Do you teach your kids about money?

Canada
February 12, 2009 2:12pm CST
Ok so my son is 6 right now and will soon be 7. We have been teaching his about money since he was a toddler...sure he didnt have any idea of what we were talking about, yet we would still talk to him about it. When he got money from someone or us we would encourage him to put half into his "collage fund" which is a big loonie bank that we have kept refilling since he was born. As he has gotten older and realizes that he could put the money in the bank and in his eyes "never see it again" or he could spend it he will sometimes choose to spend it all if he has his eye on something. However all our work from when he was little is paying off becuase he still choses on his own to put his money away and save it. What are your views on teching kids about money?
1 person likes this
4 responses
• United States
12 Feb 09
We always try to specify about money with our son, since he thinks that money just comes from the bank, apparently you just go to the bank and get money out...LOL, sure I wish!! but that is not always the case... so we have 2 small banks in his room and every time he gets money from someone be it change or dollars we put it in there and he says he is saving up for a tree house... so that is good for us that he is thinking of saving for something...LOL
• Canada
12 Feb 09
Thats is great and it also teaches him about setting goals as well as money, and then how great it will feel if he is able to accomplish his goal. i hope ge gets his tree house!!
@mammamuh (582)
• Sweden
18 Feb 09
I think it's important to teach them about money and the value of it. Now when times gets harder for many int's even more important. My children know that we can't afford everything since I'm not working, we can't go on long vacations and visit foreign countries far away since that would cost to much. Since they both attend soccer practice they'll have to pay some of the costs for it, the same goes for the middle child that goes hore back riding - she'll have to pay some of that too. Here in Sweden there is no cost going to school even at university - since all education here is free. When we're shoping and they want something (like new jeans) we check the prize and try to figure out how much food that would be - it's both a great way of practicing maths and learn the value of money.
• United States
12 Feb 09
I taught my daughter about money really early. While I was teaching her to wash dishes and do the laundry. Now at 14 I am sitting back proud of her. Your doing a great job with your son. Keep up the good work. My daughter feels now is the time to get her own acct. So off to do this we will be going.
• Australia
12 Feb 09
I bought my two boys piggie bank last year I told them to save their money and we are going to use the money to buy bikes. They did and we used the money to buy them bikes. I bought them new piggie banks and I told them half of what they will save will be deposited to the bank for their college funds and they can use the other half to buy toys. Now whenever I gave them monies they prefer to put it on their coin bank but the down side is when they see my purse they get all the loose change and put it on their savings without me knowing. but its still okay with me at least it will not use it to buy junk foods