After getting the kids buckled into the car outside of the grocery store today, I was approached by a man who asked for change to ride the bus. I use a debit card for just about everything, so I almost never have cash with me. I told the man I didn't have any cash, and he left. No big deal. But Michael had heard me tell him I didn't have any cash, and he asked was that was. I explained that cash is money. That man wanted money so he could ride the bus, but I didn't have any money with me, so I couldn't give any to him.
Michael thought about this for a little while. Then he said, "Mom, I have some green money in my piggy bank at home. You can have some if you need it!" I thanked him, of course, but explained that I don't need money. We have enough money in the bank. I just use my debit card to pay for things instead of using money. This led to a long explanation about how when I use my debit card, it tells the bank to give money to the store, and so on.
I've been trying to think lately of ways to teach Michael about money. He knows we pay tithing, but I'm not sure that he understands what that is. He knows that Daddy goes to work so we can have money to pay for our food and our house and so on, but since 95% of the money we spend is never physically seen by him (or us, for that matter), it's all very abstract for him. He does understand (sort of) when I say we can't buy something because it's too much money, or because we don't have enough money right now, but then he sees me use a debit card or get money from the ATM, and he thinks that's all there is to it. Just go to the ATM and it will give you money. Or just use your card and you won't need the money.
Do you think it's too early to give him an allowance? We've thought about giving him a small allowance (like, 10 dimes a week), and teaching him that one dime goes to tithing, and two dimes go in his piggy bank, and he can use the rest of the dimes to buy himself a treat when we go to the store. As he gets older, we'll teach him more about money, of course, but this would just be a first step. I don't remember getting an allowance or anything until I was eight or so (right, Mom? I can't remember). And Michael is only four. But he is very interested in how much money things cost and how much money we have and how many pennies are in my wallet at all times, and on and on and on.
Anyway, it's just on my mind.
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4 comments:
I have toyed with the same idea...Kenzie really loves money...her little coins she finds through out the house are her little treasures...
I have learned to say at the store or wherever "that isn't a good deal", or "I think I can find it somewhere cheaper", or "I do not want to spend that much money", or "my oh my they are crazy for asking for that much", or "that's not in my budget" Kenzie is starting to figure out the smarts of money and I love it. She asks me now if something is a good deal or not. When I say "no" there is no argument. I don't have to go into explaining that we don't have enough money or whatever- it just wasn't a good deal.
Tithing is fun for children. Maybe I will start the 10 dimes a week thing. It can't hurt. 1 dime for tithing, 2 dimes for savings, 2 dimes for mission, 5 dimes to spend wisely.
Zions bank up on Harrison has a really cute change converter thing just for kids. Where kids throw in their change for cash. They also have $5 coupons for opening children's savings account and a piggy bank to give the kids.
good luck Cami- oh and good luck with the LESSON!!!! You will do great. I don't think I will be home in time to hear it. Dang it. Thank you thank you thank you for doing this for me. BLESSINGS. Just remember Sunday morning when are dreading the day- BLESSINGS
Thank you. It will be an amazing lesson.
I don't remember the exact age either but I do remember that every month you got your amount in the age you were. 10% went to tithing, half of what was left went into long term savings and the other half went into short term and spending. That's all I can remember. He needs to know he can't have it unless he does certain chores. MOM Good luck.
Hey Cami, you probably didn't realize I occasionally blogstalk you, but I felt like commenting on this one. My son Jacob (who is 5) kept thinking money grew on trees and he could just get whatever he wanted. Everything he sees on TV is "mommy I want that". It was getting old. So, I actually let him earn quarters by helping out with little jobs around the house, and his money is currently going to his bike fund (which is what he says he wants the most). He happily helps out with chores when he knows he can earn a quarter, plus he really is enjoying watching his money grow in his piggy bank. He's been at it for a about 2 months, and has about $12. He might actually earn it by the time he turns 6! Anyway, I've never been a big fan of allowance, because I don't think you should get something for nothing (because that isn't how life works...at least not my life:) ) He loves getting the quarter after each little job and putting it in the piggy. Anyway, just thought I'd share the idea. Do with it what you will!
Jenny (Osguthorpe) Arvidson
First off, could Michael be any cuter offering you his money? How sweet. -I'm interested to hear how the allowance thing goes if you decide to do it. I have had similar coversations with Bailey about money. Sometimes it feels confusing to explain it all. I know she just about cries when we walk to the gas station and I tell her that she has to give the clerk her money before she can have her candy because she thinks that means they are going to keep it. Anyway.....
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