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Date Posted: 16:25:58 04/11/03 Fri
Author: ginger
Subject: ummm yeah, they think it comes out of that machine at the bank LOL
In reply to: twomonsters 's message, "Do your kids understand about money? (m)" on 16:09:37 04/11/03 Fri

no, seriously..

my older 3 seem to understand sort of.. they have savings accounts and they know whats in there is all they have and if they take it out then they have none.. and they know if they get money as a gift, they can spend it all on a toy and have nothing left of it, or they can put it in the bank to save and add to what they already have in there...

but im not sure they understand that we dont always have money for things.. and thats our fault really because we will say things like we cant go out to eat because we are broke, but then we will stop by walmart and pick up a bunch of stuff.. so its like they are confused as to why we dont have money for mcdonalds but we do have it for walmart..

i need to be better about teaching them these things i think..

now, trent..5 yr old.. has no clue.. if i say no we cant go to mcds for lunch because i have no money, he says well go to the machine at the bank and get some.. he doesnt get that *I* dont have money even if the bank does.

trace and abby are clueless.

we dont give allowances.. we have tried here and there but it never seems to work out for us.. we just have a tight budget and coming up with money for at least 4 of the kids is really hard for us.. i will pay them in other ways for helping out though.. they do have chores and they get nothing for doing them.. but if they go the extra mile and help out more or something, then ill give them things like pokemon cards or harry potter cards or something.. they love that.. and i bought a case of each on a good sale so it didnt cost me a fortune. ive also given them a dollar or something here and there too..

so, im no help.. sorry..

i did read once where a family took all of their paycheck and got cash for it.. then they sat down with the kids and showed them all the money and asked each kid what to spend it on.. the kids listed things and they set the money aside for it.. then the parents showed the kids the bills.. and they had to take money from some of the things the kids had wanted to buy to pay the bills.. the parents explained how the bills had to be paid or they wouldnt have heat, elec, water etc..

at the end, the kids saw what was left after paying for all the bills, including food.. and it helped them to understand better that whats left isnt much and it needs to be used for things they really need and not just blown on everything they might want..

i think that would help more with older kids... and could be done with monopoly money maybe if not real cash... lol

good luck! and let us know if you come up with a good way of teaching them!

ginger

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