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lizzle 
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Joined: 01 January 1900
Location: New Zealand
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 Topic: talking about money
Posted: 05 October 2010 at 8:54am |
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my six year old, along with many other six year olds, has no concept of money and its value. these holidays he's been driving me insane with constant demands to go out for lunch, buy lollies, chips, ice cream etc.
So what I'm wondering is - how have you installed a concept of the vlaue of money in your child? and has it made a difference.
I feel very strongly that this is something I need to teach Jake as his father's family is sooooo bad with money that I don't want jake having the same issues that his uncles' especially have had.
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SMoody
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Joined: 09 January 2007
Location: New Zealand
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Posted: 05 October 2010 at 9:08am |
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We have at different oppurtunities explained money and how we work with our money. Used playmoney and then say Daddy ears this for our family.
From this we have to pay this much for house, electricity etc. Then we got this much left over to spent on other things but we have to do savings. Then say the car breaks we have to have money for that. So in reality there is just this much left.
They get it easier that way and we make her a part of the decisions. Like we are saving for a holiday and we look at how much will we need, what are we willing to give up for it etc.
She is also now getting some pocket money each week and do some little extra chores around the house for it. All of a sudden she is saving her money and dont want all the silly little things but saving for something bigger rather.
Might be worth a try? We will go the same route with Andrew too.
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Rovic
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Posted: 05 October 2010 at 9:19am |
I went to Wise Money seminar a few years ago and the guy told us about Moon Jars, money boxes for kids and how to use them. He said about 6 yrs is a good time to introduce them to kids. Really interesting and I have talked to people who have them for their kids who said they are great. Jar is divided into 3 - spend, save and share (ie donate to SPCA or something). They said that the sharing was a really good way of teaching them how to control money, not the other way around. You can buy them off the Wise Money website.
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Bizzy
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Location: New Zealand
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Posted: 05 October 2010 at 9:40am |
 lizzle wrote:
these holidays he's been driving me insane with constant demands to go out for lunch, buy lollies, chips, ice cream etc.
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LOl i must be lucky - my lot havent asked for anything except the bloody playstation.
I suppose you could start giving them pocket money at this age. I dont make a big deal of money in our house, i do say sometimes that we cant afford something cause we have no money for that... and they do know that daddy goes to work to earn money. but i dont believe that young kids need to concern themselves too much with adult issues.
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freckle
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Posted: 05 October 2010 at 10:19am |
Rovic wrote:
I went to Wise Money seminar a few years ago and the guy told us about Moon Jars, money boxes for kids and how to use them. He said about 6 yrs is a good time to introduce them to kids. Really interesting and I have talked to people who have them for their kids who said they are great. Jar is divided into 3 - spend, save and share (ie donate to SPCA or something). They said that the sharing was a really good way of teaching them how to control money, not the other way around. You can buy them off the Wise Money website.
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I love that idea - I'm gonna use that when DD2 is old enough!!
I can't remember when DD1 first started getting pocket money, but it must have been around 6 or 7... now she has does a chore a day and cleans the bathroom and kitchen once a week for her pocket money, but she is at the age where she just wants to spend it all so we took her to the bank and they set up an account with a payline split so it forces some of her money to be saved so she can see it grow hopefully... DD2 has no concept of money yet - her chore is too pull the curtains in the lounge and she says everytime before she'll do it "I get my 20 dollars"... yeah righto 
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mum to 3 lovely girls :D
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AandCsmum
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Location: Palmerston North
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Posted: 05 October 2010 at 11:05pm |
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Freckle, my girl says dollars as well. She calls a coin a dollar regardless of it's face value! She loves her money box & loves doing chores for money but I also want her to help out regardless of whether she gets paid so I mix it up. If she comes & helps when I ask & she goes above what I said she'll get money for her money box. If she grumps along or doesn't do it I don't pay. She learnt very quickly not to ask. Sounds mean but it mean I don't have to "bribe" her to do stuff . I dont' get paid to empty the dishwasher after all.
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Kel
A = 01.02.04 & C = 16.01.09 & G = 30.03.12
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SMoody
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Posted: 06 October 2010 at 9:25am |
McKayla has a set amount of things she has to do as she is part of the family and everyone has to help out in the house and me and hubby aint getting paid for it.
Then there is chores that she does and she gets "paid" for them. It is things like helping me wash the car, helping to put the laundry on the laundry racks, taking them off. (each week it differs)
As part of the family chores she makes her bed and cleans her bedroom (okay not perfectly but I dont go and remake her bed, I do that once a week for her) She helps with sweeping the floors, do dishes now and then (depends on how quickly or slow my day is going  )
Andrews chores at the moment is to help me pack his toys away in the lounge before dinner time. (IE he packs them out as I pack in)
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DzinerGirl
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Posted: 06 October 2010 at 10:03am |
AandCsmum wrote:
Freckle, my girl says dollars as well. She calls a coin a dollar regardless of it's face value! She loves her money box & loves doing chores for money but I also want her to help out regardless of whether she gets paid so I mix it up. If she comes & helps when I ask & she goes above what I said she'll get money for her money box. If she grumps along or doesn't do it I don't pay. She learnt very quickly not to ask. Sounds mean but it mean I don't have to "bribe" her to do stuff . I dont' get paid to empty the dishwasher after all. |
That's a good idea, will have to keep that in mind when we get to that stage.
I really want to make sure Noah knows the value of money when he's old enough to understand as his dad was never taught to save, budget (when he was older) etc and he and his sister got everything they wanted when they were younger and he wishes his parents had taught him those things
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amme_eilyk
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Posted: 06 October 2010 at 11:03am |
Sorted website
the sorted website has ideas for parents and tips.
there are things that you can do like we have $20 to spend at the supermarket (make it a small amount) and we have to get bread, milk etc. With a calculator they can add up it as they put it in the trolley. And then they can find themselves a treat that is less than the amount left over. some days depending on the list they may not be able to choose anything.
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AandCsmum
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Posted: 06 October 2010 at 9:55pm |
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Before we went to Oz, I sold some of her clothes, she understood that I sold her old clothes so she could buy new ones. She quite liked that idea.
If she asked for things that weren't necessary, I said if we get this now we will have less spending money in Australia.
Must start another savings idea. We have a money tin that we put coins into & I teach both of the kids to put money in there for our next holiday.
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Kel
A = 01.02.04 & C = 16.01.09 & G = 30.03.12
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LouD
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Posted: 07 October 2010 at 8:43am |
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My biggest problem with pocket money is IM not disciplined enough to remember to give it to him reguraly and he doesnt remind me. I do all my money online so very rarely do i have cash on me so i find it very hard to remember to give him money to go into his money box or wallet.............but wallet is another blimmen story.
He had been saving his money and had $30 made up of 2x $10 notes and coins, and a friend came over and they played with their wallets and a week or so later i thought i should probably check to make sure his money was still there and he had $2 left.........and no matter what we said he couldnt remember what happened to it, but yet he could remember something trivial that happened 6months ago...........i was furious to say the least....
I know i need to get more disciplined on giving him his pocket money but will also be looking after it until i can trust he understands how it works a bit better
I do like the idea of some monopoly money and maybe have a day where he has to "purchase" everything, like his breakfast, petrol to go somewhere, power to watch TV etc........be a way for him to understand how everything costs money.........Besides Hugs which are free.....lol
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talking about money
