We had parent-teacher interviews last month and all three of my kids are "meeting" or "exceeding" in all of their courses at school. (Our school district doesn't use letter grades in the elementary or middle schools -- they are "reaching", "meeting", or "exceeding.") While meeting with our daughter's teacher, we got talking about how many kids these days do no know how to count money, because all they experience is seeing their parents swipe a card. I dumped a bunch of change on the table and Emily counted it perfectly.
What Your Five-Year-Old Needs To Know About Money
My kids get an allowance, kind of. They have chores they are expected to do on a daily basis, and I'll give them an "allowance" for random times when they do things above and beyond the norm, or when I just want to thank them for all they do. The plan was to be regular about it, but our life has been the opposite of regular, and they're happy to help around the house. Payment is a bonus. They often receive money for birthdays and Christmas and other holidays as well, so they have their own money and know exactly how much they have.
One cool thing our church does for kids in fourth grade is a host a "Money and Me" event, where parents and kids spend a little over an hour talking about money and about saving and giving and spending. They are given a wooden platform with three jars on it which they label each of the three jars with "Spend", "Save", and "Give." The general rule is that you spend 80% of what you receive, you donate 10%, and you save the other 10%. These are general guidelines, of course, but it gets them thinking beyond blowing all of their money on toys and candy in favour of working towards something greater.
Four Easy Ways To Teach Your Child About Generosity
My kids tend to keep 90% in the savings compartment until they find something they really want. This past summer, my middle child pooled his savings with his birthday money and was able to buy his very! First! iPod!. There's something to be said for saving towards a tangible goal.
Do you talk to your kids about money? Do you set rules for them, or let them choose what to do with the money they are given?
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