Teaching Your Child the Value of Money

When I say ‘teaching your child the value of money’ I don’t mean that a dime is $.10.  What I mean is do they understand what money can buy? How valuable it is, and how it DOES NOT grow on trees!!  We need to be teaching our kids about money.

Growing up we didn’t have much, but being the daughter of a farmer, who also raised cattle, we had lots of great food and huge steaks.

There are actually only a few times growing up that I realized we didn’t have much money.  One time was when I was in high school and I had made the varsity volleyball team, and I wanted volleyball shoes.  It wasn’t an option, I had to choose a less expensive shoe and that was the end of it.  Except it wasn’t the end of the it, I still made MVP and All Stars with crappy shoes.

When we did go school clothes shopping at the beginning of the year it was always like a game.  We would see how much we could come home with for as little as possible.  My mom and I, we were pros!!  I always got a lot, again, I never knew we couldn’t have more.

When we first had kids 16 years ago I had no idea what kind of a parent I would be.  I soon realized that I was the parent that wanted my kids to help out always because they too were part of the family and they too or almost exclusively, had created the mess.

Getting paid for chores didn’t really happen early on with our kids. They did have to do chores though.  Now I shouldn’t say they never received money for doing chores because they have.  It’s just it was never consistent.

I have always said ‘you are part of this family, and you need to help out’ and if you want to be paid, then you need to do chores, which meant do more.

You also need to know that I have never handed my kids money.  Probably in the last year or so is the most I have ever given money to them.  It’s different now.  They are on sports teams that stop to eat after games, I can’t just let my kids starve or not be a part of that.  They go to the movies with their friends.  I will pay for 1 movie a month(if they are lucky) with a coupon from the Entertainment Book, and I will not pay for over priced snacks at the snack bar.  Take your own or pay for it yourself.

I am starting this series because last week I blogged about my daughter needing a Prom dress and new clothes.  I wing it all the time, this parenting thing, and dealing with money.  Now I will share with you some of my ideas and what has worked.

Check back as I continue this mini series on Teaching Your About Kids Money.   I will even share how I decided how much spending money to send with them when we went to Disneyland, plus other hilarious stories of money.

Kids, Money and Entitlement
Vacation Spending Money
Kids and Budgeting

Comments

  1. Hi! I popped over from the Blog Party. I’m really interested to see what you have to say about teaching kids the value of a dollar. My little guy is only a year old, but I’m already wondering how we will do this with him.

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