Helping kids learn the value of money

How often have you been in a store when your child must have “that” toy? Or that new sweatshirt? Or the latest rollie sneakers? And what happens when you say “no”? For me, it was always an argument, whining, crying, and lots of other fun things. Many times, I gave in so I could get the shopping done. So what was I teaching our kids? To keep pushing, and eventually Mom would give in!

Sound familiar?

Here are some ideas on how you can avoid these struggles, while teaching your kids the value of money, and empowering them to make choices.

· Give them an allowance and a piggy bank. Positive Discipline author Dr. Jane Nelsen says that she started her kids under 2 years old, giving them a quarter, a dime, a nickel and a penny. The amount of money is not important. The fact that they have their own money is.

· When you go to the store, and they are begging for something, ask them if they have their money with them so they can see if they have enough to buy it. The first time, they probably won’t have their money. That’s okay. Let them feel disappointed. Children need to learn that you can’t get everything you want in life. In fact, if you continually give in to their begging, they are learning that they are entitled to whatever they want …. Are these the life skills you want your children to have? When they seem disappointed, you can validate their feelings (“you seem really disappointed). You can ask what they might do differently next time.

· When you get home, you can ask them if they want to see if they have enough money to buy what they wanted. With younger children, you can help them learn how to count their money. Often, children will decide that what they wanted is way too much money when it is coming out of their pocket.

· The next time you go to the store and your child asks for something, you again ask them if they brought their money. They probably will have remembered. It is then their choice if the “must have” item is worth their money.

· As they get older, you can give them a budget to work within. For example, if they want to redecorate their room, tell them they have $x to work within. My sister recently did this with her 11 year old, and it was amazing what my niece was able to find at low/no cost to stretch those dollars! You can give them a fall clothing allowance, or a specific amount of money to plan a family dinner. When they go out on their own, these are critical life skills that we often forget to teach our kids.

Teaching kids the value of money, how to save for what they want, what is worth it and what isn’t, empowering them to make their own decisions, building their “disappointment” muscles, and math! And, ending most of the in-store begging and meltdowns.

Come learn more about how you can help your kids learn these and other important life skills? Sign up for one of our Positive Discipline Parenting Classes! Our winter class schedule is now available at http://www.positivedisciplinect.org/parenting-classes/

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