Help! My ds does not know the value of money

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Help! My ds does not know the value of money

Postby markfch » Tue Jun 29, 2010 11:53 pm

Today while in the car, ds was peeling off the plastic cover from the Kids Explorer membership card that I purchased. When I told him not to tear, he said: 'Never mind, spoil just buy another one. I know you & mummy have a lot of money'. :slapshead:

Now I suspect that ds's attitude is largely due to me as I also have a lax attitude towards money. But at least for big ticket items, I know how to control myself. There is a danger that ds may be worse off than me in that aspect. :scared:

How do I gently teach him the value of money? Pls don't suggest that I make him sell newspaper cos I'll never have the heart to do so. Best is that ds can learn the lesson without any physical discomfort. Your suggestion pls.
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Postby tree nymph » Tue Jun 29, 2010 11:57 pm

Hi!

How old is your ds?

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Postby markfch » Wed Jun 30, 2010 12:28 am

tree nymph wrote:Hi!

How old is your ds?


DS coming to 6 this year.
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Postby tree nymph » Wed Jun 30, 2010 12:36 am

my ds is coming 7 this year. when i tell him that i don't have money, he told me to go ATM and press out the money...

:?

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Postby Wan » Wed Jun 30, 2010 8:04 am

I tell my children mummy needs to work to buy milk powder & rice. They have the impression that I'm paid by the day. When we go out on wkend, I'll tell them today mummy not working, don't have $ buy things for u. I dun want to indulge them with gifts to compensate for lost time with them. I use this method for 2 reasons- buying something is at an expense of another & mummy goes to work bcos I love them (to tackle separation anxiety problem)

for 6yo, u can work out family budgeting with him (actual or not is up to u). Otherwise, when he gets pocket $ in pri sch, he will definitely spend all & ask for more!

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Postby starlight1968sg » Wed Jun 30, 2010 8:32 am

When my dd was young, she thought money came out from the ATM!

Not knowing the value of money is a common problem for young kids nowadays. They thought that money is easily available and their parents have very deep pockets.

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Postby Wan » Wed Jun 30, 2010 9:16 am

With our cashless society, kids nowadays r not seeing the cold hard cash as much as our era. I rem queuing up to pay the form teacher $3.50 in pri sch b4 giro was implemented. When kids have no such opportunity to deal with $, we can use things they r familiar as common denominator. Eg. 1 bowl of noodles cost $3. If the toy they want is $12, that is equivalent to 4 bowls of noodles. Teach maths at the same time

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Postby hquek » Wed Jun 30, 2010 9:39 am

Am facing the same issue. Kids have no qualms nagging and whining to get the expensive Animal Kaiser cards - not that they are getting it.

I try to convey to them the opportunity cost - if they get this, they are missing out on that. But younger kids can't absorb really.

Recall one lesson found in James Dobson book. His friend gave his kids a fixed clothing allowance for the whole year. One daughter frittered it all straightaway on an expensive jacket. As a result, for the rest of the year, she couldn't buy anything else. Parents were a bit distraught at seeing her fraying clothes/sagging socks but refused to 'help' by extending credit. By the end of the year, the girl was very much the wiser on the importance of budgeting.

Another is from a friend. She has only 1 son - now in his teens. Even when he is younger, where there are family purchases, she will insist he fork out a certain percentage. Eg if the family is buying a tv, he will have to pay out some from his savings (typically from angbaos, govt handouts etc). A bit drastic, but it helps to get the son cognizant that things don't just appear in the house and to take care of items in the house so it don't spoil so soon.

These are lessons I fully intend to impart to my kids - but probably when they get older a bit.

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Postby starlight1968sg » Wed Jun 30, 2010 9:54 am

hquek wrote:Am facing the same issue. Kids have no qualms nagging and whining to get the expensive Animal Kaiser cards - not that they are getting it.

I try to convey to them the opportunity cost - if they get this, they are missing out on that. But younger kids can't absorb really.

Recall one lesson found in James Dobson book. His friend gave his kids a fixed clothing allowance for the whole year. One daughter frittered it all straightaway on an expensive jacket. As a result, for the rest of the year, she couldn't buy anything else. Parents were a bit distraught at seeing her fraying clothes/sagging socks but refused to 'help' by extending credit. By the end of the year, the girl was very much the wiser on the importance of budgeting.

Another is from a friend. She has only 1 son - now in his teens. Even when he is younger, where there are family purchases, she will insist he fork out a certain percentage. Eg if the family is buying a tv, he will have to pay out some from his savings (typically from angbaos, govt handouts etc). A bit drastic, but it helps to get the son cognizant that things don't just appear in the house and to take care of items in the house so it don't spoil so soon.

These are lessons I fully intend to impart to my kids - but probably when they get older a bit.

We have to harden our hearts at times.
Yes, since p1, I have been giving a weekly allowance to dd. She is free to manage this money.
She also chip in a bit for tours or luxury items at home.
She can also borrow money from me but will be deducted from the next week's allowance.

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Postby Guest » Wed Jun 30, 2010 9:55 am

My kid likes to see money grow like trees, there will be a sparkle in her eyes when she does her counting of her money.

So when it comes to spending, she won't spend on herself, like I hardly do but she will spend on me, like I do on her.
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