It’s never to early to learn about money. At least, it isn’t for me and my family. Most financial advisors will tell you children as young as 6 or 7 can start learning the value of $1, but I say start even earlier! So many friends I had as I grew up never had an after school job, never had to purchase anything for themselves or others. This led to such disconnect in regards to knowledge about the dollar and it’s worth.
Not for Red. Hubs and I have already set up a savings account for him as well as beginner’s piggy bank. Of course, any transactions to either of them we are currently in charge of, but one day, we’ll set up chores and allowances, easing his transition into fiscal responsibility. I want Hubs and I to talk often to Red about money – what things cost in the store, vs. how we can earn that money. Most of all, I want to teach him to spend less than he earns, and save the rest.
This SmartMoney article noted some really helpful ways to start talking to Red about money. I love that some advice includes setting up mini jobs and earnings in adolescence, and urges me not to become discouraged if Red doesn’t immediately take my advice (oh, lord that seems like a parenting-in-general lesson that will be hard for me to learn!).
My mom recently sent Red a $1 bill in a holiday card, and he was fascinated with the images and shape of the paper. After he was done ogling it, it went into his savings account. In fact, each dollar someone has given him has gone to savings. When he’s older, we will start to save a little and spend a little. Perhaps when he eyes that new action figure on the store shelf, he’ll know exactly how much work or how much savings it’s worth as he draws out his little wallet.
Have you already started to talk to your kids about money? If you have, at what age did you begin? Before they could talk? After they were old enough to start earning monies? Read up and give me some advice!
This is a supported post with information provided by Genworth Financial. All thoughts and opinions are my own.
Leave a Reply