Parents spend $1,360/yr on What??!

[SoonerTexan]

Teaching my kids about finances is something I think about a lot. It's interesting though. I grew up with a lot less than DH and had to pay my own way more. I'm more financially savvy than him, but I also have a lot more wants. He doesn't pay attention to our finances but he and his siblings (at least the older ones) really aren't spenders and would ask very little of their parents even though he answer would probably be yes. So I'm hoping there are many different paths to a non spoiled somewhat financially aware child!

I'm guilty of indulging my toddler though. I usually make her work for whatever I've bought though

[MrsK]

The other day, K1 was begging me to take him out for fast food or to go to the "toy store" (goodwill). I finally got irritated and asked him if we could have a "no spending day." He very quickly answered, "No, because you already bought chicken at the grocery today." Oy. I *know * that he's impulsive and it's going to be hard for him to delay gratification. But somehow, he's managed to save up $1.67. I suspect that at least part of that are coins he's found between the sofa cushions and the like. Before, he was putting found coins in our tzdakah (charity) box. Now he's hoarding the coins for himself. I dislike compulsory giving so I'm hoping I can persuade him to use some of his money for tzdakah when a giving situation arises. I think learning to manage money is a bunch of little lessons over time. After all, I'm still learning.

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[TulipsAndSunscreen]

Financial literacy is a huge deal for me and I will be teaching a class to my kids even if we don't homeschool.

DH had no idea how to budget, how to calculate interest rates, etc. His financial literacy was basically zero and yet he had all the debt. I'm the saver and the one clawing us out of debt so I at least made him get the basics.

We will do at least basic budgeting and loan literacy and I think it's a travesty that it's not part of high school curriculum nowadays. I honestly think bringing back home economics wouldn't be a bad thing - kids should know how to simply budget, cook an omelet, and sew a button.

Ok, off my grouchy soapbox.

[MrsK]

I think it's a travesty that it's not part of high school curriculum nowadays. I honestly think bringing back home economics wouldn't be a bad thing - kids should know how to simply budget, cook an omelet, and sew a button.

Ok, off my grouchy soapbox.

I've had this thought too.



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[Deebs]

Our nanny had to take "life skills." It included basic cooking, sewing, budgeting, understanding loans, etc and was required at her high school.
We do allowance as a means to try to teach my oldest some fiscal responsibility (the other kids also earn to keep things fair). It instant stopped them begging for things in the store, as i now let them spend their own money, not mine. I give them $1 per year of age and we break it into quarters. One quarter goes to savings, another to the charity of their choice, another for school costs (fundraisers, book orders, etc), and the last quarter is theirs to spend at will. So far, it has worked really well.


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[samssugarmomma]

I know that I already added ...... But here are the details of the system that we just started using. She ties in an allowance with the responsibility of chores. I made my own chore charts instead of purchasing the Melissa and Doug ones. It costs us about $10 a week.

http://www.aninvitinghome.com/2013/0...-do-trick.html

[SoonerTexan]

Parents spend $1,360/yr on What??!

Add me to the being back home ec group, revamped for this day and age of course

[Pollyanna]

They still teach all those classes in my nieces high school in OK.

[Sheherezade]

Parents spend $1,360/yr on What??!

Ohio has a financial literacy requirement starting with this graduating class. Sadly, they are accepting AP economics or online classes eventually. They don't have a teacher or a curriculum in place for real financial literacy for each student; it's a big budget addition (probably two teachers here). Home economics was pulled because of budget cuts. Funny that *these* classes aren't offered because we don't have the money!

[JDAZ11]

That is funny.

[Ladybug]

[mommax3]

Indiana has a similar requirement...the class is called Personal Finance. Home Ec (or FACS...Family and Consumer Science) classes are still offered, too.

[diggitydot]

Indiana has a similar requirement...the class is called Personal Finance..

Same here. It's part of a required freshman class that includes state history. They don't go together at all, but I think that's just where they stuck it to fit it in.

So, our oldest has taken FACS in IN and the required one in our current state. I'm not holding my breath that she'll be terribly responsible with money for a while.

[MDPhDWife]

Financial literacy is a huge deal for me and I will be teaching a class to my kids even if we don't homeschool.

DH had no idea how to budget, how to calculate interest rates, etc. His financial literacy was basically zero and yet he had all the debt. I'm the saver and the one clawing us out of debt so I at least made him get the basics.

We will do at least basic budgeting and loan literacy and I think it's a travesty that it's not part of high school curriculum nowadays. I honestly think bringing back home economics wouldn't be a bad thing - kids should know how to simply budget, cook an omelet, and sew a button.

Ok, off my grouchy soapbox.

ITA, in fact I could've written this post! My girls are 10 and 13 now and I've required them to read the new Dave Ramsey book with me "Smart Money, Smart Kids". He co-authored it with his daughter. Initially they belly ached about it a little bit, but once we got started they actually got into it! We are about halfway through it now and I've even caught DH listening every now and then when the kids and I are reading it together. I truly feel like I would be doing them a disservice by unleashing them into the world financially illiterate.

[alison]

I wanted to revisit this. We have issues with spending on/for our kids. Dd5 knows that dh works so that we can eat/have a roof over our heads/clothes. She asks - when she sees things she wants - if they're too expensive for us or if they're cheap enough to buy. .

She doesn't have chores at home, because honestly, I just ask her to make her bed or put her clothes away, and she does these things without expecting that she gets cash for these tasks. My argument is she's part of the family, and she does what she is able to do to help out.

Have any of you found this to backfire? when she realizes that other kids are getting money for doing the things she knows we expect her to do just because she's "part of the family," will she start demanding cash? Dh seems to think I've got my head in the sand, because when she says "may I buy a Popsicle?" Or "I'd like this new lego set," I usually assess what it is and if I think it's reasonable, I just let her get it. Or not.

Dh grew up on an allowance, and the second he had enough for whatever he was saving for, he went hog wild and spent it all. He still does this. I am keeper of the finances, and STILL have to keep the man on an allowance (he wants it this way), so that he doesn't overspend.

Any thoughts?