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The Value of a Dollar
Teaching Money Management Skills to Children
By Sharon Waldrop
It's been said that a penny saved is a penny earned. And it's likely that parents who teach their children to count their pennies today are grooming them for the money management skills they need tomorrow.
Angie Haas of Harrisburg, Penn. is the mother of a 10-year-old and a 2-month-old. She says it's important for her 10-year-old daughter to begin learning money management skills at this point in her life. "Kids are given too much these days and it's important that they learn how to work for things so that they can make it on their own someday," Haas says.
Financial security is an important part of independence, and preteens are at an ideal age to learn what money is all about. Getting in the right lane of the financial highway at an early age may lead to smart financial choices in adulthood.
Sheila Diaz lives in Washington state and is the mother of two boys, ages 10 and 12. Her sons receive $20 per day working in the Diaz family business.
"They really appreciate the value of a dollar," Diaz says. Working for money is a sure way to gain that appreciation.
Diaz's sons recently purchased a video game system that did not live up to their expectations. She says her youngest son went to bed crying, "All that work, and for what? Nothing!" The next day the boys requested a ride back to the store to express their dissatisfaction with their hard-earned purchase. The store agreed to exchange their purchase for another system, which they are now happy with. One can't help but wonder if these boys would have demanded satisfaction with their purchase if they hadn't worked so hard to earn it.