Kids and money

The Husband and I have talked about several aspects of child rearing, but not much about teaching her how to manage money.  I found this link from the University of Minnesota on CA Momma’s site and I think it’s great.  We live in an age where children are targeted for their money (and ours) younger and younger.  By college they are offered credit cards when they have little or no income.  Some go into debt and commit suicide over it!  While I think it’s important for children to learn the value of money, today we need to prepare them for the money predators who are waiting for them.  When I was younger they didn’t target me until I was at least finished with college and had a job, but I still got into serious debt.  Now they hit them before they have a job when the temptations are huge!  

The article, called “Teaching Children Money Habits for Life” gives advice on how to teach your children about your money values from the time they can talk!  It covers each developmental stage from pre-school through the late teens.  It even provides a checklist so you can see if you’re on-target. 

We have set up a savings account for the Kidlet and we’ve given a lot of thought about gift giving and “stuff.”  We don’t want Kidlet to have a lot of stuff.  Part of this is just realistic – we don’t have a big house and no specified playroom, so space is an issue.  The other is we don’t want her life to be about her things.  We want it to be about who is she is and what she does; not what she has.  We also would prefer her to have mostly non-battery operated toys.  I want her to imagine her toys to life, rather than have them come to life for her.  The exception to that is educational toys, some of which are very cool.  Her current bank account is for life and we’ll have to decide how that will be used.  It isn’t for bubble gum and Bratz and Barbie.  Also, it would be nice for her to earn some of the stuff that she wants.  I’d love to hear others’ ideas about their kids and money and stuff. 

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3 Responses

  1. “We don’t want Kidlet to have a lot of stuff.”

    Yeah, we thought this also, then the Aunts, Uncles, Grand Parents and Great Grandparents decided otherwise. Looking forward to the pay backs.

  2. Ha, the comment from “Little Brother” sounds exactly like what I will hear from our family. I definitely think this is a topic M & I need to talk more about!!

  3. I feel the same way about too much stuff but I feel I am going to lose that battle.

    Thanks for the link. Interesting article.

    Keep smilin!

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