Teaching children about money (teens, baby, parent, son)

[h2obaby65]

We all know now, especially in these lean times, budgeting your income can mean you are more stressed than learning how to live broke. Teaching a child about "necessities" compared to luxuries, starts with yourself, do you know the difference?

[StarryEyedSurprise]

I don't get the question - do I know how to budget? Yes. As a result, this isn't a lean time for us.

[NCyank]

^+1, same here.

Yup, I know the difference as do my teens. They have been learning about money since the very first time we were ever in a store and asked "Can I/you buy that?". The answer was, "Yes, you can buy it if you have money....let's go home and I'll show you how to get some money." That was around age 3 for both of them.

[malamute]

Originally Posted by h2obaby65

We all know now, especially in these lean times, budgeting your income can mean you are more stressed than learning how to live broke. Teaching a child about "necessities" compared to luxuries, starts with yourself, do you know the difference?

I have given the kids $20 and let them go into the store and buy stuff for dinner, reminding them that good solid foods are what the body needs. Or instead of shopping with them, give them a gift card with a set amount on it like $100 and let them decide if they want to waste it all on just one outfit or have several.

They don't get luxuries except for birthday and Christmas until they earn their own money.

[GypsySoul22]

Due to our circumstances, we've sacrificed money for having one parent stay at home (now I just can't find a job).

My son has been told that we have to wait sometimes for things like a Wii because money is tight and other things come first like food, shelter, and clothing.

I would like him to grow up learning the value of money so he doesn't get into credit card debt or 'expect material goods' without working for them when he is an adult.

[h2obaby65]

Starryeyedsurprise: Questions quite simple, when you budget your money, there can be a small amount left for possibly a "luxury," when you live "broke" there are never any luxuries, we pay for our shelter, food and necessities. Teaching children about having cell phones, X-Boxes, brand name clothing is the lesson. You missed the point, if you have missed it because you are wealthy and never have had monthly cash problems, we commend you, I am teaching my daughter, dont worry about the, "JONES'."

[Momma_bear]

Originally Posted by h2obaby65

Starryeyedsurprise: Questions quite simple, when you budget your money, there can be a small amount left for possibly a "luxury," when you live "broke" there are never any luxuries, we pay for our shelter, food and necessities. Teaching children about having cell phones, X-Boxes, brand name clothing is the lesson. You missed the point, if you have missed it because you are wealthy and never have had monthly cash problems, we commend you, I am teaching my daughter, dont worry about the, "JONES'."

It's one thing to live "broke" because you have to do so. That is a hard way to live.

Many people chose not to live broke if they do not have to and they allow themselves the luxuries that they can afford. Just because people allow themselves to have luxuries like cell phones and Xboxes it doesn't mean their kids can't learn about money.

[NCyank]

Originally Posted by h2obaby65

Starryeyedsurprise: Questions quite simple, when you budget your money, there can be a small amount left for possibly a "luxury," when you live "broke" there are never any luxuries, we pay for our shelter, food and necessities. Teaching children about having cell phones, X-Boxes, brand name clothing is the lesson. You missed the point, if you have missed it because you are wealthy and never have had monthly cash problems, we commend you, I am teaching my daughter, dont worry about the, "JONES'."

That's not a lesson for only broke people, it's a good lesson for everyone. How do you think people earning $200K end up living paycheck to paycheck and getting their house foreclosed? They never learned the lesson.

[h2obaby65]

This is a very sensative subject, we have to admit, the more electronics and expensive gadgets children get their hands on, the least likely their going to appreciate the more expensive objects like cars. Its just a bigger "toy." Because you have money, you dont indulge your child, you teach your children, not everyone has the same opportunities, equality means sharing. Same same. Lets stop indulging these children, lets get back to rocks and sticks.

[NCyank]

Rocks and sticks? I think you are taking this waaaayyyy to far. We don't have a lot of gadgets but kids also need to be informed and keep up in a fast paced technology geared society. There's an awful lot in between all and nothing. Most people will be well served to find the right balance between indulgence and rocks and sticks, regardless of income. It's not the stuff you have (gadgets vs no gadget) that determines if you will be a generous or appreciative person...it's the lessons you learn regardless of what you have.