As a mom of three financially responsible boys (ages 15, 17, and 19), I'm often asked questions about how I taught them about money. They aren't perfect, but they have have strong work ethics and make smart decisions about money. I'm not an expert, but today I am sharing the FIVE things I'm happy I did.
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1) I never gave my children an allowance. I never handed them cash for no reason, and I never paid them for doing chores around the house that I expected them to do anyway. I did, however, help them earn their own money. I helped them sell old toys, and I assisted them with a small “cookie mix” selling business. They also babysat and delivered newspapers, and when they turned 16, they got jobs.
2) I talked openly about money with my children from a young age. They often saw me pay for things with a credit card, so I made certain that they understood how credit cards worked. I showed them the bill when it came in, and explained how I paid for it from the money I earned at my job. I also talked to my children about saving, investing, and paying taxes.
3) I taught my children the difference between a want and a need. This seems like a simple lesson, but it is a difficult one to teach. From an early age, the rule in our house was always “We buy you what you need, and you buy what you want.” For example, we paid for the hockey stick they needed, but if they wanted the “latest and greatest” model, they were required to contribute the additional funds.
4) I introduced my children to the concept of delayed gratification. It’s important for kids to learn they can’t get everything they want, and they can’t always get the things they want as soon as they want them. One way I taught this lesson to my children is that I never gave my kids phones with phone/data plans. My husband and I made a rule that only people that can pay a monthly bill can have a phone. It was tough for our kids to understand why they didn’t have a phone like other children their age. However, now that they have jobs, they all have phone plans that they pay for, and they appreciate the concept (and responsibility) of paying monthly bills. They also watch their data usage carefully.
5) I tried to set a good example. My children have always seen me shop for sales, buy and sell second hand items, pack lunches for road trips, cook at home rather than eat out, and DIY home projects to save money. They see my husband and I living frugally (and within our means), and it is teaching them to do the same.
My boys are still relatively young, so there is still time for them to make money mistakes, but I hope I've given them a good start.
These are the things that worked for me, but I'm curious... what worked for you?
💗
Gina (aka East Coast Mommy)
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