teaching daughter the value of money

miss_marsters

I have a 4yr old like this sometimes and i know its probably old school but the word is 'tough!' (i'm only 25 by the way!)

Thats what we got told if there was no money/or we'd had enough when we were kids and there were 4 of us

She accepts the word no quite easily now and just carries on - most of the things she 'wants' i know she'd never play with anyway

Better teaching them this lesson now than them being a teenager

spicyprawn

How are you getting on Mandy?

Throbbe

My daughter got pocket money (20p) from about 3, and was allowed to buy sweets or save up for comics, and it was astonishing how soon she got the idea that she wanted to save HER money. It didn't entirely stop pestering, but it was useful to be able to tell her that you would take the money from her piggy bank later, and more often than not she'd change her mind.

She started doing 'jobs' for extra money once she was around 5. Again, usually just an extra 10p a day, so not huge amounts, but again, she almost always saves it.

She's 7 now and her brother is 3 and he always saw his sister saving, as soon as he got his first 20p he wanted somewhere safe to keep it!

The other thing we do is get them to go through their toys every few months, and if they don't want it anymore it goes on Ebay and they get the money. Tidy rooms, and learning about the value of toys (and especially how quickly they lose it)!

They are now saving towards a Wii and TV, and have a little chart of how close to the target they are, and colour in a square each time they put £5 in their bank account.

MoneyMission

nonnatus wrote: »

Good Grief! This is the whole problem with that generation, we are breeding a group of children who won't accept "No" as an answer. Because there is a group of parents unwilling to set boundaries and say "No" more often because "it makes them sad to see their children getting upset"
These children toddle off to school believing they can do whatever they please because they are in charge.

Never mind about the money at the moment OP, teach your daughter basic manners and respect for authority (yours and all other grown-ups) by setting rules and sticking to them.
She will be distressed and miserable in the short term but will VERY QUICKLY adapt. In six months you will have a happy, well adjusted child and no more conflict.

Simples

(maybe Mr Cameron would consider paying me for this basic parenting lesson :rotfl:)

Well said. Couldn't have put it better. My kids are always being told 'no' and they are turning out to be well behaved children that I can take into any situation and not be stressed about potential melt downs. I see so many other children who aren't taught to respect authority and are given everything they moan for. Parenting isn't easy but you can certainly make it harder on yourself in the long run by not setting boundaries early on. Gosh, I sound like a tyrant don't I? :eek:

nonnatus - someone should be paid for the lesson, it may as well be you!!!

littlegreenparrot

I'm the eldest of 5, and my parents could never sustain giving us all pocket money for very long.

Saturday was always sweetie day, we could choose what we wanted under a certain price (I remember it being 30p, couldn't get anything for that now : ) Any whining in the week got a simple answer, it's not Saturday. I didn't have any spending money until I started babysitting as a teenager.

For years I taught my baby brother about money at Christmas time. Mum would give him a budget to buy every family member a present. He then had to decide what he was going to buy everyone, make a list and cost it up. It really made him think about it, he loves all his brothers and sisters - if he spends more on one he has to spend less on someone else. I would only take him into town when he knew exactly what he was getting, he felt very grown up buying things himself, and got to choose lunch. We had a great time.

I also for years have not bought him presents, for birthdays/christmas, but have offered him a day out somewhere. We all have to much stuff. We sit down, look at what's around, and discuss what he'd like to do. Although he wouldn't admit it now he's a cool teenager its the time spent with big sis rather than the place thats important. The sooner kids start to realise that, the better.

BodieGirl

You really need to toughen up your discipline skills or you will end up with a bratty, hard to control child. Easier said than done but worth it in the end!

The way I see it . . . no parent should be "controlled" by a child, especially not a 5 year old one!

My child gets things that are needed when needed e.g. clothes, shoes, books etc. The school gives out "merits" to three kids each week from each class in the school for special behaviour. If my child manages to get a merit (seven so far since reception!) it means a treat at the weekend, could be a new toy or trip to cinema.

Not sure if your daughter's school does something similar? It means that the treat has been earned by good behaviour, and is something to aim for.

As for bad behaviour . . I find that half an hour of sitting alone in MY ROOM on the floor (with nothing to stare at but beige and lilac walls) does wonders for attitudes!

POPPYOSCAR

5 years old seems so young to me to be learning about money.

Just say no.

Perelandra

I learned four useful lessons on money from my parents, which I will pass on (I hope!) to my own children:

1) Money has a value, that has to be earned. To get my pocket money, I needed to work. (As others have said, simple things like tidying up my room, and later on working around the house).

2) Live within my means. Above and beyond my pocket money, my parents would very rarely buy me any treats. (but see '4' below)

3) Learn the value of savings. My father actually ran a "bank" with us, in which we could save some of our pocket money each week and draw it out when needed for a "big" purchase. He gave a very generous rate of interest (2% per week! reality hurt on that when when I discovered what the real world gave!).

4) Learn the cost of debt. I could also borrow money from the "bank of Dad", but would receive lower pocket money going forward whilst the debt was paid off.

painted_lady

My 5 year old gets £1 a week, he can save it, spend it or mix both. He has a money box and when he saves he puts the coins in there so he can see them. Started it in jan when he was always wanting small toys costing £3-4. Showing him value of saving up for things etc. Can also teach them numeracy this way, for example, 2x 50p same as £1 coin. We were saving for a trip in April and he managed to save £17 (he had extra money from his birthday and little jobs he had done). He earns extra by doing jobs, some he isexpected to do for nothing, but if he is especially helpful he might get 20p to put in his box.

painted_lady

I am planning on getting him a child account at the bank so he can learn to save with interest. Never too young in my opinion. He plays at "working" and "getting money." Sometimes I take him to the car boot for second hand toys, he can then get a better quality second hand toy for the same price as a cheap new one.