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  1. #1
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    Teaching Children About Money

    What age do you think a child should be taught about spending money wisely? Do you think it's a wise idea to show children where the Parents' income goes?
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  2. #2
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    Re: Teaching Children About Money

    As soon as they understand the concept of money. I think I failed in that department.
    The brain is a wonderful organ; it starts working the moment you get up in the morning, and does not stop until you get to the office. (Robert Frost)

  3. #3
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    Apr 2009
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    Re: Teaching Children About Money

    I discussed the importance of spending money wisely and saving money to my children when they reached the age of 7 . I think it is a wise idea to talk to them about how hard we work to earn money ( in an informative and definitely not in a depressing kind of approach ) so that they will learn to value and give more importance to the clothes that they wear, the food on the table , their toys and all the other stuffs we provide for them. I think it will teach them also to be more caring and responsible with their stuffs and also be thankful for having all the things that they need.
    " Begin with the ending in mind ~ Stephen Covey "

  4. #4
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    Oct 2009
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    Re: Teaching Children About Money

    i agree with TKD ..
    lets kid to decide when he\she wants to know the importance of money...
    otherwise just enjoy the life.

  5. #5
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    Re: Teaching Children About Money

    7 seems a reasonable age. Mind you, I passed that lesson and it seems my gf skipped that class.
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  6. #6
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    Oct 2009
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    Re: Teaching Children About Money

    I think children should know about the money & value of money.. From that a child can know how to spend, how much spend & where to spend the money..!!

  7. #7
    Join Date
    Jan 2011
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    64

    Re: Teaching Children About Money

    As soon as children want to work, so to earn a little money. By that way they quickly learn the value of money is by hard work alone.

    Case in point, and I know Floxx won't mind, but in contrition for getting tipsy, she paid me back the price of a bottle of expensiv brandy. Now... I was amazed. Humbled, too. Okay I know I went batty at her and her friend larking about singing into hair brushes before conking out on the sofa. And next day Flox nursing a mother and a father of a hangover. But, she paid me back - worked to get that money. And I am very proud of her.

    Mostly, teenagers quickly become au fait about money when they want something. They see a product. It's product first, price, second. I always say "If you want it, then I will buy it for you. But you pay me back." Which Flox always does.

    The exception of course, are birthdays and Christmas. For that is when I indulge her. As we do our lovely children.

  8. #8
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    Nov 2010
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    Re: Teaching Children About Money

    Children can learn very early. Basically they see their piggy banks fill up and then when they want something and they have to pay for it they catch on very quickly about the difference between money coming in and money going out.

    IMHO I think that they should be given opportunities to earn some spending money vs. just being handed money whenever. It seems as though kids today are used to getting what they want and when they want it with little regard as to what it takes to earn it.

  9. #9
    Join Date
    Aug 2012
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    4

    Re: Teaching Children About Money

    Recently had this discussion with some other parents. The #1 problem seems to be that kids don't see cash. Most assume that all you have to do is swipe a card, debit or credit and you can have the things you want. I have 3 and all of them are pretty good about saving their cash, but expecting me to swipe my cards for what they want. 1/2 way there maybe?

  10. #10
    Join Date
    Jul 2004
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    Re: Teaching Children About Money

    I'm getting my daughter to open up separate and highly inaccessible bank account at another bank away from her main bank and bank account.

    I'll then have her have the inaccessible account automatically withdraw x% of her income/month on a set day. Once she gets accustomed to the withdrawl she can work around it without too much trouble or compromise.

    The advantage of a system like this is you save money and you don't even know it's happening. I managed to pay off close to $16,000 debt with this method and it's the only thing that helped me even the books.
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