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Kids and Money

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by , 12-28-2008 at 09:55 PM (1192 Views)
This has to be one of the most frustrating things to teach.

Money Management.

I have 1 child who "gets it", she is reluctant to part with her money, and you can be positive she always has money.

I have 2 if they have it they gotta spend it.

the littlest, well, the verdict isn't in yet, but it appears she is starting to "get" it.

I'm not sure why one does get it, no she's not the eldest, and the other 2 have no idea.

She'd gotten a GC from lululemon almost a year ago, she waited for boxing day sales... no such thing as a sale there...ugh. So we discussed it. A hoodie was $98 we found something for the $50, but not her size, nothing was, but she looked at it and said, mom let's go.

After we left Lululemon, we went to another store, where she also had $50 gc. She bought 1 hoodie, 2 yoga pants and 1 yoga jacket for $58, I spotted her the $8 she'll do my baking this weekend for me to pay me back. And she's only 11.

Once home we considered finding some one who would buy it from her. Dh suggested that we give it to her cousin instead, and give the gc we'd gotten for her to dd. THis worked out well. Neice has very expensive tastes, and will love it, the gc we'd gotten her was for a mall, so dd can go get from any store in there. Sooo much better. She'll scrounge through the clearance sections..lol.

DD9 and DS14 just blow their money. I kept dd9 under control this trip, reminding her that she really wanted to save for a more expensive item. And she mellowed out and stuck to the balances on her gc not using her gift cash.

DS14, well, if I don't get him to a store, he'll just spend it on junk food at schoole I don't get him at all. He wants an ipod touch... $200 item!! WHY? I have no idea. He begged for a shuffle for his b'day. He got one. less than 6 mo later and after JUST receiving some accessories on Christams he's chomping at the bit for bigger and better. And it's ALWAYS that way. It's so completely frustrating!

I had a talk with him, that if that continues into adulthood, he's going to have huge money issues. As there will ALWAYS be a bigger and better tv, computer, house, car, etc It's how it is. We can't always upgrade. We have to learn to appreciate what we have and use it until it needs replacing, then upgrade. Or he'll have so many bills he'll crash nd burn and have to learn the hard way. I don't want that for them. but I can't hold their hand when they are adults, they have to learn. The only reason he got the Shuffle was his old mp3 was erasing memory frequently, he'd had it 3 years and took good care if, just wore out. This is ok by us to upgrade some that time. But not because there's a newer version out there. DD9 just wants whatever some one else has. Grandparents got dd11 a littel kodak digital cam. Now of course dd9 wants one, and is in tears about it. I have an old one that I told her I'd teach her to use, it's a better quality one than anything she could and when in grade 6 if she joins the photography club we'll consider it then. but she's still chomping at the bit. But we'll keep reminding her. She's NINE~

The little one today when shopping she'd ask how much it was, if she got it how much would she have left, then often she'd tell me it was too much. She had $90 at wal-mart in gc. spent only $35 and was ready to go home! This is EXCELLENT! She wants to save the rest for a special game when we find one. She's 5yo. This shows alot of potential!

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Kids and Frugality

Comments

  1. Momto2Boyz's Avatar
    Isn't it funny how kids who grow up in the same house can be so different with money? I look at my siblings and DH's siblings and we are all totally different! DH is frugal, while both his sisters believe that what you can buy is what adds value to your life. My brother thinks that money is a status symbol.

    Good job trying to teach them the value of a dollar. I'm sure you'll do a great job with them by the time they are out on their own! Just keep setting a good example for them!
  2. MyMelody's Avatar
    My very youngest brother and I are the savers in my family. My middle brother has always been more spendy! I wonder if a modified version of the envelope system might work with your kiddos who run through money more quickly? It's a very concrete way of teaching the concept of money management, and the consequences of his actions would apply to his immediate future versus adulthood (lots of kids have a hard time wrapping their minds around next week, much less the next decade!). Good luck and keep up the good fight!