In an (almost) cash-free world, how do you teach money to kids?
My son started school this year and there have been several times that he's needed to bring in a coin for donation, sausage sizzle, bake sales etc. It's only a couple of dollars each time but what a bizarre concept. I can't remember the last time...
Parenting editor Kasey Simpson shares another episode in her weekly column
My son started school this year and there have been several times that he's needed to bring in a coin for donation, sausage sizzle, bake sales etc. It's only a couple of dollars each time but what a bizarre concept. I can't remember the last time I've had money in my wallet, let alone even carried my wallet around. It's always a mission when he has to bring money into school, with my mum often messaging me if she needs to give him money instead.
For his birthday, we bought him a wallet – a Minecraft wallet, in fact. And a money box. So he can start managing his own money. And it has been his biggest delight! Every day he goes through our wallets to find money and asks us if we got any money today. We always have nothing. I keep telling him to go ask his grandparents for coins.
The other day my mum announced that her local aqua club cafe is going cashless so she needs to get rid of all her coins. She shared her treasures with my son, which probably only amounted to $5. All his Christmases had come at once. He kept going around the house saying he's rich! He told us that he'd buy us a car (our car recently broke down and we are looking to buy another one). And buy himself an iPad (because we refuse to). Little did he know that he could probably buy one chocolate and a packet of gum.
So how do you teach your children the value of money? Especially when everything is 'tap and go' now and money is nowhere to be seen.
I was listening to a finance expert recently and she was providing recommendations about educating our children. Her advice was to create a system in the household for paid chores. If they make their bed, give them a dollar. Unpack a dishwasher is 50 cents. I feel like my kids would stick their noses up at that.
Barefoot Investor recommends that kids should get a job as soon as they are age appropriate.
I feel like this isn't necessarily an issue now but will become one in time, as the kids get older.
So share with me. How do you teach your kids the value of money? I'm all ears.
