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Teaching Children about Money

Posted by: Chris Cook on Monday, August 20, 2012 at 12:00:00 am

I dread the beginning of school, because I know that means I start hearing the statement, “I need money for…………….” On a weekly basis there is something that my children need (or think they need) money to buy or do something at school. Usually I grumble a little bit and then one of them will say, “Just get the money at the bank.” Convenient that I work at a bank and they have all the money I need, or so my children think. 

When do we decide to teach our children about money, hopefully before it is too late. When I started working at 16, I lived at home and had very few expenses. So every week I cashed my check and had my weekly spending money. Like most youngsters, cash in the pocket meant I must spend it as soon as possible. I know that if I would have saved ½ of my paycheck from ages 16 to 22, I would have had a pretty decent savings to either buy a car, down payment on a house, pay down school debt, etc. 

There will always be a debate on whether to give children an allowance or pay for chores and while we do not currently do either at home, maybe we should. How will our children learn how to save, to be charitable, or make financial decisions if we do not train or equip them? One of the reasons we are in the economic crisis today is that we all were spending more than we made. Spending more than we have is definitely one trait that we must not pass down to our children.

The reality is, waiting until our children get a job at 16, 18, 22 or at whatever age, may not be the right answer. By then, it might just be too late. We all must learn that we must budget and make decisions on each of our priorities. While we expect our children to learn a lot at school, we must also make the decision to teach our children along side with the schools to make our communities better.

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