04-19-2013, 06:46 PM
Join Date: Aug 2007
Re: Best resources for teaching money skills
Well, we talk about spending and making good choices with our money as we go along. I talk about things like buying in bulk and whether it's a better use of money (will it spoil before we can use it all? Is it really a better price?) as I shop with my kids. We talk about conserving some things (like electricity, etc) so that we will have money to spend on other things.
We also talk about what will last longer. Is it better to spend $5 on a dessert now or spend it on a hotwheels car that you can play with pretty much forever? Which leads to the next question, how many hotwheels can one kid really play with? I am famous for saying things like, "We have wonderful water at home. We don't need to spend $2 on a bottle when we can get it out of our own fridge."
We give allowances starting around age 5. We encourage making goals and saving for things.
DS1 and I just got back from a class trip to DC. They gave the kids $15 in cash for meals. DS1 immediately figured out that if he chose a smaller meal or got water instead of soda, he could get a dessert. They were told they could only spend it on food, so he gave up his idea of pooling all of his leftover money to get souvenirs.
Once he hits middle school, I am giving him a budget for school clothes and will guide him through the process of figuring what he needs and how to get it. I expect him to do this on his own by high school age.
Oh, they also have "Santa Shop" at his school starting in K. It's a great way for him to figure out how to spend money and make sure everyone on his list gets a fair shake.
Melissa-Wife, mother to DS 4/02 and DD 4/07, DS 7/08
ISO: my lost shaker of salt