Help! My ds does not know the value of money

[starlight1968sg]

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.

[Wan]

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

[hquek]

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.

[starlight1968sg]

hquek:

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.

[corneyAmber]

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.

[janet88]

tree nymph:

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...


:?

same here...when hubby tells 6 year old daughter he has no money, she tells him to go to the machine to press 'numbers' and money will come out.

[RRMummy]

ksi:

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.

That is sooooooo sweet, that DD of yours. :love:

My DD like the rest, ask me to go to the ATM/bank to get money.

Haiz.. only 2 years back, she was telling me to stay home and not work. She said she doesn't need the money to buy food and toys, just need me... :roll:

[markfch]

ksi:

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.

ksi,

Is it legal locally to exchange kids, can we? :lol:

[markfch]

hquek:

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.

Looks like I'm not alone in facing this issue. But I've no heart to make ds pay for family purchases leh. I actually have this idea that if I bring ds to a 'poor' country, he may understand the importance of $$ better. Trouble is I get upset and I see too many poor people around. :?:

[hquek]

ksi:

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.

Your first sentence sounds scary (reminds me of silas marner)...but the latter line shows what a sweet girl you have.... :love: :love: