Kids And Financial Responsibility! #Kidworth

NEWS | | December 28, 2011 at 8:23 pm

Sometimes with the gusto we have to provide our kids with everything, we may be making them blase to everything. I also feel that me having grown up with extremely humble beginnings (and I use that as a huge understatement) means that I try extra hard to give them more opportunities than I had. Then I worry! I worry that they take it for granted and when they whine that they really want to eat something in a restaurant based on what they like while my decision is what is more economical, that they don’t understand. How could they when we spend a lifetime trying to make sure they don’t have to jump every hurdle we have?

I love that being a Kidworth ambassador keeps me on my toes about thinking about how I can change the way kids think about their financial future and the role they play in it. Today we went for a show but it was killing us that the parking cost $27 (yeah Boston sucks the $$$ out of you) and after we scrounged around we found a meter parking but it meant one of us had to go back and fill more coins (seriously 25c for 12 minutes is highway robbery). That meant we could have dinner out (even though hubby and I shared a pizza to save more). Later when I said that we ate our parking my 6 year old wanted me to explain.

Just that simply analogy made her understand that we make choices for several things in a day and effort in one direction can reap a reward in another. Similarly they know I would leave something in the store if I forget a coupon at home, it is so I can have more money to spend elsewhere . The girls are known to pick up a toy or dress and check out the price of it. Some may say that I should not make it their problem and they are partially right. I don’t make our financial woes theirs but I do make them see that they have choices too. This helps them feel empowered and hopefully take more initiative as they grow up rather than blaming others for their condition.

Having something visual, like Kidworth always make a huge incentive. While my daughter is an amazing reader she bores easily so I was glad when the school gave them a grid which gets signed off by parents for every 15 minutes of reading. That little visual on my fridge has helped her read double that required amount just by seeing those boxes fill up. The value of things is something we all need to learn but I think starting early certainly helps.

Disclosure: This post was written as part of my role as a Kidworth ( a site  for setting, tracking and sharing intelligent goals with your kids) Ambassador.

1 Comment

  1. 1
    PragmaticMom says:

    I agree with you about the importance of teaching kids about money and financial responsibility. I struggle with it too. A few things that helped me:

    1) match their savings to encourage them to save otherwise they see the bank as a big money black hole

    2) teach them to Save/Spend/Donate

    My struggles documented here: http://www.pragmaticmom.com/?p=21284

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