By January 22, 2010 Read More →

A Money Conundrum With Children

NEW YORK - MAY 22:  Women look at prom dresses...
Image by Getty Images via Daylife

Do They Actually “Get” The Concept Of Money?

How do you effectively communicate the “value” of money to your kids. Sure we want to give them everything they need (and sometimes want); but how do you convey the value?

Right now, money is tighter for most everyone than it was several years ago. Personally, I am utilizing the discounts offered by my grocer and taking the nickel credit on each reusable bag I use. I walk more and make conscious efforts to combine errands to save on gas. Impulse purchases are essentially gone.

While the kids know there is a recession and spending habits have changed, several times it seems they are clueless. For instance, in one kid’s mind, a brand new dress purchased in late October for homecoming is no longer appropriate for a friend’s Sweet 16 and another $70 to $100 is “needed” to buy a new one.

Well, with gas approaching $3.00 a gallon, three sets of braces, and all the other expenses, no matter how much I want to afford the dress, $70 to $100 is not just sitting on the counter.

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4 Comments on "A Money Conundrum With Children"

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  1. mummyt says:

    I find being frank about a daily/weekly/monthly budget really helps.

    We’ve only actually managed to reach this nirvana through travel — we are on a year-round round the world trip, and in South-East Asia on a budget of $50 per day — but if they actually understand what you are spending, and what’s left to spare, then transparency really helps.

    He pointed out that we went over budget today, on a motorbike and driver to take us round temples in Angkor Wat, Cambodia.

    If I can apply this when I get home, we’ll be laughing, but then I’m terrible with money myself…

  2. reedely96 says:

    My boys (now 7 & 10) broke the connector on the tv which brings up the picture from the Wii onto the tv screen. They immediately came into me and told me the tv broke and we needed a new one. I asked them why they were coming to me since I was not the one that broke the tv, I don’t see why I should be the one to replace it. From that point, we (mostly they) started to sell their stuff – we sold buckets of their old books on craigs list, the toys they no longer wanted on ebay, etc. I took over a year, but they just purchased a new 48″ tv. I must say, they have a better idea now of money and they can’t wait for their next garage sale this spring.

  3. reedely96 says:

    Also, you may want to see if there is one of those places in your area that takes donations of formal wear (like prom dresses, etc) and try them or the thrift shop – sometimes a simple hem from gown to tea length or shorter is all a dress needs to freshen it up.

    Good luck

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