I'm a costume designer, makeup artist, teacher, mom, knitter, baker, want-to-learn-how-to-do-it-all

My photo
I'm a costume designer, makeup artist, teacher, mom, sewer, knitter, baker, want-to-learn-how-to-do-it-all, blogging, Costumed Beagle enthusiast. I am not always pleasant, although through intensive cupcake therapy I have learned not to throw knives at people anymore.

Tuesday, June 19, 2012

Money in The Bank

Wm making his deposit; classic bank dum-dum in mouth
I've had on my perpetual list of things to do: Take the kids to the bank.  They "save" money, and have a savings account, but when they were small, I just deposited the money for them.  I want my kids to be conscious of money and savings and how the world works, since it runs on money.  I didn't have a terribly good grasp of money as a kid and it is a wonder that as an adult I haven't gotten myself into too much trouble.
Parents seem to have a lot of different ways of teaching (or not teaching) their kids about money.  I am of the opinion that if they are going to grow up to be adults who are smart with money, they had better be taught to be smart about it when they are kids...start as you mean to go on.
I know a lot of parents who do not believe in allowances and a lot of other parents who are so generous, I wish that I were on their payroll.  I think we fall somewhere in between, but I really believe that in order to learn about money, you have to have money.
So my kids get an allowance.  It is not attached to behavior or chores; chores are just something you do because you are a part of a family, and I don't want to keep track of the behavior thing.  The Citizens get one dollar a month for each year in age.  So Anna gets $7 an William $11.  This is enough money to have a little fun with, but not enough to get them into trouble.  If they need more money than that they have to go out and earn it, but not from me.  It is also all they get.  I do not buy candy in the store, or pay for trinkets or any of the myriad of things you see kids asking for at the grocery store.  If they want it, that's what their allowance is for.  If they want something larger, a video game, for instance, then they have to save up for a couple of months. I don't regulate what they buy.  More than once, one of them will make a rash purchase of candy or something and then realize the next week that they don't have any money for the school carnival or some other activity.
They also set aside 10% to donate and approximately 10-20% to save.  It was this savings part that I've been wanting to make more real to them.  They set it aside, but it is sort of a higher concept, saving now for something in the future.  We spent a few minutes discussing they types of things they are saving for: college or a mission.  I'm not sure if they get it, but I hope, if I can be consistant with it, they won't find themselves, as adults, like many Americans, riddled with debt beyond their control.
How do you teach your kids about money?

No comments:

Post a Comment