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Teaching kids about money management

sillyviolet

By sillyviolet
in Money Management

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The last post in this topic was posted 5857 days ago. 

 

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smart1n

smart1n

Posted
Posted

My DS has got to be the cheapest kid I have ever met. (I love him dearly but I have to be real). If you watch the show "Everybody hates Chris", the father in the show is his role model (from a frugal perspective). He even calls himself cheap and is proud of it. (Is there such a thing as Cheap Pride?)

 

I am not sure how he got to be so cheap or maybe he was born cheap (is frugality a genetic gene). While I won't have to worry about him having money.. I now have to make sure he lives a little.

 

Case in point, I asked him what he would do if he won 20 million dollars. He said he would live in the same apartment that we are in now and he didn't see a need to change. He also would have his mom (me) continue to work 2 jobs as I do now. I told him if that ever happened and he didn't give me a cut I'd disown him :rofl: , I am guessing (hoping) that he didn't understand the monetary value when I asked him this question a few years ago (He is 17 now)

 

So unfortunately I can't help you there. He does watch me when I am plugging items into my spreadsheet, paying bills, etc and waiting until movies are under $10.00 at the stores, going to the first show at the movies only.. so I guess I have influenced him in some ways. I am also a business before pleasure type of individual... but I can't take full credit for his level of frugality.

 

So if you see the kid on the corner picking up the pennies etc off the street.. no he is not a beggar.. that's my boy. I have started discussion with him about stocks etc.., credit.. but this has been casual to this point.

 

I think it depends on the age level.

jtoast

jtoast

Posted
Posted (edited)

My son is an AU on my AMEX green card. I capped his spending at $300 and gave him website access so he can see his own purchases and pay his own bills. The first couple of months were a learning period but after the initial "its not really money" spending spree that took his entire part time job paycheck on payday, he's calmed down and done pretty well.

Edited by jtoast
sillyviolet

sillyviolet

Posted
  • Author
Posted
My son is an AU on my AMEX green card. I capped his spending at $300 and gave him website access so he can see his own purchases and pay his own bills. The first couple of months were a learning period but after the initial "its not really money" spending spree that took his entire part time job paycheck on payday, he's calmed down and done pretty well.

I don't have an AMEX card yet, but I will have to remember that for when my kids are older. It is kind of cool that you can do that. Thanks for the idea.

  • 3 weeks later...
stuben

stuben

Posted
Posted

My wife and I find ourselves in a similar situation with our DD's (ages 1 and 3).

 

The 1 year old is too young, but for the 3 year old we have introduced the concept of doing "chores" around the house in return for a little spending money at the end of the week ( a few dollars).

 

So far the tantrums have been less severe when she flips out because we don't buy her something she sees in a store. We ask her if she has enough money for it (of course she doesn't know) and then we count the money in her purse and tell her how many more days it will be before she can afford the toy. We also tell her that if she still wants the toy then, then she can buy it with her own money.

 

It doesn't work everytime, but it is better than just saying "NO" and then not being to anwer the ensuing "Why,why, why" questions.

  • 2 months later...
GEORGE

GEORGE

Posted
Posted

I TOUGHT MY KIDS TO TO NOT FEAR CREDIT CARDS

 

They had "AU" cards right after they got their driver's license

 

FEAR THE SNAKE OIL

 

FEAR THE SNAKE OIL SALESMAN

powers64

powers64

Posted
Posted (edited)

Kids under the age of 5 or 6 can't understand money and what things cost. It is too abstract for them, but it is important that they learn to delay gratification by age of 3 or 4 (see the famous marshmallow test here it is on youtube )

 

 

I think it is good to create a "budget" for them that is a list of the things they can "buy". Lots of little things like "1 snack at the grocery store" "1 DVD" etc. Then print out a picture of each item and laminate it. Keep it super simple. "one of these" "two of those"

 

If you have flexibility in your budget, you can let them trade any of their items, so if they come across something in the store that isn't on their budget, they can trade it for something that is. It helps them learn to make decisions and to think about trade-offs in an age-appropriate way. It also gives them control within set boundaries..sort of the same as letting them decide how to dress themselves etc.

Edited by powers64
Daddy

Daddy

Posted
Posted (edited)

Have you guys even seen financial peace jr??? it's just about teaching kids to learn how to earn money, save money, spend responsibly, and give to others in need. if this sounds like child abuse to you, i feel sorry for you. I guess he should add the credit card component to the program.

 

Pathetic!

Edited by Daddy
LBCS

LBCS

Posted
Posted
Have you guys even seen financial peace jr??? it's just about teaching kids to learn how to earn money, save money, spend responsibly, and give to others in need. if this sounds like child abuse to you, i feel sorry for you. I guess he should add the credit card component to the program.

 

Pathetic!

 

I saw this much and it confirmed my worst fears. I would never wish any well wisher of mine near DR garbage, let alone small children with their malleable minds.

 

LINK

 

"My two sons and I were at a store that offered us a credit card to save 10%. My 7-year-old looked at the cashier and said, 'Credit cards are evil.' I know that credit cards are amoral; however, it was so precious, I just agreed with him. My 7- and 5-year-old boys have been on Financial Peace Jr. for a couple of months now. Thanks for changing our family tree."

- Kerry in KY

hegemony

hegemony

Posted
Posted
Have you guys even seen financial peace jr??? it's just about teaching kids to learn how to earn money, save money, spend responsibly, and give to others in need. if this sounds like child abuse to you, i feel sorry for you. I guess he should add the credit card component to the program.

 

Pathetic!

 

I saw this much and it confirmed my worst fears. I would never wish any well wisher of mine near DR garbage, let alone small children with their malleable minds.

 

LINK

 

"My two sons and I were at a store that offered us a credit card to save 10%. My 7-year-old looked at the cashier and said, 'Credit cards are evil.' I know that credit cards are amoral; however, it was so precious, I just agreed with him. My 7- and 5-year-old boys have been on Financial Peace Jr. for a couple of months now. Thanks for changing our family tree."

- Kerry in KY

 

 

YOU WILL BE ASSIMILATED!!!!

 

the one-size fits all fishnet ramsey stockings suck.

Daddy

Daddy

Posted
Posted
Have you guys even seen financial peace jr??? it's just about teaching kids to learn how to earn money, save money, spend responsibly, and give to others in need. if this sounds like child abuse to you, i feel sorry for you. I guess he should add the credit card component to the program.

 

Pathetic!

 

I saw this much and it confirmed my worst fears. I would never wish any well wisher of mine near DR garbage, let alone small children with their malleable minds.

 

LINK

 

"My two sons and I were at a store that offered us a credit card to save 10%. My 7-year-old looked at the cashier and said, 'Credit cards are evil.' I know that credit cards are amoral; however, it was so precious, I just agreed with him. My 7- and 5-year-old boys have been on Financial Peace Jr. for a couple of months now. Thanks for changing our family tree."

- Kerry in KY

 

Guess you purposely left off these 2:

"My 10-year-old son has learned that when Mom says, 'It's not in the budget,' it isn't going to happen. He used to expect a new toy from every trip to the store because he usually got one. Now he's on Financial Peace Jr. and saving for a car. He's 10! Saving for a car. What a kid."

- Dawn in MI

 

"Our 9-year-old got Financial Peace Jr. for Christmas, and she was so excited to have her own Dave stuff. She knows how to calculate 10% for her giving envelope. She saved to buy herself a Nintendo ... and offered to do extra chores to earn the money faster. Each week she would update her totals and reached her goal 3 months earlier than originally planned. It's contagious."

- Rhonda in Baton Rouge

athensgaguy

athensgaguy

Posted
Posted
Have you guys even seen financial peace jr??? it's just about teaching kids to learn how to earn money, save money, spend responsibly, and give to others in need. if this sounds like child abuse to you, i feel sorry for you. I guess he should add the credit card component to the program.

 

Pathetic!

 

I saw this much and it confirmed my worst fears. I would never wish any well wisher of mine near DR garbage, let alone small children with their malleable minds.

 

LINK

 

"My two sons and I were at a store that offered us a credit card to save 10%. My 7-year-old looked at the cashier and said, 'Credit cards are evil.' I know that credit cards are amoral; however, it was so precious, I just agreed with him. My 7- and 5-year-old boys have been on Financial Peace Jr. for a couple of months now. Thanks for changing our family tree."

- Kerry in KY

 

Guess you purposely left off these 2:

"My 10-year-old son has learned that when Mom says, 'It's not in the budget,' it isn't going to happen. He used to expect a new toy from every trip to the store because he usually got one. Now he's on Financial Peace Jr. and saving for a car. He's 10! Saving for a car. What a kid."

- Dawn in MI

 

"Our 9-year-old got Financial Peace Jr. for Christmas, and she was so excited to have her own Dave stuff. She knows how to calculate 10% for her giving envelope. She saved to buy herself a Nintendo ... and offered to do extra chores to earn the money faster. Each week she would update her totals and reached her goal 3 months earlier than originally planned. It's contagious."

- Rhonda in Baton Rouge

 

Suffice it to say that it's not just bad financial advice that drives my opinion of him. I don't want to teach my kids to believe in fairy tales, financial or otherwise.

LBCS

LBCS

Posted
Posted
Suffice it to say that it's not just bad financial advice that drives my opinion of him. I don't want to teach my kids to believe in fairy tales, financial or otherwise.

 

Yup. DR is a plague and luckily with the improving economy people will realize what a loser really is.

  • 3 weeks later...
BBQ123

BBQ123

Posted
Posted
ONLY A FOOL WOULD TEACH THEIR KIDS THAT CREDIT CARDS ARE EVIL

 

Some people would take their kids to Barnes & Noble and buy a Dave Ramsey book using cash to teach them financial management.

hegemony

hegemony

Posted
Posted
ONLY A FOOL WOULD TEACH THEIR KIDS THAT CREDIT CARDS ARE EVIL

 

Some people would take their kids to Barnes & Noble and buy a Dave Ramsey book using cash to teach them financial management.

that is why I have memorized the number for child protective services...

The last post in this topic was posted 5857 days ago. 

 

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