How do you teach your children the value of money?

@Madona1 (2098)
Gibraltar
May 15, 2007 2:17pm CST
Young children thought parents can pay everything by credit cards and they can get what they want. How do you teach your children the value of money?
2 people like this
7 responses
• United States
16 May 07
Mommy Bank. I provide everything my son needs and also some fun things, but if there's something particular he wants, he earns the money and gets points stored in "Mom Bank". When he has enough, I bought this play checkbook that he can use to withdraw money (from me) and pay for his toy. He loves the fact that I let him hand the money to the clerk and pick up his bag by himself.
@Madona1 (2098)
• Gibraltar
16 May 07
Sounds great.
@KissThis (3006)
• United States
15 May 07
My children are given an allowance based on how they do their school work. This is what I consider their jobs to be. I pay for all of their basics anything more then that they must pay for themselves or they have to learn. When we go to the store if they want a toy or something they must use their own money to purchase it. If they don't have enough money to purchase what they want I tell them they must save up for it. Its important that they learn to only spend they money they have.
@Madona1 (2098)
• Gibraltar
16 May 07
Good way to teach the children!
@mrbranan (1012)
• United States
15 May 07
From a very young age I have given my children money for chores. They know when it is gone that is it. They don't run out and buy things they don't need becouse they had to work for it and knows how fast it can go.
@Madona1 (2098)
• Gibraltar
16 May 07
Good job.
• Philippines
15 May 07
we never thought about that to our parents...we always value every centavo given by our parents because we have seen how hard their works are...it is just a matter of how you upbring your child, if you upbring them the way like a princess, so they'll give it back to you
@Madona1 (2098)
• Gibraltar
15 May 07
What you said is very sensible!
• New Zealand
15 May 07
I expalin my son where i go when he gets up early in the morning ..and when he comes back from school and he can't see his mom ..where she is gone ? I told him we have to pay money for whatevr thing we buy. But i give this information in timely manner and i make sure they don't think to much about this .. I don't want them to get scared of this thing ..but at the same time i want them to know how society works
@Madona1 (2098)
• Gibraltar
15 May 07
Thanks for sharing the view.
• United States
15 May 07
If they want something really badly, you could tell them they have to pay for it themselves. Then you could give them chores to do and pay them. If they are a bit older they could sell lemonade
@Madona1 (2098)
• Gibraltar
15 May 07
Thanks for sharing the view.
@kamalila (193)
• United States
15 May 07
The best I can tell you is to have them learn hands-on. Pay them to do tasks. Not necessarily their normal chores, but other things. And it doesn't have to be much. My oldest occassionally watches my youngest. I pay her for that. My middle kid helps me in the vegetable garden. I pay her a little for that. On top of that, take them with you when you shop. If they want something in particular, they have to pay for it themselves. If they don't have enough, tell them they will have to make more money and save enough for it. Also, I let my kids know how much it costs to use the credit card and that it isn't free (or cheap). I put it in context of how much mommy and daddy earn.
@Madona1 (2098)
• Gibraltar
15 May 07
Very good points!