“What else are you supposed to do with it?” was the answer I got when I asked one of the kids in my math camp why he spent all his money. Matthew earns a weekly allowance for doing his chores. He loves video games and spends most of his money on those. He’s not a big saver. In fact, he’s not a saver at all. Apparently he didn’t even know he could save his money. Matthew is 9 years…
Here’s something creative. My brother was sharing with me the way two families he knows handled their want of a dog and the recurring expenses that comes with it. They share the dog. One family gets to play and bond with Fido one week, and the next week, family number two gets the pleasure. Food and toys are each individual family’s responsibility; expenses for medical needs are shared. This is a first for me. It actually never occurred to me that…
Nathan wanted cash for the movie, Transformers 2, that he and a few friends are going to see this afternoon. They’re going to the early show to save money but Nathan still didn’t have enough cash on hand, so he and Ryan just returned from bringing the recycling to the recycling center. These are the times I really like the fact that Nathan can drive. We’ve been recycling for as long as I can remember. The boys are pretty used…
Nathan’s been shopping for a car. If you’re familiar with my other posts, you already know what a deliberate shopper he is. That’s what happens when kids are in charge of their own money. It may take some kids a little longer to get to that point, but eventually, they all learn the value of a dollar. So Nathan’s been shopping for his car for about six weeks. And in these six weeks he’s learned information that will carry him…
I was talking yesterday with a mom of one of the students in my money class about how abstract the concept of spending money can be. Sure, kids know how to buy stuff. That’s pretty concrete. But do kids understand what happens behind the scenes when we buy things using our credit card? This mom described how enlightened she became when she and her husband took their two kids out to dinner and paid in cash. Both her boys were…