The Truth About Kids & Money: Family Feature Friday #1
INTRODUCING THE O Family for our first FAMILY FEATURE FRIDAY!
Our mission to have HONEST conversations about parenting kids about money and finances. This is just one way that we will do that so ENJOY this first Friday Family Feature (FFF!) If you want to be featured, please email us at firstname.lastname@example.org
Kids: Sam, age 7, Maggie age 5
Where do your kids think money comes?
My kids think money comes from the bank. Not really understanding how it got to the bank in the first place.
Do you have a funny money moment or conversation that you’ve had with one of your kids?
A couple of days ago we were driving and talking about how all the sports activities cost money and we need to decide which one they want to do. I said something about how everything costs money and Sam said, "well at least our house is free!" When I said we pay mortgage every month he was floored saying, "we have to pay to live in a house???". Which then got into a whole discussion about what a mortgage is and why houses cost more than a sports class.
Do your kids get allowance? Do they do chores to get allowance?
When I remember I give both kids $3 a week. $2 goes in their MoneyCube to save/spend and $1 goes in their GivingCube for a charity of their choice. They can do extra chores to earn more $ but they have a set amount of "jobs" that they do no matter what, to help run the household. Those are not associated to any amount of money.
Are your kid’s savers or spenders? Do they differ?
Sam is definitely a saver; he will have something in his mind that he wants to buy and is motivated to earn extra to get to that amount he needs. Maggie just wants to go to Target with her MoneyCub and spend it all in the dollar spot on tiny stuff.
How is your family using the GivingCube?
We have used the GivingCube for a school fundraiser for breast cancer awareness day. They have each picked a new charity to give the rest to at the end of the year. Sam chose to give to the Sloth Rescue Sanctuary and Maggie to the hospital for sick children.
Any advice, hints or tricks to raising money smart, non-entitled kids?
No real tricks about raising money smart kids but I make sure that if they want something extra, they need to save up for it or earn it. It is not a given. For school store, if they really want to buy another pencil or eraser, they need to buy it with their money. They don't need another pencil but of course it is fun to have so they can get it with their money and I can spend my money on stuff they need. Last week was the Halloween dance. I told them I would pay for the admission to the dance and $5 worth of tickets, if they wanted to do more games or get another dessert they could bring a few dollars from their MoneyCube. They took out $2 and once at the dance decided they didn't need to get anything more and were fine just having a great time with their friends. They proudly put back their money when we got home!