Well Being

On the blogosphere: kids and allowances

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This week, we're finally going to do it. The King of Everything and I are going to walk into the bank and open a savings account for him.

He's getting an allowance of $5 a week. It's time he understood what money is all about. This fact was never clearer than this morning, when he casually told me I could just use my credit card to buy him a new pair of swim goggles. “That way, you wouldn't have to use your money on it.” HUH?

I tried to explain to him the concept of money, about how when you don't have any more, you don't HAVE any more, a concept lost on many thirty-somethings I know. I bit my tongue and made not one snarky remark about the thousands and thousands of dollars his father owes us. I tried talking about money like a pie, and how I give more than half my pie to the landlady in rent every month. It didn't make much sense to him. There was still enough pie left for him to have a piece!

Maybe, when he puts his money in the bank and watches how slowly five dollars a week grows towards that $25 BaKuGan he's begging me to buy him, he'll have a better appreciation for the value of money.

Momversation is dealing with the issue of kids and money. Join in the conversation, here or over there: what do you think about teaching kids about money?