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Teaching Kids about Money

December 31, 2007 | By Kristen | In Chaos of Life, Tips & Advice 

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My husband and I had a “disagreement” today, doesn’t happen often, but today we both had very strong feelings on the subject of the kids and their money. Yes, the money each child has earned or saved from gifts.

It started when I had to run to the store to pick up formula and diapers for the baby. The kids asked to come and if they could buy something with their money.  I replied that I was not out “shopping” but if there was something they wanted and they had enough of their own money they could get it. 

Well, Drew in his typical fashion couldn’t find his wallet so that led to a melt down when I would not “spot” him money and he would pay me back. So only Taylor came with me and cruised the after Christmas sale aisles.

She found a toy that was $17.00 on sale and she had $20.00 so she wanted to buy this since she didn’t get any “toys” for Christmas. I admit, we didn’t really give her much of what I consider toys because she is at the in-between age of things being too young for her or what I consider inappropriate.

Well the disagreement started when we came home and my husband gave me the evil eye followed by some negative comments whispered under his breath.  I can understand his point, it’s only one week after Christmas, did she really need something new? Right, got it.

BUT it was her money that she has worked hard to save and had chosen NOT to spend for the last three months while her brother has spent his money here and there on various trinkets and toys and she kept making the choice to save hers.

AND she was the one who at only eight years old helped me the most get ready for hosting Christmas Eve and Christmas Day. This means she did more then my husband did to help me (he cleaned 2 bathrooms so it’s not like he did nothing) but she was a super helper doing chores that I never asked her and helping with her younger siblings while I did my chores.

Sooo yes, I let her spend her money on something she wanted. She considered each toy carefully and calculated her money and didn’t just pick up the first thing and want to buy it just to buy it.

Every night on the news you hear about Americans and credit card trouble or not learning how to deal with money.  Then I remembered recently when I was out with a girlfriend and she told her daughter she didn’t have enough cash to buy something her 6 year old daughters response to her mom was “put it on the plastic!”.

This also brings up the valid point someone once stated in a conversation on public school curriculum.  Schools focus on various math techniques that we know are “important” (but really, when will you use that in every day life) but fail to stress the importance of actual accounting or money managment skills that could prove useful for life. You may argue that kids learn this at home and don’t need it at school, but then the model of teaching sex ed at school blows that theory out of the water.

Then I remembered this website that I found called Independent Means and it has resources to teach kids about how to be financially responsible starting as early as 5 years old.  In their own words this website states:

The IMI Vision: To help raise a new generation with skills that ensure financial self-reliance and well being, and values that support lives of purpose and passion.

Mission Statement: Independent Means strives to be the ultimate source of financial education and information.

The IMI Principles:

  • Financial competence is at the heart of true independence and self-reliance.

  • Financial education is economic self defense. An ability to make sound decisions throughout life requires basic skills and financial wisdom acquired through practice and experience.

  • Financial education is about character and values, not just the money. Mindful self-management of desires and values is essential to the stewardship of social, family, and capital assets.

  • Financial fluency begins in childhood and is a lifelong process, acquired through the iterative learning of the Ten Basic Money Skills

So use this resource and take a moment to check it out. It even has kids camps, maybe the kids will get more from camp then just a sunburn!

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