The Truth About Kids & Money: Family Feature Friday #2
INTRODUCING The Sokol Family for our 2nd FAMILY FEATURE FRIDAY! Remember, our mission is to have HONEST conversations about parenting and money and finances, so it's great to hear from real parents and how they are dealing with this important topic. My favorite part.....Blanche (4) thinks that money comes from "the big city"!
Introduce yourself, your family, kids, age - Jess, husband Jake, daughter Blanche (4) and son Hobie (2).
Where do your kids think money comes? Blanche says it comes from “the big city,” aka New York City where her dad works.
Do you have a funny money moment or conversation that you’ve had with one of your kids? Not necessarily a funny moment but an eye opening one. Blanche is known to forget things - like her water bottle at school, tennis racquet at practice, or hair accessories at play dates. When I scold her, her response is always, “you can just buy another one!” It drives me crazy, and I’ve made her do chores to work off replacements.
Do your kids get allowance? Do they do chores to get allowance? Since getting her MoneyCube, we started a chore chart for Blanche. A certain number of stars gets $1 into her cube, then the more stars she earns, she gets a small toy or treat. So far, she has LOVED watching her stars add up and is eager to practice good behavior to earn things. I feel like Hobie is still too young to get it, but hopefully starts to learn from watching his sister.
Are your kids savers or spenders? Do they differ? Blanche is a little of both. She’s had a piggy bank since she was very little (the contents of which have been moved to her MoneyCube and we were shocked at how much she had built up). For years she’s been saving there for a trip to Disney. Of course, she doesn’t have a clue how much a trip to Disney actually costs, but we like that she’s saving for SOMETHING. Once we eventually make it to Disney we’ll probably let her believe she paid for the whole thing - ha! But on a day-to-day basis, she wants to buy every trinket or treat she sees at the grocery store, drug store, etc.
How is your family using the GivingCube? We live in Black Rock, which is an area in Bridgeport, and my kids go to public school with other kids from all over the city. My husband and I love that our kids are exposed to all economic backgrounds and go to a school where material things really don’t matter. We’ve always talked about taking our kids to volunteer at the food pantry around the holidays when they’re old enough and I think my 4 year old is finally at an age where she’ll understand. Our GivingCube will be used to help people in our own city that aren’t as fortunate.
Any advice, hints or tricks to raising money smart, non-entitled kids? One of my main parenting goals is to raise hard working and non-entitled kids. My husband and I are both hard working people and I guess we always (maybe foolishly) assumed our kids would learn from example, but I do think they’re missing that connection between work and money/material things. I never thought I spoiled my kids, but once I spoke with Karin and other moms at the MoneyCubez launch party, I quickly realized how bad I’ve been about instilling money values. Most things my kids need or want (like recently, Halloween costumes) magically arrive at the doorstep from Amazon, babysitters are paid for with Venmo, their snacks at the pool go on a membership account they’ve learned the # for, etc. It’s all Monopoly to them! They literally never see an actual exchange of money and they don’t see the connection between work and money. Having those conversations with other moms at the launch party really made me check myself on how I’m doing this with my kids. I want my kids to learn how lucky they are, how hard their parents work for everything they have, and that they need to do the same. I’m excited to learn more tips from the other families in this feature!