Money Matters, Teach Your Kids Early

This is the thing. Times are tighter than they ever have been for many families and it looks as if that is going to be the new reality for many for some time to come. Still, talking about money is something we all hate to do. It seems as if it is one of  the last taboos. Where are kids going to learn if we, as parents, don’t get comfortable with talking about it?

 First when do you start? Maybe as early as when they are first going into the store with you and they say “I want”. It starts with the gumball machine or perhaps at the check out counter where supermarkets stash all the candy at kids’eye level. It’s a plot to catch us at the end of running the gauntlet,when we are tired of shopping and our kids have used up the last of their “good”. Still , we have to say no, we don’t need to tell them we can’t afford it, we need only remind them we already bought a treat and we don;t need to buy this other thing now.

 Honesty is the best policy. We don’t need to sit the kids down after they get home from kindergarten and pull out the family financiall spreadsheet or the stack of bills. We do need to let them know we go away each day to work and we get paid money to work at doing  our job. In turn we use that money to buy the goods and services we need first and then we get to have some of the things we want afterwards if there is money left to buy those things. They will ask questions. help them understand. Small children have no idea it costs money to have a home, they don’t know it costs money to have the lights on in their bedroom or to watch TV, or use the computer. It’s OK to tell them. They need to know.

Let them know that everyone in the family needs to contribute in some way. If they don’t help out making money then they can do chores. Kids can help out making money and can start earning some of the things they want. I don’t mean you, as their parents, should pay them. that is not bringing money in. That is redistributing it. Kids can, rake leaves for neighbors, pet sit,  water a garden and weed for a neighbor, go shopping with an elder and help carry bundles, find cans and recycle them, babysit, have a paper route, do errands for a senior, walk dogs, and the list goes on. Work like this builds community, self esteem and character. Work like this helps them learn to earn and gives them the money they need to get the things they want. This is good sense and good commernce. It is a life lesson that will stand them in good stead and teach responsibility and give them  a sense of accomplishment.