We've been working on teaching our children that if they want something, they have to save for it. Frequently they will want something and ask us to buy it for them and they will pay us back when they earn the money, but they never do, so we've changed our strategy. From now on, they have to have the money, there is no credit in our house anymore! We've decided this is a good lesson to learn in life anyway, so we're sticking with it.
Celeste has been, on occasion, earning her allowance to save up to buy a purse. She ended up finding a less expensive purse that she liked and then had money left over to buy a Barbie Car. She really wanted the Jeep, but once we got to the store, she found out it was twice as much as the car. She then had a choice to make, does she save more for the Jeep or does she buy the car now? She chose to buy the car and was so proud of herself. Over the years we have purchased so many toys for her and she hardly ever takes care of them, unless they are toys she really loves. You would not believe how well she takes care of this car. She loves it! Her brother has now taken off the stickers, so we are going to have to decal the car, but you would think this car was real with how much she loves it. We had to take pictures and blog it because she is just so proud that she was able to pay for it all by herself with her own money.
Do you have any secrets about teaching your kids about money?
