(Montana Mommy)Once Big Sister turned 4 and started getting curious about money, we started to talk to her about it and what happens when we want to spend (or not spend) money.
Back when she was the only child, things were a little bit different. When we ran to Target or some other similar store, she usually got a little surprise (chance to pick something from the dollar section or a very small toy from the toy section). Times have changed! With the arrival of two more siblings, I now stay at home, (I worked part-time when Big Sister turned 1) and purchasing one small toy is a whole different story than purchasing three (not to mention that we don’t have a ton of space for all these toys in the kids’ bedrooms)! That being said, our challenge with Big Sister was how to make her understand that money doesn’t grow on trees- so she can’t always get a toy like she used to, and like she wants to.
The first step I took in breaking this bad habit was to start telling her a few days ahead of time that we would be going to the store soon and that we wouldn’t be buying any toys or clothes for her on that trip-we would be getting just what was on the list. She was distracted enough with her snack that it didn’t really bother her that trip. The next couple of times I did the same thing: Warn her a few days ahead and then again in the car on the way. So far, so good- no fits! Since this started, a year or so ago, it has gone pretty well. When she is really tired, she whines for a toy, but everything can usually be made all better with the chance to pick out her favorite flavor of popsicles for the family!
What has worked for your kids when trying to teach them about money?
Sounds like you've got a pretty good system going. Of course I have no kids, and therefore no real-world experience/advice for you, but here's something I've always wondered about.
ReplyDeleteIf you occasionally(annually, semiannually), take your kids to volunteer at a homeless shelter, maybe during Thanksgiving or other holidays. I've done this a few times and it really puts things in perspective, especially financial matters.
Of course, the safety of your children is the primary concern so depending on the type of volunteering activity, you may want to wait until they get a bit older. Just a thought.
When my kids were a little bit older, I got the idea of giving them a clothing allowance for school clothes (we set it up on a quarterly basis), to help them develop a concept of how much money is worth. It worked great when they realized that if they wanted to purchase a relatively expensive item, it would limit what else they could buy. The kids responded well and they were pretty good at looking carefully at whether they really wanted something.
ReplyDeleteI'm sorry to say that I wasn't very consistent or disciplined and this program fell to the wayside. I wish I had started it when they were younger (say, 1st or 2nd grade) and kept it up.