Teaching Kids About Money

Now that my youngest has entered elementary school, I can finally breathe a little easier knowing both girls are on the same schedule.  At least during the school day!  However, with elementary school welcomes a lot of new friends.  Our once preschool small knit family has now morphed into double, even triple the amount of school friends in our lives.  I’m not complaining, I believe in social interaction amongst kids, but when it comes to birthday party planning, I need help!

Try telling your child he/she can only invite “x” number of friends to their party.  It can get out of control, and expensive! And, furthermore, I don’t’ even know the parents of these “new” friends/classmates!  So, what’s a mom to do?

I encountered this dilemma 2 years ago with my oldest daughter.   The solution:  registered Alison at triplethegift.com and was able to put her registry number and information on the invitation.  That way, the moms I didn’t know were able to look at the registry and see Alison’s gift choices.

Upon receiving college savings as well as donating money to her favorite charity, Alison was able to receive a gift card and purchase her own gift. Not only is she understanding the value of the dollar, but she also gets to pick out the gift of her choice.

As explained in The Complete Idiot’s Guide to a Well-Behaved Child, “kids need to know how the economy works. No, not stocks, interest rates, and world markets!  I mean the basic ins and outs of a family economy. You can start when your kids are very young by helping them understand the difference between needs and wants, that money comes from working, what money looks like, and that everybody has a job (a kid’s job is to learn things, to play, and to participate in the family). As they get older (once they know that a nickel is worth less than a dime, even though it’s larger), you can talk with them about credit cards, bank interest, and so on. Kids can learn about budgeting from the time they are about seven. Remember that a solid money education is one of the best tools you can give your kids—it will aid them the rest of their lives.“

-Andrea

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