Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Teaching Kids Healthy Habits Teaching Kids Healthy Habits

Is your kid a spender or a saver by nature? Any valuable lessons you have to share that changed their spending habits?

Posted by on Jun. 4, 2012 at 6:38 AM
  • 7 Replies

Are You Raising a Money-Burning Spender or a Penny-Pinching Saver?

Posted by Janelle Harris on May 31, 2012 

Saving moneyKids can coach you through the set up of a Skype account. They can recite the full lyrics on any MTV playlist. They can bring you up to speed on reality show melodrama. But when it comes to money matters, they are completely and totally clueless. And if you don’t teach them to care, they’ll run roughshod all over your bank account until they have one of their own to destroy.

I’ve already concluded that, should a fairy tale character show up here in Washington, D.C. peddling magic beans or secret potions, Girl Child would be the line leader. Homegirl has a real cavalier attitude about money that I just can’t seem to shake. That became quite clear when she lost a $20 and didn’t even break a sweat.

Let me tell you something: if I lose 20 cents, I’m down on the ground scouring, looking, searching, trying to figure out where it went. For $20, I might take a day off of work and unfold a full-out investigation complete with witness interviews and shakedowns. Not because I’m cheap—I like to call myself frugally fabulous—but because I hate losing stuff for one and for two, the thought of wasting money I’ve worked for really grinds my gears.

So I instituted the opportunity for her to work for allowance, even though I don’t really believe in kids being paid for things they should be doing around the house because they live there and need to be contributing anyway. Once they’re old enough to tell you they can’t find the TV remote or start asking for their expensive little hearts’ desires—like video games and $150 sneakers—they’re old enough to get a little household chore to do on a regular basis.

But the bottom line is I want her learn the value of money and the benefits of saving it. Childhood innocence assumes that cash flows in bountiful supply from parents’ wallets and purses, but I stomped that dreaminess a long time ago with snippets of reality about money in the adult world. It’ll take a while to sink in, I understand. And there are plenty of distractions to dissuade her from saving the crisp, spendable dollars she gets for birthdays, good report cards, or this whole allowance thing, but I want her to get it early before credit cards get a whiff of her greenness. You know the rest of the story.

Four years until she graduates from high school and the loan sharks start circling. Sheesh. I have my work cut out for me.

Is your kid a spender or a saver by nature? Any valuable lessons you have to share that changed their spending habits?

by on Jun. 4, 2012 at 6:38 AM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-7):
PoehlerBear1983
by Meghan on Jun. 4, 2012 at 7:24 AM
Ds1 is a spender

Ds2 is a saver.....its funny i gave him a dollar and when we were at ds1 baseball game ds2 wanted something from the concession stand. I told him he had a dollar and could pick something out. He walked back to me crying that he changed his mind and wanted his money back.
Posted on CafeMom Mobile
soccerchik8287
by on Jun. 4, 2012 at 9:23 AM

My daughter is a little of both. She has a piggy bank and gets really excited when she is able to put money in it. The only time she really ever wants to spend is at the quarter candty machines. From that she has learned a little bit about money. She doesn't like buying candy from the register at the store because she realizes it costs 4 quarters which means instead of 1 candy bar she could have 4 gum balls from the quarter machine.

sarah824
by on Jun. 4, 2012 at 9:56 AM

Both kids would love to spend their money the minute they get it. We make them put it in their piggy banks until they have a birthday or Christmas and then we usually let them take a portion of it to the store to buy something and another part of it goes into their savings account. We explain to them that it is better to save for something bigger than buying a bunch of small stuff randomly. 

nngmommy83
by on Jun. 4, 2012 at 11:45 AM

DD is a little of both too. She will save up for things she wants but also if she wants to go to the rollerrink she will spend it LOL

VisionSeeker
by on Jun. 4, 2012 at 1:19 PM

 My four year olds are just now starting to understand the money concept but not much.

DS is a saver.  He knows that some things we won't pay full price for and others we will.  He knows about taking a percentage of a pay check and putting it in a savings account etc.  He understands a little about retirement funds because he has listened to DH and I go over our quarterly statements together. 

timon95
by Betty on Jun. 4, 2012 at 10:51 PM

they both have to work for their allowance. dd is saving her money for another american girl doll. ds is saving for some hero factory. they both have 3 jars to put their money in, 1 for spending, 1 for savings, and 1 for tithing.

countrymomma81
by on Jun. 5, 2012 at 1:56 AM

I'm not sure. My son will hoard money for the longest time then spend it little by little on ridiculous stuff. 

My daughter really doesn't get money (in her hand...it goes in savings) because she will play with it. 

Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)