Family
Giving away used toys
Should you discuss your financial worries with your children?
Learning for fun!
December . . . a financial merry-go-round!
When should you start giving your child weekly pocket money?
The strategy of freedom of choice
Money earned by a teenager is not automatically family property!
Your children imitate you.
Avoid arguments: teach them about collective negotiation!
Money doesn't grow on trees
Family vacations for all budgets
Should young children or teens always be paid for doing chores around house?
Giving away used toys
Christmas is the season for giving. Since your children's room is probably jam-packed with toys they've gathered over the years, you could suggest they give some of their toys to less fortunate families. Let them choose which toys they want to give up because, even if they don't play with certain toys anymore, there may still be an emotional attachment because of fond memories associated with the toys. Besides learning about sharing, your children will see you as a sensitive and respectful parent and will thank you for it.
Should you discuss your financial worries with your children?
Everybody must deal with financial concerns at some point. However, most people don't feel comfortable talking about their finances, much less bringing up the subject with their teens or young children. If your financial concerns are serious enough for your children to notice, you should speak to them about it to keep them from feeling burdened by your worries. Talking with them about financial problems doesn't mean you have to tell them everything. You can explain that the family must make some changes in its living habits, that you must limit purchases and that the whole family has to tighten its belt for a while. Use discretion while explaining, but be sure you provide enough information to reassure them.
Learning for fun!
Your kids' toybox is overflowing. Why not suggest that they hold a garage sale during their summer vacation? It's a fun and educational activity. They could make posters and hang them in strategic locations in the neighbourhood, list the prices of their items and sell them. They could use the money they earn to buy something from the store or they could deposit all or part of it in their caisse account.
December . . . a financial merry-go-round!
The holidays are approaching, and with them the thought of the impact they will have on your wallet.
Time to plan ahead. Before you start shopping, make list of all the expenses you expect to have at this time of year and the amount you have to spend on each.
Discuss your overall budget with your children when the family is next together. This will help them be conscious of your financial situation and adjust their gift list accordingly . . . unless, of course, they still believe in Santa Claus!
When should you start giving your child weekly pocket money?
Around the age of 6, you can start teaching your children to be responsible about money. Obviously, every child is different in terms of maturity. Start by discussing money with them, agreeing on a trial period and establishing an amount and allowed expenses.
After a few weeks, you'll be better able to judge your kids' consumption habits and sense of responsibility in managing this new money. It will be easier for you to decide on an exact amount to give them.
The strategy of freedom of choice
Do you find yourself out shopping more and more with your teenager?
These are special moments, but certain purchases can give rise to tough negotiations, especially when your child is tempted by a "luxury" item.
Time for strategy! Use this opportunity to test the "freedom of choice" approach. For a small purchase, give your child the money and challenge him or her to choose between saving the money or buying the item ... You might be surprised how appealing it can be to save a bit of money!
Money earned by a teenager is not automatically family property!
Starting in adolescence, young people begin learning how to be more responsible with respect to money and their personal needs, provided they have been surrounded by adults who have been good examples, obviously.
Many teens get odd jobs in their neighbourhood or part-time work in local businesses. Their income starts to grow. But make sure you don't fall into the easy trap of considering the money earned by your adolescents to be property of the family to pay for food, family vacations or even luxury items!
Young people need to keep learning how to manage their new situation and their personal spending. If you wish, you can start by showing them how a household budget works.
Your children imitate you.
It's a well-known fact that children are keen imitators of almost anything. And your consumption behaviour is no exception. Some actions that you perform in front of them may seem harmless on their own. But these actions could have unexpected effects on your children's future conduct.
It's quite common to see adults in a grocery store nab a piece of candy from the bulk section, or a grape or two from the produce aisle, without paying for them at the cash. Starting at a certain age, children interpret this behaviour to mean it's okay to casually take small things without owing anything to anyone. So much for all your good advice! It's like showing a child what traffic lights mean and then crossing against the light!
A child's responsibility is conditional upon that of his parents and educators.
Avoid arguments: teach them about collective negotiation!
Grocery shopping with two young children can be anything but relaxing, especially when they start asking for treats. Instead of arguing with each one, play the negotiation game: establish an amount that you are ready to pay for a few treats - for example $5 - but put the decision process in their hands. Present them with the challenge to decide how to spend the $5 fairly within a certain timeframe, such as 10 minutes. Tell them that you trust them and that they have to negotiate between themselves. They will likely surprise you with their sense of responsibility. And when it comes time to pay at the cash register, the arguments will have stopped.
The same approach could work in school for class projects. Decisions made as a group are the key to success, and, of course, everyone gets credit for the solution.
Money doesn't grow on trees
When your teenage children start doing minor jobs like mowing the neighbour's lawn and shovelling driveways to make extra income, it might be a good idea to play a game of "home budget" with them so they better understand the value of things. You could organize a trip to the grocery store to compare the prices of food items and home products.
Once they're older, get them involved in a family budget discussion to raise their awareness of the costs required to maintain a home. Watch out ? this doesn't mean transferring the burden of your financial worries onto your children, but rather teaching them about intelligent money management.
Family vacations for all budgets
School is up! Time to think about the family vacation, so everyone can have fun without breaking the budget.
Planning vacations is a family affair. Once you have decided on a project, get your kids involved! Ask them to save money for their personal needs (souvenirs to bring back to their friends, trinkets and treats, etc.). That way, they take on responsibility as individuals and won't have to beg you for cash all the time.
To encourage them to keep their commitment and help you manage your money, promise them a surprise reward at the end of the vacation.
Have a great vacation!
Should young children or teens always be paid for doing chores around house?
That depends! You should never give money to your child or teen to motivate him to keep his room clean, make his bed, fold his clothes or even help with the dishes. These activities are part of life and teach each member of the family to be accountable and share in doing basic jobs to ensure that the household runs smoothly.
However, if your teen occasionally performs a more demanding task, such as shovelling the walkway, mowing the lawn or washing the car, a small reward for his work could be in order. This would serve to reinforce your teen's efforts and encourage him to take initiative with regard to doing odd jobs around the house or even for the neighbours.
It's a question of differentiating between jobs that are a basic part of life and those that are more exceptional.
