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Sunday, June 28, 2009

Teaching Children About Money

As adults we all know how important money is and how much trouble it can cause if we are not responsible with it. We need to take the time to teach our children just how important money is and how to use it. I want my children to be knowledge and hope they make the right decisions on spending it and let them also know that credit is not always the answer. I remember an episode from the TV series Little House On The Prairie, where Charles said when he bought something it was always "Cash On The Barrel". I want my children to have that attitude. If you don't have the money for something then you can't get it.

Here is what I'm doing with my children...

As soon as Tristan was able to count, we introduced him to coins. It was just putting and counting the coins into a piggy bank. He counted how many coins we had then we taught him what each coin is called. Soon we will be teaching him the value of each coin. I tell him that this money is what you use if you want to buy something from the store.

For Christmas this year, Tristan will be doing some purchasing with his money. Even if it is from the dollar store, it'll be very fun, educational and teaching the importance of giving.

My children also know that just because we go to a store for a few items don't mean we're going to buy something for them every time. We have a list and we go by. Sometimes when we do go shopping we'll add "Shoes For Tristan". Since he knows it's on the list, we'll get that special "Tristan" item.

Another way to get children involve with saving money for something they want, we've set up a chart for Tristan to use for a "Goal". If he wants a certain toy we have the chart with the toy listed on it with how many $1.oo bill's he will need to buy it. Once the goal is completed then the next time we go shopping, it get's put on our list so he can purchase it. After Tristan has purchased the item we keep the chart so he can have his own records of what he has saved up for and bought with his earned money. By keeping these visual charts, it will make him more aware and careful on his next item he wants to buy. This may help him become more "Wise" on purchases.

Tristan earns his money by doing certain chores around the house. Chores I feel are worth a money value. Money also get's added by birthdays, gifts and good 'ol Grandma.

You can get a "Childs Money Saving Chart" that I created here.


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