Yeah, what's the go with trying to edjy-Kate your kids?
Is 5 years old too young to start eductaing about money
- Thread starter Dan_p
- Start date
Yeah, what's the go with trying to edjy-Kate your kids?
What you talking about.
When I was 5 I held two jobs and had to walk 3 miles to school with no shoes up-hill both ways
I think that it's a wonderful age! My son is 4 and knows that he will receive a small amount of pocket money for doing his little jobs around the house and just helping mummy and daddy out. We recently counted how much money he had in his piggy bank and told him he could take it to the shops with him if he wanted to buy himself something little. He said
"Daddy, do I have enough money for (insert toy he wants here)?"
"No Tony, you don't have enough for that toy, if you really want it you can keep saving up to buy it"
"Hmmm, I think I'll leave my money here because I want to be able to buy that toy and not something else. I'll keep saving. "
It's not a trait I see in many children but he understands that to get something he wants, he needs to save for it and wait. He knows if he goes out and spends his money he can't get what he really wants and so he saves.
Very pleased that he is starting at such a young age!
"Daddy, do I have enough money for (insert toy he wants here)?"
"No Tony, you don't have enough for that toy, if you really want it you can keep saving up to buy it"
"Hmmm, I think I'll leave my money here because I want to be able to buy that toy and not something else. I'll keep saving. "
It's not a trait I see in many children but he understands that to get something he wants, he needs to save for it and wait. He knows if he goes out and spends his money he can't get what he really wants and so he saves.
Very pleased that he is starting at such a young age!
I’m spoiling my kid (3 years old)! I think I need help to discipline myself.
Somehow I find a reason to buy the stuff (generally Dora books or puzzle or ball) she wants. Then I get into trouble with mum... someone has to be sensible
At least I let her choose only one at a time even though she collects many along the way. Finally she goes through them and takes the one she really likes.
Somehow I find a reason to buy the stuff (generally Dora books or puzzle or ball) she wants. Then I get into trouble with mum... someone has to be sensible
At least I let her choose only one at a time even though she collects many along the way. Finally she goes through them and takes the one she really likes.
i try to educate my 8yr old niece and offer her a deposit on a house that she wants to buy when she turns 15 (not sure why 15, but hey) with conditions. but all she wants is an iphone.
she has no idea of money. she can't buy something at the shops as she doesn't have a credit card! her mother uses credit irresponsible but my mother (a big influence on her life) uses CC's very responsibly.
she can however work out that 'grand mas' credit card is better because it is black (platinum), while mums credit card is yellow (gold).
kids! glad i don't have them!
she has no idea of money. she can't buy something at the shops as she doesn't have a credit card! her mother uses credit irresponsible but my mother (a big influence on her life) uses CC's very responsibly.
she can however work out that 'grand mas' credit card is better because it is black (platinum), while mums credit card is yellow (gold).
kids! glad i don't have them!
so 16?
if i'd been given a credit card, someone else's card at 16 i would have considered everything an emergency!
It's not like anyone is forcing the lessons down their kids throats.
By obersving and learning over a period of time and letting the kids take the lead as to what next stage they are ready to learn, the lesson are imprinted on their personalities ... bit like kids who watch their parents drink, smoke and swear all the time - they think it's normal and acceptable.
Obviously we would like our kids to think normal is something better than drinking, smoking and swearing, so we guide them down a different path.
Both my kids enjoy responsibility, even the little one (age 2). They like to learn so I don't know why you wouldn't be teaching them life skills at an early age. We make things fun and not too serious, that's for sure. When would you start? When they are 10? 15? 20? 30? Just curious.
Cheers Ali
Kids and money
Hiya
In my house, whoever banks in chore money (and not spend it); i will double the amount..whoever takes our money, i will double it too!
So far, it has been very successful.... no one has taken out money yet!!
ANd whoever reaches $10,000 in savings, i will double it too!(and this is not only for the first one...for each one!) i have 3 kids! Ahhh! how much i love them!!
Hiya
In my house, whoever banks in chore money (and not spend it); i will double the amount..whoever takes our money, i will double it too!
So far, it has been very successful....
no one has taken out money yet!!ANd whoever reaches $10,000 in savings, i will double it too!(and this is not only for the first one...for each one!
) i have 3 kids! Ahhh! how much i love them!!Hiya
In my house, whoever banks in chore money (and not spend it); i will double the amount..whoever takes our money, i will double it too!
So far, it has been very successful....
ANd whoever reaches $10,000 in savings, i will double it too!(and this is not only for the first one...for each one!
So, if they take out 10k, you have to fork out 30k? Ouch!
When I was 18 (and apparently an adult!
) I was given signatory approval on Dad's business account, so I could pay his bills while he was away. AFAIK, I'm still on it! As it's at the same bank I bank with, when they see it come up on their screen, they sometimes treat me a little better than they might usually.And there would have been nothing stopping me from writing cheques for anything - including cash - except for his wrath when he returned.
But it certainly helped me understand money a bit more.
As a young 'un, my method was to avoid an ATM card for as long as possible; I'd withdraw money from the bank on Friday using my bankbook, and I had to make that last all weekend. Certainly prevented me overspending sometimes, and instilled a sense of budgeting. Not sure it would work the same for kids now, tho'.
When I was 18 (and apparently an adult!
And there would have been nothing stopping me from writing cheques for anything - including cash - except for his wrath when he returned.
But it certainly helped me understand money a bit more.
As a young 'un, my method was to avoid an ATM card for as long as possible; I'd withdraw money from the bank on Friday using my bankbook, and I had to make that last all weekend. Certainly prevented me overspending sometimes, and instilled a sense of budgeting. Not sure it would work the same for kids now, tho'.
mummy what's a bank book?
I’m spoiling my kid (3 years old)! I think I need help to discipline myself.
Somehow I find a reason to buy the stuff (generally Dora books or puzzle or ball) she wants. Then I get into trouble with mum... someone has to be sensible
At least I let her choose only one at a time even though she collects many along the way. Finally she goes through them and takes the one she really likes.
I just bought a flying scotsman hornby train set for my son's 6th birthday. I tell you I was in strife with the wife when I showed her. She thinks it is more for me.
I chose to apologise rather then ask for permission.
I think he will really love it though
Kids and money
If they want to take out $100 i will withdraw $200 from THEIR bank account
If they want to take out $100 i will withdraw $200 from THEIR bank account
Young one was given his model train set and was over the moon. He now wants to add all sorts of things to it. He is very responsible with this and has made some rules.
I have increased his weekly pay to $10, where half goes to the bank and half to his spending account. I think this will bring in some appreciation for how you need to save for 6 weeks to get another carriage. Delayed gratification.
I have increased his weekly pay to $10, where half goes to the bank and half to his spending account. I think this will bring in some appreciation for how you need to save for 6 weeks to get another carriage. Delayed gratification.
Our 12 year old is doing a paper round now earning some pocket money, it roughly works out to be about 10c -14 c per drop. He gets to keep a portion for spending, discretionary spending, some for a savings goal and a larger portion for his banking/wealthing
Plus its a good work-out about 6.5 kms of undulating ground, either myself or my wife go with him to push his cart (whilst he does the runs).
Plus its a good work-out about 6.5 kms of undulating ground, either myself or my wife go with him to push his cart (whilst he does the runs).
