Teaching kids about money

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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Teaching kids about money

Post by red_uu » Tue Jan 03, 2017 12:51 pm

Hi, I am a single mom raising two kids - seven and eleven. We are doing a "fiscal fast" this month to pay for a vacation later this year. I have been teaching them about wants vs needs and other simple concepts. Any book or website recommendations that might be useful? Thanks!

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Re: Teaching kids about money

Post by sunny_socal » Tue Jan 03, 2017 3:17 pm

I can't recommend any websites, but I did set up bank accounts for my kids at that age: A savings and a checking.

- When they were small I'd deposit $5/week into their checking accounts ('allowance')
- Each week $1 would transfer from the checking into savings automatically

Now that they are older the allowance has stopped and they must do various chores: $5 for mowing the lawn, $10 to wash a car, $5 to set mouse traps. My younger one pretty much spends any money he makes immediately while the older one saves up for things. My own lesson is that while the teaching is the same for two individuals, they still behave differently. Do the best you can :beer

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Re: Teaching kids about money

Post by acunn » Tue Jan 03, 2017 6:04 pm

You are already on the right track! Talk to them and lead by example. Whatever system you decide will work for you (allowance, money for chores, etc) be consistent and allow them to make choices with their money.
I also have one spender and one saver. Exact same parenting and lessons for both. I would much rather my spender learn lessons now for this behavior and my saver getting a car before the older spender will likely be the first harsh reality of their choices.

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Re: Teaching kids about money

Post by Hukedonfonix4me » Tue Jan 03, 2017 6:06 pm

Here is a link that may help!

"While some mutual fund founders chose to make billions, he chose to make a difference." | -The Bogleheads' Guide to Investing

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