Are you wondering about how to teach children about money but not sure where the start? Our easy three step plan covers spending, saving and giving to help start your children build good money habits from the start. In this story we are practising spending and it’s not as easy as it sounds. Here is our story…
You can read the first part of this story here…
How to Teach Children about Spending Money on a Budget
Mummy (11 years parenting)
“11?” Okay that came out a bit loud. I glance about sheepishly but nobody noticed because all the other parents are also busy regretting their decision to enter the realm of torment (aka a toy shop).
“Let me show you.” Luc grabs my hand and my heart sinks. How on earth am I going to talk him out of 10 things so there is only 1 toy left?
Because that was the deal. If he practised saving his pocket money, then we would come to big, well-stocked toy shop as a treat and he could buy one big toy.
Not 11.
“First question to ask yourself is can you afford them?” I tell him. Desperately hoping that at least a few are out of his price range. He does have expensive taste. That I have already discovered.
We sadly remove 4 off the list. But not without a few hints that they could be good Christmas or birthday presents.
We slowly think about what toys he already has and how this new toy would fit into that collection. And with some reluctance another few options are culled.
“This is really hard Mummy. I thought it would be more fun than this.” Luc tells me tiredly.
“We’re down to the last 2.” I tell him optimistically. “Which one is better? Which one do you want more today?”
Giant dinosaur or track that sends cars flying all around the room? It’s crunch time.
“The car track.” He makes his decision slowly, cautiously, sadness filling his eyes as we put the dinosaur back on the shelf.
We make a quick exit before he sees anything else or changes his mind.
“Mummy, I really would like that dinosaur for Christmas.” He tells me as we climb into the car to head back home.
“I know.” I grimace.
“You won’t forget?” He asks anxiously.
Not a chance because I’m pretty sure he will remind me everyday for the next 5 months.
“I’ll remind you, Mummy.” He adds brightly.
Don’t I know it.
Get More Information on How to Teach Children about Money
Are you thinking about when to start giving pocket money to your children? Take a look at this easy guide to make a start.
When you want to help your child to make good independent spending decisions, try our easy free 5 Ways to get you started.
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