Teaching Kids Financial Responsiblity
What? You think money grows on trees?
Well, if it’s paper, then yes. Yes it does.
When I was younger, my father would ask me that question all the time. Since I knew he was serious, and the answer was going to lead to a no, regardless of what I was requesting, I always felt comfortable giving him an answer that he wasn’t looking for.
But, at a young age, my parents did their best to instill in me that money really did not grow on trees (despite what Wall Street says or does). So, I of course would like to do the same thing for my daugher.
In past the year and a half since I had her, I have stopped using my debit card (for most purchases), and only carried cash with me. I didn’t carry a lot of cash either. The most that I’ve carried was $20, and I was always expecting to bring back home change (which would go into a piggy bank for her savings).
If I didn’t have enough for something, I would say, “Mommy doesn’t have enough, so I have to put it back.” If something catches her eye in the store, I would check the price, and then decide if she can or cannot have it. This of course depends on what else I’m buying.
I think these days its hard to instill finiancial responsility in a child since a debit card is like cash. It’s much easier to pull out the card to pay for something, because we know we are not charging it, but we also know that our kids don’t know where that money comes from.
My husband and I rarely make rash decisions when purchasing something, and it usually takes us weeks (if not months), to finially agree to buy something.
So, I’m hoping that by using cash, checking prices, and keeping a physical piggy bank and dropping money in it, in her presence, my daughter will begin to see that money does not really grow on trees, and saving money is very important.
Are you teaching your children financial responsibility? If so, what are your methods?