Author Topic: Teaching kids about money...  (Read 5596 times)

midcanada

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Teaching kids about money...
« on: November 18, 2015, 03:56:38 PM »
Our #1 Grand-daughter is aged 4 and loves to help with chores when visiting us. 
Grandpa handed her a Toonie (Canadian $2.00 coin) as a payment for her help.
She handed it back and said: " Thanks, but I already have one of those."

Hhmmmm---a bit of teaching needed.

Sibley

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Re: Teaching kids about money...
« Reply #1 on: November 25, 2015, 10:19:09 AM »
Regardless, that's hilarious. Thanks for the laugh!

mxt0133

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Re: Teaching kids about money...
« Reply #2 on: November 25, 2015, 11:52:20 PM »
I personally believe that paying someone for something they would gladly do for free takes away the intrinsic value of the activity. The quickest way to kill the joy of doing an activity is to pay someone for it.

If anything this will teach the child that they should only help or clean up if they are going to get paid for it.  I think a heart felt thank you and acknowledgement of how helpful they are will go much farther in instilling the values of help others without external reward.

There does seem to be a need for some teaching, but teaching of what?

hoping2retire35

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Re: Teaching kids about money...
« Reply #3 on: December 02, 2015, 03:04:14 PM »
my son(3yo) keeps asking for cars/trucks/trains when we go into a store. So I tell him it cost too much; he needs money; he needs to work hard for money; etc. So one day he says he wants to wash my car for money, (i assume he learned he can wash cars for money at daycare). Last Friday on the way to grocery store(only place we went on Black Friday =)) he says he wants to get money and a monster truck. While I have the momentum and the next time we have a break I am getting out the bucket, soap and brush and that boy is going to earn some money!

Cute stories aside, does anyone have a suggestion for understanding money at this age? I mean he is too young for spreadsheets, piggy bank will have to be plastic and sealable so he cannot open or throw and break but then he cannot see it unless we open it for him. I remember around 5 learning about money and that is how I think I really understood math. I also wonder when to introduce coins (fractions). Do keep making them save or do you let them spend it. Save for the big truck?

StockBeard

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Re: Teaching kids about money...
« Reply #4 on: December 15, 2015, 12:52:32 PM »
"Thanks, but I already have one of those"

Priceless quote, you should keep it in some diary and show it to her when she's a grown up!

Tierney12

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Re: Teaching kids about money...
« Reply #5 on: December 15, 2015, 08:54:28 PM »
My kids seem to be good money managers so I think we did OK. The problem with pay for chores is that whereas most kids go through a stage where they really want to earn some money, stuff you do for your parents doesn't feel authentic.

RosieTR

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Re: Teaching kids about money...
« Reply #6 on: December 18, 2015, 01:50:43 PM »
my son(3yo) keeps asking for cars/trucks/trains when we go into a store. So I tell him it cost too much; he needs money; he needs to work hard for money; etc. So one day he says he wants to wash my car for money, (i assume he learned he can wash cars for money at daycare). Last Friday on the way to grocery store(only place we went on Black Friday =)) he says he wants to get money and a monster truck. While I have the momentum and the next time we have a break I am getting out the bucket, soap and brush and that boy is going to earn some money!

Cute stories aside, does anyone have a suggestion for understanding money at this age? I mean he is too young for spreadsheets, piggy bank will have to be plastic and sealable so he cannot open or throw and break but then he cannot see it unless we open it for him. I remember around 5 learning about money and that is how I think I really understood math. I also wonder when to introduce coins (fractions). Do keep making them save or do you let them spend it. Save for the big truck?

Don't know about 3, which is pretty young. I got each of my 3yo, 5yo and 6yo nieces a Moonjar piggy bank for xmas. The purchase of such a thing is unnecessary if you are crafty with thrift-store items; 3 tins of some sort with lids might work. For a really young child, maybe if you could find plastic containers with latches (like for pasta or flour) you could drill a small hole in it. Or just glue the top on the "save" and "give" ones, and open those later. For guidebooks on the subject, I have yet to read "The Opposite of Spoiled" but have heard good things about that.

 

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