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Give, Save, Spend - - The Value Of Teaching Children About Money
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Give, Save, Spend  -   -  the Value Of Teaching Children About Money

Children begin school quite early nowadays. Preschool starts quite possibly as soon as the age of two, then begins kindergarten at age five or six. While homeschooling does exist in the U.S., it is the norm for children to be taught by persons other than their parents. This includes education in reading, writing and arithmetic, certainly, but it also includes extra curricular activities, such as piano lessons and soccer. Nationwide, children are often taught by persons hired to do so.

With much time spent away from home being taught by other persons, it brings to mind the question, just what exactly do parents teach their children? With the teaching responsibility largely placed on others, what is left for the parent to do?

While these questions could be answered with any number of things, specifically I'm aiming at the topic of teaching our children about money. Though the topic may sound uninteresting, it actually is of high relevance when considering our consumeristic culture and the obvious lack from young individuals on how to manage finances.

Given the current situation, I am going to suggest that children be taught three things regarding income. These things were not invented by me. I learned them from someone else. Nonetheless, what I am going to share is practical, beneficial, and universal (it can be implemented by all persons to greater or lesser degrees).

Thus, here we begin. It is advantageous that children learn three words regarding cents and dollars, pounds and euros--learning and practicing: Give, Save, and Spend. These three words are simple to remember, are catchy when said, and thus, can easily be memorized.

While the word, give, may seem an unnecessary thing to teach, it is perhaps the hardest of the three words to implement and practice, particularly when it's so easy to spend . . . on one's self. Though an entire article could be written on the importance of giving, I trust you can put two and two together on the value of teaching children to give, of teaching them to think . . . of others.

Like giving, saving is another thing that we do with money. Again, I do not need to spell out the importance of teaching children to save . . . . And the final thing: Spending--the third thing we do with money. Everyone spends. We spend on utilities, college, cars, homes and haircuts. Everyone spends. However, perhaps what a child most needs here is to be taught how to WISELY spend, to know the difference between needs and wants and to be able to fathom the cost of living.

Children begin learning subjects at an early age. Their teachers instruct them in a number of subjects. Parents, though not hired to do so, are also teachers. Though they may teach their children any number of things, in this article we are zeroing in on cash. Give, Save, Spend. Three simple words, easy to remember--three things that we do with money. There is value in teaching children to give. There is value in teaching children to save, and there is value in teaching children HOW to spend . . . lest they grow up being consumed by consumerism.


Street Talk

great article Penny. I share your views here.

Reply
  about 1 decade ago

It's always nice to know those who think similarly:) Thanks for reading, Shawn:)

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  about 1 decade ago

That was an excellent article and a most interesting topic Penny. One of the ones I keep

Reply
  about 1 decade ago

Thanks, Maria! I'm so glad you found it useful . . . and even useful enough to keep. Thank you for reading:) Glad you liked it.

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  about 1 decade ago

Thanks for sharing. All parents need to do this but few do. Wants and needs hits it right on the head

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  about 1 decade ago

John, thanks for reading and for the comment. It's hard to be diligent as a parent; I'm really hoping that I don't drop the ball here--that' my desire anyway:)

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  about 1 decade ago

Good article! Important topic.

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  about 1 decade ago

Thanks, Cynthia:)

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  about 1 decade ago

Children must learn how to save and spend money wisely. That's probably why I never received any as a child ;)

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  about 1 decade ago

Wisely, that's the word:)

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  about 1 decade ago

Excellent article, children need to learn how to count and spell, if they can't count, what is the use leaving money for then.

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  about 1 decade ago

lol. Thanks for reading, Alfred:)

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  about 1 decade ago
AnnMarie  

Great article, Penny! I often wondered why it is that we don't teach high schoolers how to manage a check book, balance a budget, or about entrepreneurship. We send them out into the world with no understanding of the basics of money and God forbid they should find themselves with a credit card with no knowledge of how that works. I also see small children who do not understand how things are purchased...whining at the counter when the item is taken for a moment to be scanned. Children are not taught, in schools or by their parents generally speaking, to appreciate the hard work that went into their parents gaining a paycheck to buy them those new $150 sneakers or understand the family budget and bill paying. I have four words for those parents...Rich Dad, Poor Dad (by Kiyosaki)

Reply
  about 1 decade ago

AnnMarie, I completely resonate with what you're saying. Thank you for saying all of this. Interestingly, in high school I did take an accounting class, or something like it. Unfortunately, all of the material went in one ear and out the other. Perhaps that's because I wasn't taught by repetition . . . as in, that was the only class/instruction I had EVER received regarding money. That stands in sharp contrast to being taught continually, all your life from early on. Thanks for reading and for leaving the post, AnnMarie.

Reply
  about 1 decade ago
AnnMarie  

You're welcome...there's more! :) I was in the 'Business' curriculum in high school as well but it wasn't geared toward how to handle your own finances, credit cards, checkbooks, or how to start your own business. That's what I think kids really need to learn. (It was more like typing so I could become a secretary.) How their parents pay for their gadgets without showing them financial responsibility doesn't teach the kids anything but entitlement. When I was young we did chores and got a small (and I mean small to the point of laughable :) allowance...and we had to earn it. If we didn't do our chores we didn't get our weekly stipend. At least that was a step in the right direction. BTW: I assume that is your child in the picture...Adorable! Has your eyes!

  
  about 1 decade ago

AnnMarie, yes, that is my son, Oscar:) He is a cutie:)

  
  about 1 decade ago

Lovely article Penny, we also give and teach our children by example. I don't know if you read my article about my son receiving an award from his employers.. but when I questioned him about his achievement his answer "I learnt from Dad" a big compliment considering the awards he received, but unintentionally we do teach our children a lot without realising it...

Reply
  about 1 decade ago

Rob, awesome story. No, I did not read it, so I'm glad you shared. Yeah, it's true, often our kids do pick up things from us (good and bad) that we are not aware of. That's so neat to hear that about your son.

Reply
  about 1 decade ago
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