Do you talk about money with your kids?
How are you teaching them the value of money?
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.
O cool my kids are 12 & 17
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.
I talk to him about the importance of saving and have him put all his money in his piggy bank. He asks before taking any money out and explains what he wants to use it for. I know sometimes he feels good buying his own slushy or whatever (sometimes I replace the dollar because I would have bought it for him anyway).
Yes, I do. When they have earned money I give them the option of saving it and explain that by saving their money it has the potential of growing so that they can get something that costs more or they can spend it on something that is less than what they have. I taught them that even though they have $5 dollars they can get something that is $4 dollars because they have to pay tax on the item. Whatever change is left over can go in their piggy bank. I make sure to have them hand their money to the cashier so that they understand that they have to pay for the item. My children are 4, 6, and 8.
I am trying to teach them. Mine are 6 and 4. The 6 yo was given $5 to spend at a store and while we were there she lost the money and didn't get to purchase anything. This hurt her feelings, but we are trying to teach about money managment and responsibility. I also tried explaining the cost of something that they broke. I bought it for $5 at a yard sale (I didn't tell them that), but I pulled it up online and it was $77 brand new. We did the same thing with her roller blades. We got them for $26, but brand new they were $55. So she is understanding a little about how much things are and how we have to make good choices about the things we purchase and spend wisely.
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
Linda Bush
Richmond, VA
Monthly expenses
- Cafe Denise
on Jul. 25, 2012 at 11:51 AM