 

My Husband and I are very open and honest about money and all things with our kids to an extent. For example, "No, no toys today because we do not have any money." or..."Mommy I see the money in your purse." then I say, "yes, that is money but I need to pay the electricity so you can play video games or watch a special show when you earn your time." 

My kids earn their time with video games and television through positive and kind behaviors. No they are not perfect at it but the gain the concept that you have to work hard for what you want and if you use up everything you have on that one thing for that one time then you are screwed the next day when you used it all up. 

We strive to be blantly honest. My Husband and I do not live on any credit at all. We tell them the truth behind credit cards and how important it is to pay real money for things so that you own them...not borrow them. The point to being honest, that they learn honesty and that they can trust us to be open with them in hopes they carry this as they get older. That they learn the value with money and not credit cards and the value behind hard work. Those are the most valuable lessons aside from love and respect that we feel is important to raise them with. 

[nurbabe82]

 DS just turned 6 and we have been teaching him about money for the last year. He receives a small allowance every week and have been teaching him while its okay to spend some of that money he needs to save some too. When we go to the store so he pick something out we let him know how much it will cost and what he will have left over.

[TJandKarasMom]

Quoting twinmomtwice:

Id love to try some of these, but I have 4 kids. I certainly couldn't afford $5/day. The oldest 2 are 10, and are capable of more, the younger 2 are 5, and are prob capable of more than I give them credit for. What would be a fair allowance? I have tons of chores that they could help , with, just have limited funds

I think I've read that half their age is a good allowance per week, so $5 each week for each 10 year old and $2.50 each week for each 5 year old. That would be $15 a week. I have a hard time too, especially in the summer when I make very little, not that I make much during the school year either. But I need to start being better about it I think. My kids are 9 and 10. I used to spend a lot on them all the time. I have gotten a lot better but it's hard to say no all the time. When I tell them it's so we can buy a house, they understand more and are more willing to let me save the money, but they still get disappointed sometimes.

I want to start an envelope thing with them or something to just have them learn more on their own. I also want them to start bringing their money with them, they tend to ask me to pay for something then they pay me back, I think it will affect them more if they have to hand their cash to the cashier.

[jimbosmom]

 I was the oldest of a second generation Italian American family and I know what it is to work all day for a quarter an hour. I did't know my friends were making $3.25 (minimum wage then) for working 8 hours and he was done. I was on call 24/7!