Mommy and Money

I feel like lately we are wading through parenting issues one after another. We have left what brand of diapers to use behind and we have the rules about when to rush a toddler to the ER down. We no longer struggle with what and when to feed our kiddos but now comes a whole plethera of other questions. The most recent being money and the value of things.

What parent hasn’t had their 5 year old come begging for something in the grocery store. Most likely it is that $1 item that will be lost in the car on the way home and never thought of again but in that moment, if they don’t have it THEY WILL DIE! Really?!temper-tantrum-girl

This is where I become a totally unsypathetic mother. However, if it is not a weapon of mass destruction (Silly Putty, Silly String… anything beginning with the word Silly) or something that looks like if it came to life it might just be related to Chuckie, I will say, “Of course you can get that? Did you bring your money?” This inevitably brings on the saddest face you have ever seen since that basset hound from Pioneer Woman.

“No… I didn’t.”

“Well, I guess you will have to wait.”

“But I waaaannnnttt iittt nooooooowwwww…..”

Oh, lawd!

“Yes, dear. I understand. Sometimes we can’t get what we want.”

“But you have money.”

“Not for that.” This is my answer. My money, that is designated to be spent on you, will be spent on clothing that I deem necessary for which you may or may not have input. It will be spent on food on which I may or may not consult your opinion. It will be spent on rent, heat and other utilities that are used to keep you alive. images

Somehow, I believe that even at 5 years old, my kid needs to learn the value of things. Maybe I’m completely off base but I want her to connect the work she does (laundry, dishes) to the money she earns and in turn, to the things that she WANTS. Will this connect her to being more responsible with her things? ie. not leaving them at school or outdoors or at the park… I have no idea.

images found on google.

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6 thoughts on “Mommy and Money”

  1. If my experience is any indication, this will indeed teach her the value of money. It worked on me. You’ve basically described the exact way my parents were. Once I started making my own money, the allowance stopped. It was my job to spend and save my own money.
    I don’t know if there’s some logic or science that proves this works. All I can say is that this is exactly how I plan to teach any future children of mine the value of money.

  2. I think you have the right attitude. If a child has certain jobs to do and can earn a small pittance for doing them, they can go out and buy things for themselves. (Dollar Tree actually sells everything for 1$) Equally, a child needs to understand that if one is expected to do a job and then fails to do so, they should not get paid for it. After all, grown ups who do not perform their duties lose their jobs.

    Teach children finance as close to real life.

    If you forget your money, you can’t buy things you may have wanted.
    If something you want is more than you have, you have to save for it. Great example with older twin boys – one spent as soon as he had money, the other saved. The saver wanted a tablet and saved for it. When he brought it home the spender got upset and wanted one too. He was told to save if he wanted one. So he did.

    At some point when you think it’s appropriate, the concept of loans can be included…along with the concepts of trust and interest in addition to the original amount.

    You are also right that a child should understand that there are basic things families do to survive and the child should have chores in which no pay is received. You do not get paid to shop, clean house or pay bills. Perhaps helping with laundry or something like that. My daughter started helping with laundry at five and did her own by seven. She loved it…very grown up.

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