Some parents feel like they must give their children whatever they want, despite the cost. They feel that if they say “no” to their kids, their children will feel unloved or neglected. This is simply not the case. Kids just want to be loved. They don’t need all the fancy gizmos and gadgets. They might think they do sometimes, but deep down they just want their parents to spend quality time with them and they want to feel accepted by them.
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kids and money
Sesame Street has a website that parents and educators can use to teach kids about money, making choices, and more. Children learn about money by observing their parents and by following their example. As a parent or educator you can guide your children’s understanding with easy activities about making choices, determining what is valuable, sharing, spending, saving, etc. As a result of this education, your kids will grow up to make good financial decisions. The process of learning should be fun and at their level. Check out this link for ideas and activities: http://www.sesamestreet.org/parents/save
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There are times when it makes sense for parents (who can afford it) to lend money to their adult children to help with post secondary education, a down payment on a home, etc. However, this isn’t always the best idea and it’s important to really discuss things thoroughly before making a decision.
Every parent wants to be able to help their children, no matter what their age, however, at a certain point it is important for children to become financially independent. If parents continuously bail their kids out when they overspend, they are not helping their children at all. Why? Because their kids need to learn that there are consequences for being irresponsible with their money. Kids will never learn this if Mommy and Daddy always foot the bill when they make a mistake.
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Although I am not yet a parent, I have played a role in teaching my friend’s child that he can’t have everything he wants. Although parents want to give good things to their children, there are times when they have to say no. It is not only beneficial in terms of staying within a budget, but it is also healthy for children to learn that they are not entitled to everything that they want. After all, the world does not revolve around them.
Several years ago my friend and I went shopping at Safeway and she brought her then 2 year old son. To my surprise, as we went to the check out to pay for our purchases, her little son began screaming at the top of his lungs “my doo doo, my doo doo!” I had no idea what he wanted at first, but my friend soon filled me in. Apparently every time she went shopping at Safeway, her son demanded her to buy him a small toy car that was visible from the check out counter and she gave in every time in order to avoid a tantrum.
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There are a lot of great resources online that will help you teach your children about money, whether you are a parent or a teacher. One website that is a one-stop shop is MoneyInstructor.com. The website contains all kinds of lesson plans, worksheets, and activities designed to teach kids about finance and other basic subjects. Most of the lesson plans are geared towards elementary school aged children.
You will find worksheets that teach basic math skills, how to count money, how to tell time, how to read a calendar, and a whole lot more. There are also activities that teach kids about bank accounts, different types of investments, and so on.
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All too often, kids end up having to learn from their own mistakes about how to handle money, because nobody formally teaches them how to handle it . Sure, they can observe their parents’ behavior towards money but it seems to be a rare occurrence for parents to actually sit down with their kids and teach them about proper money management. As a result, many young adults just starting out on their own end up with overwhelming credit card debt or simply get behind in paying their bills as they haven’t yet learned how to handle the expenses that were once all taken care of by their parents.
In order to prevent your own kids from feeling lost when they first set out on their own, start to teach them when they are young. According to Jeff D. Opdyke’s article “The 15 Money Rules Kids Should Learn”, there are a lot of things parents can teach their kids at a young age.
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Money Money Money: Where It Comes From, How To Save It, Spend It, And Make It by Eve Drobot
I often come across books about money in our public library’s online catalogue, and I don’t always pay close attention to what I request. As long as it’s something to do with saving or investing money, I think it might be worth my time to read. Imagine my surprise when I took my first glimpse at Money Money Money
Well, I was proved wrong in judging this book by its cover. Money Money Money is a fantastic children’s book. I had no idea that anyone had written such a thorough account of money for children. It’s full of interesting facts about money, including its history, how its made, and its future. I can safely say that I absolutely enjoyed reading it and I bet many other adults would enjoy it as well.
It’s full of illustrations and graphics showing all different types of currencies. There’s a picture of the oldest paper currency ever used as well as the first coins ever made. Near the beginning, the author suggests that her readers set up a system of 3 jars for their savings. One jar should be for short term spending such as candy and watching movies, the second jar should be for saving for a bigger purchase such as a video game, and the third jar should be used for saving money to give away to others.
I think every parent should teach their children about money so they have a healthy understanding of how to manage their money when they are on their own. I highly recommend that you read this book to your children or grandchildren. I can guarantee that you won’t be bored. In fact, you may even appreciate it more than your kids. This book will instill into your kids a better understanding of what money is and where it came from, as well as the importance of saving and spending wisely.
To give you an idea of some of the interesting facts found in this book, here are some tidbits:
Did You Know?
*The Canadian one-dollar coin, referred to as the “loonie” was initially supposed to show a French explorer and a Native guide paddling a canoe. En route to the Mint, they were somehow lost. The government was afraid of possible fraudulent activity so rather than continuing to use the same design, they decided to use a diving bird called the loon. Hence, the one-dollar coin is called a “loonie”.
*The Chinese were the first to use paper money and they started using it as far back as 2000 years ago.
*Chinese coins used to have a hole in the middle so they could be tied onto a string. A bundle of one hundred coins on a string was referred to as one cash.
*Canadians refused to accept a $1 bill printed in 1954 because part of Queen Elizabeth II’s hair around her ear appeared to look like the devil.
