|Keeping organized with a little help.|
If you want your child to appreciate the value of the dollar, maybe it is time to start an allowance. Kids as young as five years old can begin to do this. The reason I'm suggesting it is because this very subject came up in a college freshman class a few days ago. The students were reading their rough drafts for an a persuasive argument paper and in doing so, a discussion was sparked about education and money. The general consensus: The students felt they should be better prepared when it comes to balancing checkbooks, paying bills, and saving. In their estimation, the state of the US economy depended on it!
There are lots of ways to prepare your child so he or she doesn't get to college and feel clueless about money. Start when you child is young. And the experts agree that five years old is not too young. I like Ron Leiber's idea. He's a New York Times financial columnist. He suggests having three jars where a weekly allowance can be distributed in three equal places. One jar for saving, one for spending, and one for giving. This gives a child a sense of value and a chance to play a part in making small financial decisions at an early age, leading to that sense of responsibility and independence we hope they will develop as they grow. In an interview on "September NPR Morning Edition with Steve Inskeep", Lieber explains that his young daughter takes time to consider which charity she'll be donating to, and when she saves up enough money, she is given the freedom to choose how she would like to spend it within reason.
So, it's all good. Take time to talk to your kids about money and start early. If you need more structure and like the idea of technology, you can get online and do the same kind of thing. Check websites such as http://countmybeanz.com, http://www.tykoon.com, and http://www.threejars.com/home to see how kids can start developing an appreciation for the value of the dollar.
Good Luck!! Good Parenting!!