Life and Relationships
By HayleyUpdated:26 Comments1 Min Read
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26 Comments
Kalie @ Pretend to Be Poor on November 2, 2015 1:47 pm
That is a great idea to start using cash again, so the kids can see how money exchange works in a tangible sense.
This month my son (4) wanted to do a food drive after reading a book about the topic. So we are paying him in change to do chores, then doubling his contributions toward purchasing food for the drive. It’s a little more work to keep track of it all, but it’s a win for all involved.
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Money Beagle on November 2, 2015 2:21 pm
We’re just about ready to get started with an allowance for our two kids (they’re 6 and 4). The amount will be pretty modest, but we know it will be a good way to teach them about getting money, and we’ll work with them to make sure they understand the importance and benefits of saving and looking for deals. It is true that they learn the most, though, from watching their parents money habits.
Money Beagle recently posted…7 Reasons My Co-Workers Might Consider Me PeculiarLatoya S on November 2, 2015 3:21 pm
Yes, kids definitely learn best from their parents! An allowance is a great way to teach your kids the principles of saving, giving, and spending. I’ll admit that we have sort of fallen off track with giving our five year old her monthly allowance, but I think I’m going to start a chore/responsibility chart to help us with reinforcements. Thank you for stopping by and reading!
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Emily @ JohnJaneDoe on November 2, 2015 2:57 pm
One important lesson I teach my daughter is that money can help others. Part of her allowance has to go to a “giveaway jar.” At Christmas, she’ll decide how it will be used: Angel Tree, food bank, or Coats for Kids.
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Latoya S on November 2, 2015 3:23 pm
This is an awesome idea and one I need to implement. My daughter is still in the early ages of grasping all that money can be used for, but this is a very important principle to teach children as early as possible. Not only can you give away items, but monetary gifts are equally important. Thanks for sharing your insight and reading today!
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Michelle on November 2, 2015 5:24 pm
Love this! My dad taught me a lot about money and I plan on doing the same with my future children.
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Latoya S on November 2, 2015 5:49 pm
It makes me happy to hear about parents who have taught their children about money. I learned about money growing up, but unfortunately, the lessons weren’t all that great. I plan to change the trend in my family and make sure my children receive top notch financial literacy. I commend you for wanting to do the same!
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Amy @ DebtGal on November 3, 2015 4:30 pm
I just introduced my daughter to the concept of interest. She received several hundred dollars from generous relatives for her 6th birthday, and wanted to put it all into her piggy bank. I explained to her that some of it is designated by the givers as college savings (529 account), some goes into her bank account, and the small bills go in her piggy bank. I told her that the bank pays her a little money every month she keeps her money there. Thankfully, she was very excited about this concept.
I’m very much in the habit of using a credit card, but it’s a good point that that seems less real to kids. I’ll have to incorporate more cash spending when she’s with me.
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Latoya S on November 3, 2015 5:03 pm
Hey Amy, that is an amazing idea! My daughter likes to run to her piggy bank as well! It’s amazing what our kids pick up on if we just slow down enough to explain things to them in terms they will understand. I’m happy your daughter is excited about earning a little passive change;)
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Reelika @Financially Wise On Heels on November 4, 2015 4:07 pm
Great tips and I definitely do my best to teach my son. Although he is still five, he already picks up financial knowledge and frugal tips pretty fast. I recommend start teaching as early as possible.
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Latoya S on November 5, 2015 12:17 am
5 years of age is definitely a good age to start. I’m excited about moving forward…we just brought the Monopoly Junior game for one of her Christmas presents so I’m excited to see how that unfolds.
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Abigail @ipickuppennies on November 5, 2015 5:44 pm
I think my mom’s tactic was smart. I had to save up half of any big thing I wanted (outside of Christmas gifts). It taught me the value of a dollar — and how products might not live up to the hype.
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Latoya S on November 5, 2015 10:17 pm
This is a good idea! Saving up and having a price match from parents is always helpful in helping kids understand concepts such as employer contributions, interest, etc.
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Jayson on November 7, 2015 2:08 am
I remember the time when my mother let me have my own savings account. It was the start of how I learned savings and managing money because I felt I had to be responsible with regard to money management. I am glad that she did let me do this as I learned so much and have been reaping its results.
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Gary @ Super Saving Tips on November 7, 2015 5:18 am
These are great lessons and taking out the actual money, not just the “money card” is an important part of that. I had to laugh when you wrote “play imaginary restaurant” because it reminded me of a story my wife told me. When she was a young girl, she and her friend opened their own “restaurant” on her parents’ porch. These young “entrepreneurs” were selling real sandwiches and food from the kitchen and charging only a nickel per meal to their friends. Mom and Dad weren’t too happy to find their kitchen stripped of food and a handful of nickels for their trouble, but it was certainly a learning opportunity.
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Latoya S on November 8, 2015 4:36 am
That’s an amazing story! The mind of young entrepreneurs – so innocent. Thanks so much for sharing.
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K @ One More BROKE TWENTY-SOMETHING on November 7, 2015 1:39 pm
My parents never taught me or my sister about money. Thankfully, I haven’t done anything too crazy with mine (low credit card debt & student loans remain). However, I think those lessons early on would have been amazing. Who knows? It might have even helped them improve their own financial situations as they were teaching us, but alas, it never happened. Good on you for starting early with your young one!
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Latoya S on November 8, 2015 4:37 am
Thank you, K! And yes, I agree, those lessons may have paid great dividends.
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Mel on November 8, 2015 1:19 am
I never even thought of how kids much view the “money card.” You’re so right about making sure you use actual currency so they know what it is!
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Latoya S on November 8, 2015 4:38 am
Yes, I’m working really hard to reverse this view so she doesn’t grow up with the conception that any time you purchase something, all you need to do is swipe. There’s way more to it than that!
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Jon Watney on November 13, 2015 3:42 am
Now when I think about it, I wished I saved a lot when I was young, I mean even cents and dollars count nowadays. Saving money is really important and I want my kids to learn that too, even at such a young age as this thing will benefit them a lot when they grow up. I’m not the kind of parent who buys them toys (I want my kids to play physically and actively) but I’m planning on buying them play money and coins just to teach them about money and saving up 🙂
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