This is a hot topic in my house right now for many reasons, but money is many times a difficult subject for children to grasp. The subject is difficult for many adults to grasp as well, for that matter, including myself for a time.
In the past I have overheard my own children saying, “just put that card through the machine and then they will give it to us”, or ”If you don’t have any money, just go to that other machine and press the buttons and money will come out for us.” I understand where they get these ideas from because that is exactly what it looks like, but not at all the way the real world of money works… unfortunately. The money tree and magic money machines, fall into the same category with all those other mythical things we wish existed.
So, what can we do as parents to help our children understand the value of money? For us, it was simple… give them some! I have often heard the recommendation of a dollar, per year of age, every week. Skyla , our oldest, is the only one we have done this for so far with any degree of consistency. With her money she has three choices. She can save it, spend it, or donate it. She is not a huge spender and so most of it is saved or donated and she can determine the percentage. And yes, she, on her own, chooses to donate a good portion of her money to our church or other organizations around town.
You can also help your children understand money by explaining it to them. When you are shopping explain how much things cost and what prices add up to. Set up a budget with them when they want to go shopping. They catch on quick that the more things they put into their little hands, the more money goes out of their hands until it is gone and they can get no more.
Be a good role model for them! To say we have been umm… tight with funding… for a number of years would be an understatement. A bad real estate experience, children’s births, unexpected heart surgery, an astronomical school tuition for one and tuition for three more behind her at another school can send a checkbook to the badlands more often than I would like to mention. So, when we go to the store we have learned to get what we need and skip over the wants. Our children see this too and understand that every time we go to a store it isn’t for them to get a toy or treat. We need things as a family and that is what we are there for. As a mom there are certain things I will not skimp on and that is our food. What we put in our bodies impacts everything else going on in our lives, so if we put good in, we can get good back out again in our health, energy and overall well being. This philosophy is teaching our kids what is important too and how to triage funds for the important things.
Donating is a part of what we do too because no matter how hard things may have been for us, it is leagues harder for others out there and we need to do our best to help them. The girls see us saving for donations and giving and understand that good will can make this world smile even in dark times.
Do we ever go on trips or do any extraneous things? Sure! We understand the importance of a family get away and that time you can only get when you are separated from the madness. Are they frequent? No, but they are cherished times. And sometimes there is a little splurge here and there and they recognize it is something special and extraordinary.
The little ones are the leaders of our future and looking at the way the world is today, I think it best we pass on some lessons that may resonate into the years ahead.
Good luck with your little bankers!
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