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

(minimum 6 characters)

Elementary School Kids Elementary School Kids

is he too young?

Posted by on Jan. 6, 2013 at 11:44 AM
  • 14 Replies
i am trying to teach ds (6.5 years old) to be responsible with money. he is required to put half of all his savings into the bank and can spend the rest on what he wants or save it to get something big. he has a piggybank but somehow always looses the money. is he just too young for money management? if so when should i try again?
Posted on CafeMom Mobile
by on Jan. 6, 2013 at 11:44 AM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-10):
Jinx-Troublex3
by Platinum Member on Jan. 6, 2013 at 11:59 AM
1 mom liked this
Sounds like he is on the irresponsible side. If he had a set goal item to buy he might try harder or you could try holding the money for him. Put two canisters on the counter.

If you want him to handle it totally on his own, then I would wait till he's 8~9 and try again.
Posted on CafeMom Mobile
M4LG5
by Gold Member on Jan. 6, 2013 at 12:02 PM
No, I don't think.he is too young. My twins are also 6.5. Whenever they get money, they put it in their piggy bank. They don't ask for a lot of things but if they want certain things, I tell them that they have to use their own money. They think twice about it and they realize they don't want it anymore.

As for losing it, I get it. When my twins try to out it in their wallet, they have lost it but luckily we have found it. Since then, they keep their piggy banks in our room until they are more mature. My 9 year is very mature with her money and knows where it is at all times.
Posted on CafeMom Mobile
Barabell
by Barbara on Jan. 6, 2013 at 12:04 PM

I started teaching money management when my son was a toddler, and so I don't think he's too young.

Where is he keeping his money in his room? Are you sure he's not spending it instead of losing it? 

coolmommy2x
by Gold Member on Jan. 6, 2013 at 12:08 PM
Definitely not too young, you just might need a different system. Maybe one bank for saving and one for spending. Also check with your bank, they may have or know of a money literacy program you can use.
Posted on CafeMom Mobile
mommy06and09
by on Jan. 6, 2013 at 1:40 PM
he keeps the piggybank in his room and there is no way he is spending the money. he rarely leaves my side... he has spent some on icecream at school but he always tells me when he does that.


Quoting Barabell:

I started teaching money management when my son was a toddler, and so I don't think he's too young.

Where is he keeping his money in his room? Are you sure he's not spending it instead of losing it? 


Posted on CafeMom Mobile
diaperstodating
by Queen24Princes on Jan. 6, 2013 at 1:43 PM

No I don't think he is to young.

wakymom
by Ruby Member on Jan. 6, 2013 at 1:54 PM

 He's not too young, but you might need to keep his bank somewhere other than his room. Sounds to me like he's taking the money out to count or "play with" and could be misplacing it in his room that way.

 

 

 

 

 

frndlyfn
by Gold Member on Jan. 6, 2013 at 2:08 PM

Nope not too young at all.  DD has been putting money in her piggy bank since 4 yrs old.     I saw a neat piggy bank at a learning store that was split into 4 sections, each had its own slot for money.  Invest, Deposit, Donate and spend were the catergories.  I want to get one for dd when we have the money.  We have to set her up with a savings account.

sunflowers12
by on Jan. 6, 2013 at 2:18 PM

 yes, at 13 or so each kid is different but because he is losing it that's a big indicator that he is to young to handle it.. you should manage it for him show him how to handle it first put half in his piggy bank or whatever you have started and then put the spending money in a wallet that belongs to him but is managed by you, so when you at the store for the item you use that wallet and show him then how you buy the item putting at the check out showing him the process of how the check out person rings it up and how tax is applied and the paying process the counting may take to long and have to be done at home however... baby steps is how everything should be taught...

angelyuna20
by on Jan. 6, 2013 at 3:57 PM

maybe a little young to handle it all himself. maybe for now you handle the dividing up of his money and keep it safe but show him what your doing and talk it through with him and tell him that if he feels he can handle it himself he can take over.

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)