Tuesday, February 03, 2009

Teaching kids about money

He's a kid of few words.

Some quick ways to emphasize the value of a dollar:
  • Show that you can buy more toys at yard sales than Target.
  • Look up the retail value of his finds at home.
  • Use a clear jar for home banking.
  • Let him keep any loose $ he finds.

Let me tell you, he keeps me on my toes with that last one!

16 comments:

Tammy said...

Yes! I'm teaching Dave Ramsey's Foundations In Personal Finance this semester to my daughter and another homeschooled student. We're sure learning alot and enjoying the creative ways he presents his ideas. Check it out!

Tubo Family said...

our 4 1/2 yo recently started getting a small allowance and it is heartening how quickly he has figured out how much more he can get for his $ at a thrift store vs. Target.

Sandy said...

and when they get older, use *white boards* like we do, to show the kids! they *get* the visuals!

love it!

2boysmom said...

Cute story...

My dad took the boys out to breakfast one morning. They love to pay the bill with him because the hostess them a tiny piece of candy. My 6-year-old asked for the candy. My 3-year-old (M) asked for the change. My dad laughing said, M is going to be just fine not need to worry about him.

Shannon@Idylwild said...

We talk to Levi about money in terms of how long daddy had to work to earn it and how many jobs Levi will have to do to earn it. He doesn't get an allowence, but there are lots of jobs he can do around the house (besides chores) for money.

Thrifty Gal said...

Wow, I'm so impressed by your teaching and your son's attitude towards money. I did not do this with my children at a young age and now I fear it may be too late...they are 14 and 12. Any suggestions?

Empty Nest Full Life said...

What great ideas to instil values in our children. Sounds like you are doing a great job. Jackie

celina from canada said...

ok, i joined google/blogger thing so i can post again....i guess i don't blame you for eliminating anon. commenters....


only for you, would i sign up for yet another thing..lol...


i know i'd love to hear the things you do to "teach" andrew....especially art...i loved those old posts..

anyhow....my 5 yr old believes with a hundred dollars he'd be rich...so i have a ways to go...

Rachel said...

Oh my goodness! A boy after my own heart! Addison will not spend a DIME of her money (birthday/Christmas) and even if I'm buying milk or bread she's always telling me to quit spending or we're going to be poor. LOL

mary bailey said...

I was going to tell you about a cute "Giving Bank" that has divided sections for the Bank, Store, and Church---but the bank costs $12! lol

My son has the bank and when he gets money he puts 10% in the Church, 40% in the Bank, and 50% in the Store.

Michele said...

Kids learn what they live. I'm a huge believer in protecting the environment, using less, recycling, etc. Yesterday my 1st grade daughter brought home a paper she had to write in school: "Dear President Obama:... Here is what I hope you will do for our country: you shoud make shor nobody litters." (spelling her own). Aah, if only life were that simple. We teach our children thriftiness, too. I"m surprised she didn't suggest to him that he shop at yardsales!

Miss G said...

Precious, Meredith!

Thank you so much for your comment on today's post. It made me feel that overwhelmingly good feeling right down to my toes! Thank you so much gracious friend! Kelly

Jennifer said...

One time I took just my 4 year old to the grocery store with me. Everything I picked up she asked me if it was on sale or if I had a coupon. Next she asked me if it was on my list. She kept me in line that day!

Sandy Toes said...

Wow..those are really great ideas!!!
simple but wonderful!I love the Target one!
-sandy toe

Roxie700 said...

Like one of the other ladies said, children really do learn by what they see their parents do. If you are 'good' with money most of the time the children will be too. I also think that turning off the 'boob tube' will help children too because they are not bombarded with TV ads for this toy and that cereal, and those shoes every 10 minutes. I am blown away that my grandsons know one brand from another. (I do not) I guess I am going to have to learn. The boys do love to shop at the Salvation Army thrift store. Roxie

Kylie's Mom said...

I'm thinking of using a clean jar for my own banking...the bank is taking more and more of my money everyday!

...or maybe I should just sew it into the mattress...