Ryan just spent $204.44. He didn’t do it lightly. That’s because he knows just how long it took him to earn that money. His one-day-a-week paper route earns him $11/week. That’s 19 weeks of folding and throwing papers. But he also gets $10/week in allowance. Enough to help him get some of the things he wants, but not everything. (That explains the paper route.) With the allowance, his total time was reduced in half. To a 15-year old, that’s still…
I was participating in a webinar yesterday about kids and money. And by ‘participating’ I mean ‘listening’. That’s because I was cooking dinner at the same time. The experts were a certified financial planner and an executive director in retail banking. They both had good things to say about kids and money. For example, they endorsed giving kids an allowance for the purpose of teaching kids how to effectively manage money. I’m all over that. But, as someone with a…
One of the best ways to teach kids anything is to get them actively involved. Take check writing, for instance. Although most of us have turned to online banking as a way to pay bills, there are times when the only way to get money to someone is through a check. This actually happens a lot to parents: soccer sign-ups, picture day, fee for art class supplies, field trips, and on and on. So the next time you find yourself…
I was back in Michael’s picking up glitter stickers for a money activity I’m doing this weekend. As I was deciding between the funky flower stickers and something a little more “masculine”, a little boy, about the age of 4, appeared at the end of the aisle. He was looking at a wooden train that was packaged and hanging on display. He stood in front of the train just staring at it. I love 4-year olds and how they “do”…
Four-year olds are adorable in so many ways. Especially the way they think about the world. Because they haven’t had enough “life” experiences, yet, their understanding of things is limited. Take for example, the four-year old granddaughter of a friend. Her six-year old sister’s piggy bank fell and broke. All the coins and bills scattered on the floor. She set about helping her sister pick up the money, starting with all the bills. She handed them to her grandmother saying,…