Although finances are often tight for any family, even those with dual incomes or both mom and dad in the home, for the single parent, budgets can be challenging. For some reason, children think parents are made out of money, you know, that “money grows on trees” – wouldn’t that be nice! It is important that you teach your child about money, helping him or her grow up with an appreciation for where money comes from, how it is spent, and budgeting. Single parents especially have issues in that the child simply does not understand the one-income household.
“I only need $10.00”, “Come on mom, can I PLEASE have some money”, “If you want, you can keep my allowance for the next month”. If these comments sound familiar, you can be assured you are not alone. According to some of the country’s leading child psychologists, a child should start learning about the value of money as early as three years of age. In fact, studies show that the sooner you instill money values the quicker the child will learn and the information will move on into adulthood.
If you want to teach your child about money, the best way is to set a positive example. For instance, if your child sees that you never shop clearance or buy generic, he or she will begin to think that only full price and name brands are allowed. You could also use coupons, dine at restaurants with children discounts, and purchase things at your local dollar store. You would be amazed at just how much your child is paying attention.
I remember when my kids were in high school. Although it wasn’t as bad for my son, my daughter always felt she had to have the top name brands to compete with other kids. Well, being a single parent she knew that this was not always possible. However, I was able to locate a number of stores, which included thrift stores and consignment stores, as well as department and retail where I could find a great sale. In fact, this was when I became a huge eBayer, finding top brands for a fraction of the cost.
Today, my daughter is 22 and she now shops as I did. She does wear nice clothes and her home is adorable. However, she learned the value of a dollar from a very young age by watching my own spending habits. I also helped my children open a bank account, taught them about handling the account, and showed them the dangers of using credit cards. With your child, you can make learning fun by creating a play store, allowing your child to use pennies or phony money to buy things.