Dear Julie,
My children think money grows on trees. How do I teach them the value of the dollar? They want everything. Need some advice as my bank account doesn't allow for much fun anymore.
~A Hot Mama Who is Almost Bankrupt
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Dear Almost Bankrupt Hot Mama,
Teaching children the value of the mighty dollar is something that is very much needed in our every day lives. Giving them a heads up now will help them when they become adults and have to start paying bills on their own.
There are quite a few ways you can show them, especially if they are tweens or teens.
Good luck, hot mama!
Got a question?
Email her at julie@makemeahotmama.com
My children think money grows on trees. How do I teach them the value of the dollar? They want everything. Need some advice as my bank account doesn't allow for much fun anymore.
~A Hot Mama Who is Almost Bankrupt
-----------------------
Dear Almost Bankrupt Hot Mama,
Teaching children the value of the mighty dollar is something that is very much needed in our every day lives. Giving them a heads up now will help them when they become adults and have to start paying bills on their own.
There are quite a few ways you can show them, especially if they are tweens or teens.
- Give them a chore list. Some of the chores you can maybe pay a small award for having them do them. Others need to remain free so they know they have to do them no matter what. Now here is where you can throw a twist into the boring chore chart.
If you ask them to say take out the trash and they would earn a quarter for doing it. Well, your child didn't get it done and you know the trash company is coming within the hour. So, you break down and take it out. Well since you completed the chore, your child now owes you the quarter.
Your child will quickly learn responsibility and how to do what is asked. Great things to learn before entering the workforce some day.
- Have them start their own business. It doesn't have to be elaborate. It can be something as simple as a lemonade stand. Let me them think of the business. They will need to either borrow a loan from you to get the supplies they need or spend their own money. Have them figure out their advertising, like making their own posters. Have them figure out when would be the best time to operate their business. At the end of the day help them figure out if they made a profit or not after all the expenses and loans are paid back.
- It is OK to say No. Taking your children shopping with you can be a challenge. I want this and I want that. A solution is this. Tell them how much money you have to spend that day on say, groceries. Give them a calculator and have them keep track of everything you are putting into the cart. If they are really good at math then have then calculate in their head. It is amazing how they catch on how much groceries cost.
- Have them open a savings account. My thoughts with my boys were if they received money - half would go into a savings account and half they could spend how they wanted. The savings account money is only to be used for something very special. I have a 12 year old that is saving up for a car someday.
Teaching kids the value of the dollar is very tricky. If you think outside of the box and remember to be strong your children will walk away with learning how to manage their money before they become adults and get in over their heads with credit card debt.
Have your children ask themselves this - Do I really need this or should I save my money so I can get something bigger and better instead?
Good luck, hot mama!
Email her at julie@makemeahotmama.com
