Your children learn the right way to handle money

By
Real Estate Broker/Owner with MBA Broker Consultants CalBRE Broker #00983670

If you start now, and train your children the right way when they are young, you will be so happy when they are older and have learned to be self-sufficient.  Are your values, such as hard work, incorporated into your family?  Children need to learn that money comes with effort, and they have to earn it by working.  By showing them your example of hard work and good money management, they too can become homeowners.

When I was a little girl, our daddy had a huge 10-gallon water bottle and he would empty his spare change into it every day.  It was such a huge bottle and seemed like it took forever to fill up.  We would do odd jobs to earn money and put our quarters, dimes, and nickels in the bottle, too.

When it was full, that is when we really got excited!  We got to dump out the bottle on the living room carpet, count up all the money, and spend it on a fun family activity that we selected.

One time, we had enough money for dinner at the local pizza parlor and we played Pac-Man video games all night.  Another time, we chose to go to a local amusement park and play mini-golf.

Looking back, I think the best part was watching our money grow in the bottle.  It is a great visual lesson for children to teach the value of saving money.

Read more in our book, "Buy Your First Home", http://tinyurl.com/dy2wjx4. 

 

Image courtesy of junpinzon at FreeDigitalPhotos.net

Posted by

Regina P. Brown
Broker, Realtor®, M.B.A., e-Pro, GREEN
California DRE # 00983670
www.CalCoastCountry.com

                

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Comments (6)

Esther Preston
Heartland Realty - Redmond, OR

So true

Mar 30, 2015 12:33 PM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Hi, Regina.   We were given an "allowance" in exchange for various chores.  Emptying the trash cans was something like 25 cents per week, washing the car was another quarter, etc.   Even though our family had a maid, all of us children had to work at these menial chores to earn our money.  As we got older, it evolved into mowing the lawn, running errands, etc.

Mar 30, 2015 12:44 PM
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Regina - That's funny. We have a glass block that we all put our change into; whenever we have some (These days it's not that often since most things are paid for with debit cards). However, when the glass block gets full, we do go out and splurge on something, just like you used to do when you were a kid.

Mar 30, 2015 01:52 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Hi, Regina - this is a great idea and so important.  Kids can start to learn how to handle money at an early age.

Mar 30, 2015 01:54 PM
Eric Kodner
Madeline Island Realty - La Pointe, WI
CRS, Madeline Island Realty, LaPointe, WI 54850 -

The big problem with children is that they are seldom in a position to lend you any significant sum of money. And there's another problem, which is that they are often sticky. I think that's probably because they don't smoke or drink.  

Mar 30, 2015 09:12 PM
Regina P. Brown
MBA Broker Consultants - Carlsbad, CA
M.B.A., Broker, Instructor

Esther, thank you!

Fred Griffin , glad to hear that.  Those are simple tasks but taught us great value.

Troy Erickson, that's interesting.  We shared the same experience when we were kids.

Joan Whitebook, so true!  It will the kids to appreciate the value of saving money.

Eric, thank you for sharing your ideas.

 

 

Apr 08, 2015 05:36 PM