Everyday life gives us opportunities to teach others by using money. Here are a few we have had this month.
My daughter loves playing basketball. She plays at recess with the boys in her grade. On Saturday, we went to the last game of the season for her recreation team. She has been invited to play on a competition team. Jackie and I discussed how much time and money it would cost her. We decided that playing on this team would be good for her. I asked when the fee was due. Her coach (who knows me well) said that if I needed to wait to budget for it, that was fine. I told her that I was letting Jackie pay for it. I pay for some of their wants, but this one I thought she would appreciate more if she paid for it.
I withdrew money from Jackie’s account for the competition team fee. Then I withdrew the amounts for their paydays from my account. Wesley (8), said, “Hey, you aren’t really paying us. You are just taking money out of our accounts and giving it to us.” After I laughed, I explained bank accounts and how they all had account numbers and I used different account numbers for each withdrawal.
This is the first year Tommy (6) has eaten lunch at school. He prefers school lunch to packing his own lunch. He often left his lunch at home, so he went through his lunch money fast. I told him his balance was low, so he needed to pack his lunch to take until I paid more lunch money. He didn’t listen to me, and his account went negative. I told him that it wasn’t honest to eat without paying, but he didn’t understand. He responded, “No, it’s free.” In this electronic age, there is often a disconnect with what things cost. I remember taking my lunch money, and knew that I had to pay.
Fast forward a few months, and a neighbor posted on Facebook about her son not being able to eat because of low lunch money. That reminded me to pay for lunch since the balance was getting low again. I sent lunch money with my ten year old. Her dad asked if she had paid it, and she said yes. But I keep getting emails about low lunch money- especially for her and my school lunch loving first grader. So, I asked her again if she paid. She said, “I thought I did.” But then on Saturday, she found her lunch money in her backpack. These simple experiences are helping them learn responsibility.
This was a recent conversation between my kids. Chloe (4) said, “Santa is going to bring me a tramp.” Jackie (10) replied, ”First of all, it won’t fit in his bag. Second of all, it won’t fit in his sleigh. Third of all, it won’t fit under the tree.” My four year old replied, “It’s going to be a little tramp.” She has since changed her request. She is now asking for, “A talking dog that talks like us.” Where is Clifford when you need him?
Chloe is often my shopping buddy these days. She usually wants so many things every time that we shop. While we were waiting in the checkout line last week, she saw a Tootsie Roll Bank. She said she wanted it, and I told her no. I showed her how much it cost. I taught her what the dollar sign looks like and then talked about how it was $1. I told her that she had money to pay for things like that. She didn’t have her money with her and delaying her immediate gratification was hard.
Jackie (10) and Wes (8) decided what they were going to give everyone for Christmas. They have been earning their money so that they can buy their gifts. We went to to the Dollar Store. Jackie bought presents for each member of the family and for each member of her class. She also wrote a poem to go with each of the presents. My kids went to the checkstand before I was ready and backed up the line. Even though shopping was chaotic, thinking about their giving hearts is making me cry as I write this.
What experiences have you had teaching about life through money?