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#71446 - 09/07/04 05:07 PM teaching kids to manage money
Dotsie Offline
Founder

Registered: 07/09/08
Posts: 23647
Loc: Maryland
Any helpful hints that you've used through the years that teaches children how to manage money?

When I was a teenager, my mom let me pay the monthly bills. I wrote the checks and balanced payments, etc. It was a real lesson in where the money goes. I need to do the same with my kids.

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#71447 - 09/07/04 06:15 PM Re: teaching kids to manage money
jawjaw Offline
Da Queen

Registered: 07/02/03
Posts: 12025
Loc: Alabama
Check out the book written by Mary Hunt that's for teens. She is the author of Cheapskate Monthly and I know her simple plan for us big people is fantastic...can't imagine the one for teens being any less. But I confess I haven't read it.

I think one lesson that parents tend to leave out when they are teaching the kids "the ropes" of money management is the VALUE of money. It is just a tool, not to be worshipped, coveted, or loved. Please make sure you don't forget to add this important lesson. The Bible doesn't say that Money is the root of all evil...it says THE LOVE OF MONEY is...I couldn't agree more...

So....send me all your money and I will love you forever. What? You ain't buyin' it?

JJ

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#71449 - 09/14/04 07:24 AM Re: teaching kids to manage money
Vicki M. Taylor Offline
Member

Registered: 01/06/03
Posts: 2196
Loc: Tampa, FL
I think the best way to teach a child is lead by example. Those darn kids are really observant and do as you do, even if you're not seeing it all the time. When they get older, they'll fall back on what they learned from what they saw you do.

Did that make sense? [Confused] I hope so. The thought was clear in my head anyways. [Wink]

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#71450 - 09/15/04 05:05 PM Re: teaching kids to manage money
Dotsie Offline
Founder

Registered: 07/09/08
Posts: 23647
Loc: Maryland
Vicki, yes you are right, lead by example.

I have a regret in this money area. When our oldest was very yound and got a littel allowance, we taught him to save a third, give a third to the church, and use the other third for his little treats. Oh how I wish we had kept that habit. He probably doesn't even remember it.

I got a kick out of my daughter while shopping with her this summer. She found a skirt for 3 or 4 dollars on a sale rack. She was proud of herself when it fit and she purchased it with her own money.

You go girl! That's my little girl.

She's also the same one who spends $6.00 on two chocolate covered strawberries and brings them home to her brother and me. God love her! I'm gonna have to tell her she could get a couple shirts to go with her skirt if she stopped buying chocolate covered strawberries. [Wink]

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#71451 - 09/17/04 02:01 AM Re: teaching kids to manage money
Queen Me Offline
Member

Registered: 09/13/04
Posts: 64
Loc: Oklahoma
My seven-year-old daughter has her own bank account. Together we visited the bank and opened it. She deposits allowance money (earns a $1 per week for basic chores like cleaning up her room and helping Dad in the yard). We allow her to spend 1/3 of it on whatever she wants. Right now she's saying for an American Doll. Do you known how much those dolls cost?? The remaining money is saved and tithed.

Now, my little entreprenuer is scheming about ways to make more money so that she buy the American Doll sooner. Current ideas are to have a garage sale, sale her artwork or sell her old stuffed animals to friends and neighbors. Of course, I'm encouraging her and trying to help her figure out a productive way to make the money. But, I like the way this child thinks:).

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#71452 - 09/17/04 03:44 AM Re: teaching kids to manage money
jawjaw Offline
Da Queen

Registered: 07/02/03
Posts: 12025
Loc: Alabama
That's sooo cute how she's using her noodle to think thru this and get her prized doll. Good for her I say! What about a lemonaide stand?

Well, I'm sure if this 7-year old ever joins the Brownies or Girl Scouts, she'll be a leader among them!

JJ

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#71453 - 09/17/04 06:17 AM Re: teaching kids to manage money
Queen Me Offline
Member

Registered: 09/13/04
Posts: 64
Loc: Oklahoma
My challenge is trying to figure out how to keep up with her. Surely don't want to dampen her little spirit, that's for sure...

So, yep...in a week or two we'll be sitting in the front yard selling something, I'm sure [Big Grin]

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#71454 - 09/17/04 05:44 PM Re: teaching kids to manage money
Dotsie Offline
Founder

Registered: 07/09/08
Posts: 23647
Loc: Maryland
Queen Me, I love her spirit. I wonder where she gets it from...

Does the apple not fall far from the tree?

Maybe she can decorate tiaras with ribbons and sell them.

I recall a kit my daughter had when she was younger. It was precious. If I'm not mistaken there was a wand and tiara with all kinds of glitter, ribbons and sparkles for decoration.

Just a thought, but I bet she could make some glitzy tiaras...and SELL them.

I also remember the American Doll craze that went on for several years. Those books are the best. Excellent ways for the girls to learn history.

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#71455 - 09/18/04 11:47 PM Re: teaching kids to manage money
Queen Me Offline
Member

Registered: 09/13/04
Posts: 64
Loc: Oklahoma
Liked your idea. Today she announced she wanted a job just like mine....meaning she wants to write books.

So, first the curbside stand and next her own website to market her book:).

Ha!

I'll keep you posted on what we figure out. Although I'm not very familiar with e-bay. We have discussed taking pictures of her stuffed animals, books and toys and trying to sell them on-line (via e-bay). Have any of you done that before?

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#71456 - 09/29/04 09:03 PM Re: teaching kids to manage money
Dotsie Offline
Founder

Registered: 07/09/08
Posts: 23647
Loc: Maryland
No help here, but lion has experience with selling things on ebay. Lion?

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