Kids and cash

Child psychologist Melanie Barwick says as soon as kids are old enough to consciously observe their parents' spending habits, they begin to form similar impressions of the value of money. Essentially, what kids need to learn about saving money, making it grow and spending it wisely begins at home. Here are some tips on guiding your child through the money maze.

How do you teach your children the value of money? Did your parents teach you how to handle money?

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My parents taught us to value money by having us kids work for it. We never got an allowance, but were encouraged to save birthday/xmas money. With 4 kids, we never got what we wanted all the time either - they actually said NO to us. When we were old enough to get jobs like babysitting - we were told that was your movie/treat money so don't ask for more. New school clothes, shoes and supplies were always paid for by my parents, but we had to choose ONE outfit not an entire name brand closet. The chores were always plentiful at Grandma's house and she paid us to do them. Once again, we had to work for it.

We were involved in Scouts and Guides a lot so knew for all those trips we needed to raise money to pay at least part of it. Not to mention all the school band/choir trips we needed money for. We knew the value of money by the time we left home. We also had 4-5 years work experience to put on our resume by the time we turned 18.

Posted April 6, 2008 10:32 PM

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