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Kids & Money Allowance. Chores. Savings accounts. Piggy banks. How do you teach your kids about money? What has worked for you?

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Old 12-16-2002, 09:45 AM
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Teaching kids the value of money

We've debated an allowance for kids--now I would like to know how some of you have gone about teaching your children the value of money. Dh and I raised 3 daughters, 2 of whom are pretty good with money. Oldest dd is finally learning after she recently saved for and bought her first home AS A SINGLE PARENT. Now we are helping oldest dd and middle dd raise their kids since both are divorced. The 2 granddaughters are 7 and 5 (grandson is 19 months) and both are very spoiled when it comes to shopping. It is hard for any of us to say no even when it's a dollar store item. DH/Bapa is firm but he doesn't shop with them much. How did you teach your children that they need to earn and save up for quality items and not blow it on cheap stuff? More importantly how did you teach them to save? My dh and I are savers and tried to teach this to our own daughters and now feel as if we should help instill this in our grandkids but as a grandmother it's hard to say no.

Any suggestions?

Jayne
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Old 08-12-2011, 09:30 PM
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I don't have children, but I do try to guide my nieces & nephews (always have against their parents wishes) about "working" for spare change, and making sure that what they're "saving" up for is worth while. Meaning are you really willing to work hard for that particular item, or just halfing the job and hoping to get "gifts" to afford that item. An example is one of our middle nephews wanted to get some upgrade for his (current) favorite game, and I asked how he planned to earn the money for it, and he said "I Don't know, maybe work for it?." I asked him if he wanted to pull weeds for the price of the upgrade and he lit up and said yeah... he never did the work, and I haven't paid him for it. Another example is our oldest niece wanted to be a stylist and get a certificate/degree at some beauty school..upon her graduation I sent her a check for "your new business." She didn't get her license in the state she's living in right now, and she hasn't cashed her check yet either, but she has taken on a PT job to pay for her licensing in the other state she currently lives in. If they really want something they will find away, and if they really need something, they'll work hard for it. My parents instilled this in my sister and I when we were children... where we thought a quarter was equivalent to a million bucks, cause by the end of the week any chores we didn't do, we didn't get that quarter for candy, junk, and entertainment. It's all about boundaries and logically find a solution to the challenges that life throws us to make us better people. Throw a dog a bone and he'll love you til its gone, show him a filled food bowl and he'll love you forever. In other words if you give children everything they want and not what they need, you aren't helping them to survive when you are no longer alive, you're showing them how to get by, always depend on others for their needs, etc. I wish every parent the best of luck with this...it's a fine line - knowing when to give and why vs when not to and how come.
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Old 03-10-2013, 04:37 PM
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Old 03-04-2015, 12:37 PM
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Quote:
Originally Posted by KSJEn6891 View Post
I do try to guide my nieces & nephews (always have against their parents wishes) about "working" for spare change, and making sure that what they're "saving" up for is worth while.
What a great Aunt you are! Highly commendable! Today, far too many of the population are broke and living WAY beyond their means.
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Old 03-04-2015, 12:48 PM
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Thanks Miss Money Penny. I only wish I had gotten through to my in-laws. Please read update below.

This is an updated message about the benefits of teaching children checks and balances / savings and spending from my first posting years ago.
My husbands oldest nephew "T" relies on his parents for every thing, he's 18. Remember when I said against my in-laws wishes, I/we were going to show their children (and my siblings' children) the reason why you work and save money for the things you really want. This is the reason. He applied for four jobs, and was let go from all for jobs within a two MONTH time period. He has NO savings from what little he made at those four jobs (three before Christmas, and one right after the new year). My SIL claims that she is tired of refilling his bank account with her hard earned money, and my BIL tells me frequently how it is none of my business because we don't have children, and that isn't how it works. WOW! They support their ADULT child financially, and complain about not wanting to, but they can't stop from doing it. Really?!! And it's none of my business because I don't have children... I'll accept that, except when you tell my husband we have to buy him gifts still for his Birthday and other Holiday's, including Christmas, even though it goes AGAINST our beliefs to fund / gift adults who are quite capable of working for themselves... that's why we don't give them gifts either (cards only). Their little ones see what goes on when their parents get paid, and when they pay their bills. I know, because they say every-time we get together how it's T's fault they can't have, or do this because of T. And often times my in-laws comment about how they can't afford to go out with us (even inexpensively) every now and again because they had to put money on T's card so that his bills don't bounce, etc. Therefore, the answer to your question about why, and how. When a parent(s) / guardian(s) show children how helping out around the house builds character, and reliability, as well as assists them in earning money not only to save for BIG purchases they may want for themselves or others later on down the road, but it also builds their credit. I can't think of any other reason why you wouldn't want to assist them in growing this way. And that in the long run they really do benefit from this, as do you
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Last edited by KSJEn6891; 03-04-2015 at 12:58 PM. Reason: read another post after posting this one.
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Old 03-04-2015, 12:59 PM
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Super post, KSJ!!! Solid sound advice more parents should adopt.
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