Mom’s the bank
Capital One and PBN want to know how we teach our kids about money.
Kids today are growing up in a very materialistic world and teaching mine the value of a dollar is very important to me.
I begin teaching my kids about money when they are toddlers simply by speaking out loud about why or why not I buy something. If we are in the grocery store I point out how I chose something based on its lower price rather than by which has the prettiest packaging. Another example is when we are at my beloved Target I show them something I really want but waiting until it’s on sale before I buy.
When my kids are around five I give them a checkbook registry to keep track of how much money they have and how they are spending it. I’m the bank and they have to fill out a withdrawal slip to get their money. They keep track of what they spend their money on and fill in their deposits. I don’t pay my kids for doing chores but I do pay them $5 for each book they read outside of required school reading. They also receive money for doing things above and beyond their regular chores. The rest of their money is from the Tooth Fairy, jobs they do for neighbors, and gift cards.
Each time they receive money they subtract 10% for charity and 10% for our church. They see me write checks to our favorite charities and give to our church every weekend but my hope is that having them do the same with their own money at an early age will be something they will continue through their life.
Utilizing the check registries is not only great for helping them keep track of their money but also helps teach basic math skills. They especially love how grown up it makes them feel.
How do you teach your kids about money?
If you are not sure where to start with teaching your kids about money Capital One has recently launched a new online interactive Moneywi$e eLearning tool to help families learn about money management skills, including talking to kids about money.
You can also participate in the Capital One Blog Blast This Weekend – Money Doesn’t Grow on Trees – Win an iPhone” Blog-Blast Contest by writing a post on your blog about how and when to teach kids about money. Post anytime this weekend – Friday, September 12 to Sunday, September 14 and include links to http://www.capitalone.com/financialeducation/cbt/launcher.htm
and http://blog.parentbloggers.com.
Three winners will be randomly picked to win an iPhone!
~Kristie
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