Shirlee Smith | Parents Teach Kids To Manage Money

first_img Business News Name (required)  Mail (required) (not be published)  Website  How early for money management? The sooner the better and the use of simple day to day experiences go a long way as teaching tools!5 year-old Andy gets a $25 Toys R Us gift card for Christmas.• Andy’s first lesson is to determine what he wants to buy.• He decides on a Tonka truck costing $39 (before sales tax)• Andy now has to do some thinking about a budget:1) He can find a smaller truck costing within his financial limitations2) He can save the gift card until he has the additional money needed• Andy has now had the experience of living within his means.1) He doesn’t get to borrow from his parents (credit card debt)2) He does get to plan for the future (savings)3) He does have the opportunity to make a decision (financial planning)• Andy has now had the experience of living within his means.1) He doesn’t get to borrow from his parents (credit card debt)2) He does get to plan for the future (savings)3) He does have the opportunity to make a decision (financial planning)You say, Andy doesn’t understand math in this way because he is only five years old and way too young for such an undertaking.I say, Andy will learn about money this way and be ahead of the math lesson when he gets to the front seat in his elementary school classroom.This takes patience and conversation on the part of parents. It also means, every parent has to know their OWN child as some kids may not be able to handle this situation at the age of 5. But many of them can and have done this kind of learning.Curbside Parking the family car and feeding the meter is money management simple enough for kids to learn from.• 4 quarters for an hour to park but you don’t have any change and you are running late for your appointment.• The parking lot on the corner is your next opportunity but with a $5 flat rate.• You’re only needing two hours at the most.Your kid has witnessed, and you are talking about what’s going on, so hopefully a lesson has been learned or at the least a true to life time and money management experience has been witnessed and discussed teaching:1) plan ahead2) time is money3) not being prepared is expensive (in this case $3) Your email address will not be published. Required fields are marked * Community News Shirlee Smith is a former Pasadena Star-News Opinion Columnist. She is a Los Angeles Press Club first place awardee and author of They’re Your Kids, Not Your Friends and the Spanish edition, “Son Tus Hijos, No Tus Amigos.” Smith can be reached by email at [email protected] Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Make a comment 18 recommended0 commentsShareShareTweetSharePin it Community News Subscribe HerbeautyVictoria’s Secret Model’s Tips For Looking Ultra SexyHerbeautyHerbeautyHerbeauty10 Questions To Start Conversation Way Better Than ‘How U Doing?’HerbeautyHerbeautyHerbeauty6 Strong Female TV Characters Who Deserve To Have A SpinoffHerbeautyHerbeautyHerbeauty11 Signs Your Perfectionism Has Gotten Out Of ControlHerbeautyHerbeautyHerbeauty10 Most Influential Women In HistoryHerbeautyHerbeautyHerbeauty6 Lies You Should Stop Telling Yourself Right NowHerbeautyHerbeauty First Heatwave Expected Next Week Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. More Cool Stuff Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy center column 5 Shirlee Smith | Parents Teach Kids To Manage Money By SHIRLEE SMITH Published on Sunday, September 18, 2016 | 9:33 pm EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Top of the News last_img read more