Tag Archives: kids and money

4 Ways to Afford a Child’s Wants

Sometimes we really, really want something but are faced with the choice of either doing without it or racking up debt. I’m talking about something that is clearly a want and not a need. Our frugal selves may say to skip it altogether, but that isn’t completely fair, is it? For most families, the biggest want usually come down to something that we want to get for our kids. The joy of fulfilling a wish is very tempting, especially if that wish has existed for a long time. The excitement on a child’s face is something every parent wants to … Continue reading →

Benefits of Bartering

My 8-year-old cries poor like the Pentagon before commencing a $10 billion nuclear weapon upgrade. Granted, she doesn’t get a regular allowance, but with grandparents like these, she wants for very little. Actually, she wants a lot, but as the only granddaughter, she typically gets it all, which is why I don’t give her an allowance. This, of course, has led to many heated discussions on money, spending habits and budgeting.  However, thanks to a recently covered Social Studies unit on our country’s earliest settlers, we’ve added a new topic to our financial discussions:  bartering. Bartering is the exchange of … Continue reading →

The Difference Between Saving and Investing: An Important Distinction for Kids to Learn

You can save or you can invest. It is a distinction that many adults struggle with as a concept. How then can kids understand the difference, and why is it so important? Most kids who are introduced to the concepts of money tend to be conservative. They like to hoard as much of their money as they can and save up for things. That is a great phase that can be utilized by parents, caregivers and teachers to teach the value and the responsibility of money. Unfortunately, most kids do not get any instruction past those initial lessons. Many experts … Continue reading →

Should You Pay for Chores?

Parenting experts disagree vehemently on the issue of whether or not children should be paid for chores. Each side strongly believes that they are right, quoting studies and analysis that support their position. With such a polarized debate on the issue, what should parents think? How can they determine whether or not to pay their children for chores or to offer an allowance outright that requires no work conditions on the child’s part? Let us take a look at both sides of the issue. On the one hand, paying a child for chores rather than giving a free and clear … Continue reading →

How to Talk to Your Kids about the Economic Crisis

“How can I talk to my kids about the economic crisis?” It is a common question that most parents face today. As prices on consumable goods rise, from food and gas to the cable bill, and families feel themselves pinched, even the youngest children are starting to notice that things around them are changing. Neighbors and friends may be moving away, favorite stores and restaurants may be closing, and everyone seems to have to sacrifice something they enjoy just to get through this time. Parents should see this time in our history as a teaching moment, but the lessons should … Continue reading →

Money Week in Review October 21 – 27

In Money Discussions, Debbie mentions the importance of having both regular weekly conversations and a more serious semi-annual meeting about money. These quick discussions help keep you on task, but the formal meetings ensure you are taking time to adequately plan for long term goals. Debbie reminds us all how much fun and educational the game of Monopoly is for a family. For kids four and older, the game can be an entertaining way to teach some valuable financial lessons that go beyond just saving and spending. Remember it is important to not only teach our kids how to manage … Continue reading →

Monopoly

Have you ever found yourself quoting from a Monopoly game? “That was your get out of jail free card.” “Don’t pass go…” When was the last time you played, at the age of ten? Monopoly is a classic game and it teaches us all some valuable lessons in a fun and entertaining format. To be honest, I forgot all the opportunities that Monopoly presents until just recently. My mother-in-law bought the game as a present for my children and it became an instant family hit. After playing it a few times, I was shocked how quickly my kids learned some … Continue reading →

Privacy and Money

Have you ever noticed how many people will tell you intimate details about their love lives, but not about their bank accounts? There is a significant stigma about discussing money in your relationships. Is this good or not? In our culture, money often equates to power and prestige. People view discussions about money as bragging or whining – depending on the situation. Therefore, very few people broach the subject, even with close friends or family. While for many friendships, this is not a problem. In other relationships though, not discussing money can create a serious problem. The best example of … Continue reading →

An Allowance Chart and Buying Candy!

My three-year-old daughter took her twenty cents to the grocery store and insisted on buying candy. Twenty cents won’t buy much – in fact it won’t buy anything, and I really worked on getting her to wait another week until she had forty cents. But no, she was so excited to earn money that off we went to find some candy she could buy with her pennies. Teaching my daughter about money is going to be fun, – and also a challenge. She can be pretty strong willed. I’m lucky that she is also very funny and generous so her … Continue reading →

To Pay or Not to Pay – Allowances and Chores

Giving an allowance to a three-year-old child for chores done around the home gets some people riled up. Not everyone agrees with my decision to fork over twenty-five cents for help with cleaning the litter box. In fact, a while back there was a great blog post explaining the two schools of thought: 1. Pay for chores 2. No pay for chores Some parents strongly believe chores should be completed as part of family life, with no reward – and I used to think that way as well. Other parents use a combination approach where some chores are done as … Continue reading →