The Crazy Journey of Teaching Kids About Money Today
Imagine a world where commercials and TV shows had clear boundaries. When I was a kid, watching Mister Rogers meant learning life lessons, while the commercial breaks convinced me I couldn’t survive without an Easy Bake Oven. Nowadays, our kids are bombarded with YouTubers doing wild spending challenges and promoting the latest must-have gadgets. No wonder they can’t tell an ad from a regular video!
It’s like navigating a minefield of consumerism, and trying to teach them the value of a dollar? Now that’s an epic quest. To raise savvy spenders who don’t blow their money in one go, my partner and I decided to give our kids a taste of financial freedom. Sure, that meant they might spend all their money at once, but tough love, right?
We’ve dabbled with Greenlight, Go Henry, and Venmo Teen cards, all part of the grand experiment. Birthday money and big financial gifts get stashed away, but everyday earnings like that $10 from mowing a neighbor’s lawn? That’s theirs to splurge (or wisely spend) in our town brimming with Pokémon cards and energy drinks.
This week, my kiddo marched into the farmer’s market with ten bucks, only to come home grumbling that snacks gobbled it all up in no time. Oh, the sweet, bitter lesson of inflation! It sparked a juicy conversation about impulse buys, saving for bigger goals, and making mindful choices. (Truth be told, I need to heed this advice about the divine dumplings at our local market, so my husband says.)
At first, we let them handle cash. That is, until one unfortunate incident where $20 vanished into the ether, never to be seen again. Digital currency to the rescue! Now we can lock their cards with just a tap if lost. Way less drama.
Speaking of drama, let’s talk buyer’s remorse. Our kid went all out at a new collectible toy shop, spending every dime on action figures, with dreams of reselling them on eBay. Alas, the temptation to open the packages proved too strong. Oops. Suddenly those ‘valuable’ toys were just… toys. We had some bonding moments over shared regrets, like my Express credit card fiasco at 19. Ah, memories of an imploded credit score.
There are days I bite my tongue, watching them navigate financial hiccups. Like when their card gets declined because—surprise!—they forgot about taxes. It’s so tempting to swoop in with a dollar to save the day, but I’ve learned to step back and let them problem-solve. And you know what? They’re slowly getting it.
A sweet surprise: my mom gifted them money for finishing the school year strong. They splurged a little, but gave the rest to me for an upcoming Niagara Falls trip. Since then, they’ve resisted using that stash for impulse buys, even the oh-so-tempting giant gummy bear. Say what! Color me impressed.
All in all, this wild ride of teaching kids the value of a dollar has been full of highs and lows. It’s all worth it when you see those little lightbulbs of understanding start to flicker on.
