A great financial tool/lesson for our school age children

Okay, so now that I have a Kindergartener, I have been initated into the non-stop money drain we call our school system.  Wow, I was not prepared when parents would say, oh wait until your son starts school, I thought to myself oh come on how bad can it be.  Well, I now understand what they were speaking of, since August, it has been one thing after another.  School T-shirts, Book Fair, school pictures, fundraiser, fall festival, local restaurant night, raffling baskets.  It is the middle of October, and is mind blowing the amount of money you can spend.  So, I have now come up with a solution to the chaos.   My son and I are going to sit down together, he is a Kindergartener but he understands enough to know that we don’t always get what we want, he can also count to one hundred, so we will just have to break it down for him.  Contrary to what his Grandfather says….my son came home one day and was looking for the Money Tree in our backyard, it took me days to explain that Grandpa was making a funny, HAHA, not!   That money really does not grow on trees.  Anyway, I digress, so my plan is to set an amount for each quarter of the year, that he will be able to spend on all these “extras” that keep coming up, we are going to sit down and write down what we have spent or could have spent doing all the activities, and he will have to weigh what is more important.  We will be sitting down prior to the year starting next year, when I have gone through a whole year and know better what to expect, then we can “plan” better.  So by writing down all the potential activies(you parents out there, please educate me, what is coming next?)   He is going to be choosing what we spend the money on, and we will have many discussions when those money decisions come up and are made, that he may have to miss out on one down the line if he chooses to spend up all the money when the new quarter starts.  It may be a little confusing AND tough to get through these first few quarters.  He will need to decide how he wants to spend his money, will he want to save his money for something bigger that may be coming in the Spring or spend it now.  I can’t wait to start this experiment on a Kindergartener, I will keep you posted.  You parents out there, how do you handle this with your kids?  Help us newbies out with this.  And it is never to late to start, elementary, middle school, high school….I am sure some of you may have spouses that you would like to do this with 🙂

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~ by debt2dreams on October 22, 2008.

2 Responses to “A great financial tool/lesson for our school age children”

  1. Let me say that I’m enjoying your Blog immensely, and you are slowly motivating me to start my own. I enjoy writing and think that it might be a fun hobby to start (cheap, too!).

    Your aspirations for your Kindergartner are admirable, and I hope it works out! My wife and I want to impress the importance of making sound financial decisions to our 2-1/2 year old, but first we have to get him to stop spilling his chocolate milk all over the place HAHA!

    Keep up the good work!

  2. It is never to early to start teaching kids about money, even at 2.5 years, you would be suprised what they can pick up on and of course leading by example is always a plus for the kids. You as parents set the guidelines for your children about money, by saying “No” early doesn’t mean you are a “bad” parent, it means you are teaching discipline with choices and consequences. It is amazing when you explain in their terms why they can’t have everything they want, that they usually accept without a fight. But even if a tantrum comes, stand your ground, remember you are the parent and it is better to create financial security for your child than to have a room full of toys that they disregard days after purchase.

    As for blogging, let us know when you are up and running, we will check it out!

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