teaching daughter the value of money

mandymoo86

so i am trying to seperate my money out over the days of the week so i can keep to my budget and pay off my debt. I spend alot of money on my 5year old daughter my question is, is it worth me giving her a couple of pound a week to teach her the value of money so she stops moaning at me about buying her things she is one of the reasons i am in so much debt because i have bought her things she wants on credit and paying for it now.
any suggestions???
mandy

Tixy

I don't have kids but I would think 5 might be a little young for it to be effective? I'm sure someone with children that age or who has been through that stage will have a better idea though.

What sort of things is she wanting you to buy?

Perhaps instead of giving her money when she asks for something you cannot afford rather than just saying no (or buying it) you could try explaining that you (or Daddy?) have to work very hard to earn money and that you have to pay for the really important things first and remind her that she already had x yesterday or whatever. If you keep saying it to her everytime she asks maybe she'll start to ask less?

Or depending on what she is asking for - tell her she can choose one thing on a Saturday and must wait until then, and then if she asks for anything in the meantime tell her she can choose when saturday comes if its what she wants then.

theoretica

You might get more advice over on the Families and Moneysaving board.

My first thought is that a couple of pounds sounds high- at that age I got about enough to buy a roll of sweets at the newsagents - and had to 'earn' it.

Do you talk about money with your daughter and that you have to make sure you will use everything you buy, about your stuff as well as hers? How about every new thing you get something old needs to go out too?

Where is she finding the things she whines about? If advertising can you teach her to be more cynical about ads?

linz

I used to get £1 a week every Saturday morning which was given to me after I had tidied my room and one room downstairs. Ok this was years ago, but maybe you could encourage her to tidy her toys away then reward her and tell her she can either spend it on something or save it to put towards something bigger the following week, or spend half save half.

mandymoo86

thanks guys
she is a very whiney child and because i dont want the fuss i just end up buying her stuff even though she dosnt need it and its usually something like a magazine or something which she wants for the free rubbish toy and then leaves the magazine she is very ungratfull which is why i want to teach her the value of money she is very bright and understands just need to think of a way to make her earn it or how much is an acceptable amount for her to have per week/ month etc x

spicyprawn

You need to stop giving in to her whining for a start so she realises that, that is not the way to get things she would like.

She needs to earn it, like linz says, tidying toys away, helping mummy sort the washing out, dusting...etc
Give her a set amount for each 'job' and if she doesn't do them, she doesn't get the money and NOTHING from mummy just because it is an easy way to get her to behave.

Good luck!

Barbeduk

I refuse to buy my children things like comics, they get them maybe 3 times a year as a treat, they are so darned expensive. Mine get told 'no' all the time and I explain it's because we don't have the money. I also tell them how much things cost, for example for the price of 1 ice cream van lolly we could get 6 from !id!.

Mine are both under 10, they are both very good at saving any money they're given eg for birthdays. I know I probably sound like a right old meanie but I honestly can't afford it and if you don't start saying 'no' now, what will they be like as teenagers?

FBaby

This doesn't sound so much an issue with money but of discipline as a whole. Giving her what she wants because she whines and you don't want the fuss is only teaching her that she gets what she wants by having tantrums. If you keep it up this way, she will become a child and then a teenager who walks all over you and shows no respect for you. Why wouldn't she acts the way she does it it is going to get her what she wants?

She is way too young to be lectured when the way she is acting the way she does is because of you not putting boundaries and taking what is the easiest route in the short term. You need to take it upon you to be firm, tell her no and stick to it. It will probably be hard work to start with, since it will be new to her, but gradually, she will learn and with it, she will become grateful when she does get something.

As for the teaching the value of money, you should do that by being a good exemple and explaining to her why you do certain things and not others. My kids understood the concept of insurance when they were about 5 or 6 because I explained to them when I wrote cheques to pay for it. At 8, they understood what a mortgage meant and the difference between a credit and debit card. At 12, my DD understand the notion of interest. It is learnt through every day discussions.

spicyprawn

Oh and she is not the reason you are in debt, you are

mandymoo86

spicyprawn i know i seem to give in to her all the time i need to be a bit stronger i just hate her crying i will make a plan and post it on here and hopefully we can get back on track with money :-) fingers crossed for me people x

spicyprawn

Heed the advice of fbaby, it will be hard but she will learn if you stick to it

Gl