4 thoughts on “Raising financial awareness in children

  1. I love this article! I have long thought that we are raising future adults, not children. While I allow my 7-yr-old plenty of playtime, I still give him responsibilites, teach him to cook and do laundry, etc. In short, I teach him the things he will need to know as an adult. I’ve been wanting to start him with a budget of some sort, but I’m waiting for a little more wiggle room in our own budget before we begin. I hope to have our credit card paid off by the end of next month, so I plan on starting then!

    • Hi amyleebell,

      Thanks for stopping by and also for sharing. You are definitely on the right track and the model you lay for your son now is going to have a huge impact in his future years. I would like to encourage you not to wait for next year before putting your son on a budget. One year makes a huge difference in a child’s life. Please start now especially with your financial situation and in one year, you would have taught him the benefits of waiting for the right time. In our society,the “waiting principle”, is largely overlooked in children and we grow up without knowing how to wait and that is a major factor why impatience is very prevalent.
      As an idea, start by asking your son to make a list of all that he would like you to buy for him for the week. Then explain to him that mummy can only spend $10 (or whatever amount) on him that week. Price out those items and allow him to freely select whatever he likes from his list but the total must be within his budget. This exercise will teach him how to make wise choices and also you will definitely save some money, as you would start monitoring your own expenses indirectly.
      Try it and remember that children are truly what we invest in them!

      Wonderfully yours,

      • Sounds like a good plan. But unless we are buying a gift, we rarely buy things for our son that he doesn’t absolutely have to have. So if he had a list of things to choose from, and could decide to wait for something, then does he really need it at all? And if he runs out of shampoo or toothpaste or something, then shouldn’t I make him select it for the week? Or are you talking about discretionary income? Right now, he isn’t getting any allowance, but I’m hoping to change that in a month or so, when we get the card paid off.

      • I can truly say that you are on the right track and seem to have things properly aligned. Your son is going to reap the rewards later in life and even now with his peers. I hope the card gets paid off as planned. All the best!

        Wonderfully yours.

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