You know the saying, money doesn’t grow on trees. It’s a tough lesson that we all learn at some point in our lives. As children we don’t realize where money comes from or how to get more. It’s just there. You want something and your parents just buy it. Kids aren’t born knowing that you have to work for the things you want. You have to teach them from an early age so they can understand.
My husband and I work very hard to teach our children about the value of money and how to save up for the things they want. When you become an adult, things aren’t just handed to you. If you learn this at an earlier age, it is easier for you to to learn how to work for the things you want.
We don’t give allowance
Well not just allowance for breathing. We also don’t give allowance for doing your normal chores. We all live in this house and we are responsible for the upkeep. I don’t get paid to clean up my mess or theirs, so why should they? If they want to earn money, they need to put some effort in besides just washing the dishes or making their bed. Help with the backyard or cleaning out the garage. Something above and beyond your normal chores will earn some cash, but we all need to work around the house.
Don’t spend your money just because you have a dollar
My kids want to spend every penny they have the second they put their little hands on it. Our oldest son has finally realized that if he saves his money, he can buy something he really wants. He wanted an iPod Touch and we told him to save up for it. After saving for a while and getting a little birthday money, he finally had enough to buy his own. He appreciated it more and takes better care of it. Our daughter wants to take every dollar and run to the dollar store to buy something (normally candy) with it. We just can’t her to grasp the concept yet.
You don’t have to keep up with your friends
We live in an area where many families are very well off, much more so than we are. Many of their friends are only children or have just one sibling. Those kids are spoiled with everything they want. At 10 years old they have iPods, iPads and even iPhones (Apple is huge with the kids, I guess). I don’t have an iPad, I’ll be dammed if my 9 year old is getting one! Some days the kids come home upset that they don’t have those things, but we teach them that it doesn’t matter what material items you have. Save your money and don’t spend it on things that you don’t really need. Yes, splurge from time to time and buy something just because. Don’t buy something just because a friend has it.
What types of things do you teach your children about money? Do you think they understand and will be able to manage their money as adults?
Disclosure: This is a sponsored campaign with information sourced from Genworth Financial.