Money Lessons For Your Child

**MomToTwoBoys** · 10-23-2008, 01:06 AM

I watched a bit of the start of today's Oprah, which is mentioned on her website:

http://www.oprah.com/dated/oprahshow...0081022_frugal

She had Suze Orman on again and this time, it was families teaching their children about the value of money. I only caught the first fifteen minutes before Suze came out, but I think that the family she had spotlighted was a good example of how families of even the higher end of the income spectrum have had to change their ways and show their children the benefits of knowing where the money goes.

Anyone else see this? Do you teach your children about frugality? Do you have children who don't quite understand where "the money goes"?

**kittykatstrong** · 10-23-2008, 01:41 AM

I worry about teaching my kids about money. I dont want to screw it up, you know.

But my DD4 in line will ask me do you have your coupons, make sure you have them. So funny.

**elphie** · 10-23-2008, 09:24 AM

I have been teaching my kids about money and frugality through their allowance (which has rules about how it must be divided among savings, offerings, needs, and wants) and simply by saying no.

However, I have been contemplating lately involving them in the family budget; letting them see how much money we have coming in and going out and that there is a finite amount left over for extras. We have discussions already about making choices and prioritizing they know that a trip to McDonald's would mean giving up a trip to video store because they are both extras and we can't afford both. But I think they may need it concretely to truly understand and I want them to truly know how much things cost. My ds has glimpsed dh's paycheck and said, "I thought you said we didn't have enough money to ___________. " I think he needs to know what it really costs to live in our house, eat, have electricity, and put gas in the car to see why that paycheck isn't as much as he thinks it is. I wish I'd understood that when I was first starting out... I'd have a lot more saved now.

I watched the beginning of the show (have it recorded and will watch more later)and was happy to see parents reevaluting and learning to teach their kids to be more responsible. I truly believe that this crisis has a silver lining and that although some people are really hurting (including us, dh is a carpenter and NO ONE is building right now) ultimately we will prevail and be better for it if we (as a society) choose to view this as the wake up call it is. I know everyone won't get it but some will and it was comforting to see families getting it.