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#71450 - 09/15/04 05:05 PM
Re: teaching kids to manage money
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Founder
Registered: 07/09/08
Posts: 23647
Loc: Maryland
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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.
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#71451 - 09/17/04 02:01 AM
Re: teaching kids to manage money
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Member
Registered: 09/13/04
Posts: 64
Loc: Oklahoma
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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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#71453 - 09/17/04 06:17 AM
Re: teaching kids to manage money
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Member
Registered: 09/13/04
Posts: 64
Loc: Oklahoma
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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
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#71455 - 09/18/04 11:47 PM
Re: teaching kids to manage money
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Member
Registered: 09/13/04
Posts: 64
Loc: Oklahoma
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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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#71459 - 10/03/04 04:56 PM
Re: teaching kids to manage money
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Member
Registered: 06/26/03
Posts: 621
Loc: pennsylvania
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My mother in law was so frugal, she would tear a piece off a brillo pad and only use the piece. "No use wasting the whole thing on one cleaning".
Her son, my husband spends money like there is no tomorrow.
He did not learn from example. But i do struggle to teach my son the value of money. He is 5 and grasping it is hard. I don't want ot tie it to chores since I beleive everyone in the family has chores because we work to help each other out.
But Nathan is a spend freak too and I need to get a handle on it. Lynn
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#71460 - 10/05/04 04:13 AM
Re: teaching kids to manage money
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Member
Registered: 01/03/03
Posts: 117
Loc: Scottsdale, AZ
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I have a tip on out of control wedding expenses for anyone facing those bills with their children in the near future. We gave our daughter (who never had to budget anything...daddy was always there!) a number. The number was what we were willing to pay for everything associated with the wedding. If she went over, she had to pay. If she went under, she got the balance in cash. It worked like a charm; she decided what her priorities were, compared vendors, pricing, made some of her own decorations, opted for a less expensive dress than the Vera Wang number in the catalog, decided that some of the high school friends that she hadn't seen in 5 years really didn't need to eat and drink at our expense, etc. It not only taught her the value of money (finally), she made realistic decisions without my intervention, ended up getting a nice sum back, and we didn't have one argument in the planning process. The whole experience was delightful!
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#71463 - 10/06/04 08:21 PM
Re: teaching kids to manage money
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Member
Registered: 10/30/02
Posts: 68
Loc: Towson, MD
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I believe alot of managing $ is in your gene makeup. I was always a saver and would dream about something, save my $ and then buy it. It really meant alot. I just donated, unable to sell even for $5, the typewriter I bought for about $60 while in high school. I paid for it with my savings, most coming from babysitting at 50 cents an hour. That was alot of babysitting. I still save money, I saved for 4 years to add onto my house. My brother on the other hand goes through $ like it is water. He never knew how to save. We can just try with our children and hope they got the right genes and watched what was done at home.
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#71464 - 07/21/05 03:04 AM
Re: teaching kids to manage money
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Member
Registered: 07/16/05
Posts: 15
Loc: Northern Colorado
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Hmmm...all this information is giving me great ideas. My son believes in total abundance. Why save when there is always more? If I don't give it to him, he finds another source. My therapist recommended giving him an allowance with no strings to teach him. She also believes he will learn by example. A cute gimmick I saw was a ten year old girl who bought cheap flip flops and decorated them. Then she sold them for $10. Cute--she had twisted balloons around the strap part.
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#71466 - 07/29/05 01:58 AM
Re: teaching kids to manage money
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Member
Registered: 07/16/05
Posts: 15
Loc: Northern Colorado
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My son is thirteen years old. I would appreciate any advice you have for me! R.
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