When your kid is in school they make take an accounting course but that is pretty much the end of in. No one bothers to teach them about money management and I find that even more the case in black families. I don’t know why but managing and saving money is not stressed in our heritage.
Allison had to do chores around the house and I always gave her an allowance. I wanted her to understand that nothing was free so once her chores for the week were completed she would receive her allowance, which increased, as she got older.
My little social butterfly was always going out with friends whether it is shopping at the mall or just out to dinner so I wanted her to have her own money to shop and dine with. It was important to me that she understand that funds were not readily available just because she wanted something so I held her partly responsible for getting some of the things that she wanted. There were times when she would ask for things and I would say I’ll put in 25% but you have to do the rest.
There were other times when I would tell her that she could get whatever she wanted with her own money and sometimes when she saw the price tag her desire for the said object somehow waned once she had to use her own money.
Once Allison started driving I got her a credit card in her name that was tied to my account. The card had a $300 limit and she was free to use it however she wanted but she also had to buy her own gas and handle school obligations such as buying things for projects and so on. I wanted her to understand how to use the card and understand the importance of protecting her credit. Although this card was not tied to her social and would not affect her credit I still treated it like it was and went over her purchases and taught her what was a necessity and what was a frivolous purchase. I would also have her sit with me when I paid the household bills because I wanted her to be aware of what things cost and again understand that nothing in life including the air we breathe is free.
Do you think it’s important to start teaching your kids about money management early or are you still struggling with managing your own funds?
