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financially savvy children

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lizzle View Drop Down
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    Posted: 16 April 2009 at 9:08am
So jake has got to that stage of NEEDING everything, and knowing that you need money to get it. But he has no concept of where money comes from, or how much we need etc. Any idea of where to start in the explanation thing? or any good books that explains very simply about money?

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AandCsmum View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote AandCsmum Quote  Post ReplyReply Direct Link To This Post Posted: 16 April 2009 at 9:11am
You could use the example of you going out to work so to earn money so that you can buy things & that if he wants he could do a specific chore to earn money.

Dunno, but I'm sure there would be a book. Have you got a specialist bookstore that you can ask?

eta to make sense

Edited by Aliasmum
Kel


A = 01.02.04   &   C = 16.01.09   &   G = 30.03.12
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BaAsKa View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BaAsKa Quote  Post ReplyReply Direct Link To This Post Posted: 16 April 2009 at 10:15am
We tried explaining it to Bay a while back when he wanted anything and everything and apparently money just materialised in dads wallet!! (I WISH!!!!) ...he just didnt understand it so we started the chore for money thing.

He has 1 job which is to put the folded piles of washing in each room and he will get a dollar for it plus if he feels that he wants to earn more money then he can offer to help with something else and he always chooses to wash daddas ute! lol, he understands now and will count his money weekly to see if he has enough for what he wants.
SO far he has a very impressive ben 10 collection that has partly been bought with his saved money
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busymum View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote busymum Quote  Post ReplyReply Direct Link To This Post Posted: 16 April 2009 at 12:11pm
We tell the girls that if we don't go to work, we don't have money to buy them special things and even our food. When we started Hannah on pocket money it was initially work-based but she seemed to take that negatively and ended up saying things like "I don't want any money" so she didn't have to do the chores we had asked of her. Eventually we decided to remove the pressure (as we get her to help in other household jobs anyway) and just pay her 10c per year of age, per week. When she has $2 we take her to the $2 shop. She is getting the idea a lot now though and last time we went shopping we went to a garden shop and she was able to buy some flowers for planting for $3 (and then chose to spend another $1.50 on her sister! )

We have told Briona that she will start getting money when she turns 4.
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caitlynsmygirl View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote caitlynsmygirl Quote  Post ReplyReply Direct Link To This Post Posted: 16 April 2009 at 2:42pm
My aunt and uncle had a system for my cousins, that they started when the kids were about 4 .

It worked like this, they had chores to do (pretty basic ones) and good behaviour was a must as well, if at the end of the week they had all the stickers , they had 50 cents (later a dollar ) put in their individual and CLEAR jars .
If however they were naughty , then 50 cents would go out of their jar , and into their parents jar in the middle .
This taught them that money can be as easily lost as earnt so you have to work for it .
And , they learnt to think really carefully about just buying any old thing , they quickly discovered that spending it on lollies etc means you have to save up more when you want something good.
My aunt and uncle are prettttty wealthy (million dollar house etc ) but they wanted their children to learn money doesn't just get handed to you on a plate .

My youngest cousin has always been great at saving, she had saved up $7000 by the time she was 11


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caitlynsmygirl View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote caitlynsmygirl Quote  Post ReplyReply Direct Link To This Post Posted: 16 April 2009 at 2:46pm
As for showing Jake where your money comes from , maybe a diagram with pictures ?

eg -mummy goes to work (draw a building that says "work " )
- because she goes to work she gets "money " (box saying money )
-the money goes to the bank (draw building saying "bank ")
- and the bank gives the money to "mummy " (smiley face )
-then mummy uses the money and buys food, clothes and other things (maybe cut pics out of food etc )


and then show him that if mummy (or daddy ) doesn't work , they don't get money , and the bank cant give the money to them and they can't buy anything


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lizzle View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote lizzle Quote  Post ReplyReply Direct Link To This Post Posted: 16 April 2009 at 5:15pm
good ideas guys! will try that chart and see if he gets it. keeps pointing at things in the brochures and saying "oooh, we need that don't we mum?".

I've come across a number of kids recently that don't treat anything with respect "mum will buy a new one" and it certainly has got me reassessing what we teach Jake and Taine
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AandCsmum View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote AandCsmum Quote  Post ReplyReply Direct Link To This Post Posted: 16 April 2009 at 8:09pm
Kelly, that is a fabulous idea, we did try something similar with Alia but it didn't work as it wasn't visual. Might give the jars a go
Kel


A = 01.02.04   &   C = 16.01.09   &   G = 30.03.12
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Jennz View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jennz Quote  Post ReplyReply Direct Link To This Post Posted: 17 April 2009 at 8:14pm
We have a set up that Charlotte has to make her bed every morning and keep her room tidy, for that she gets 3 pounds a week. 1 pound goes in her piggy bank for savings, 1 pound goes to a charity (NSPCC- childrens charity) and 1 pound she can spend as she likes.

If she misses a morning making her bed or we have to remind her to tidy her room more than once then she doesn't get the extra pound 'spending' money.

We have found she has started saving her extra pound to buy things she wants, she saved it up for 9 weeks to buy this fairy set she wanted from the toy store! I was very proud Dad just used to give me tonnes of money and I didn't have to do anything for it so I'm hoping she doesn't inherit my terrible money skills!
Jen, Charlotte 7 & Kate 3

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Post Options Post Options   Thanks (0) Thanks(0)   Quote SMoody Quote  Post ReplyReply Direct Link To This Post Posted: 18 April 2009 at 8:48pm
I havent really given McKayla pocket money on a regular basis yet but we talk about money a lot.

For example going to the shop. Show them the price tags. Then show them how you shop. She helps me with the shopping list. Then we go and I show her how we check all the "bad" stuff we dont want in and out of the good stuff price wise what we want.

Then when we pay I sometimes on purpose will pay with cash so she can see that it is actual money that you give over. She understands the concept of a card and that there is only so much money in there. (at her level).

She understands that Daddy has to go to work to actually earn money although I dont think she understands the actual concept of Daddy's job yet. She just knows he goes out of the house 5 days each week.

When we go to a market or some kind of place she gets money and can buy what she wants within reason. We show her how much she has and then when she find something if she has enough or not ect and then having to make a choice ect.

She got a piggy bank and knows that money goes into her account (she takes it to teh counting machine and takes the paper with her book to the counter).

I think for her age she understands a lot more and we just build it up more and more. I think from age 4 she most proprably might get a weekly allowance and can do with it what she wants. She loves saving however and giving money to her hungry elephant.

When bills come in and she fetch the mail we show her that this is the telephone account and she sees me pay it online and that I transfer money.

I think if you do it little bit by little bit every day on your day to day business if sinks in little bit by little bit.


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