Save, Share, Spend & Other Money Matters

Dr. Marian C. Fritzemeier, Ed.D. © 2013

Author, Speaker, Educator

"Can I get a candy bar?"

"Can I have some money to buy a hot dog at the baseball snack shack?"

 "Can you buy me .....?"

Things Cost Money. Do you recognize these pleas for spending your money? In thinking about what money skills young people will need to live independently, the school age years are ideal for teaching about money management. At an early age, children learn that things they want cost money. They know what dollar bills in a birthday card are for.

In elementary school, usually during second grade, children learn the different types of money and how to make change. Some children spend their money immediately, while others save it for something they really want.

Share, Save, Spend. To encourage money management, saving, and giving, we gave each child three baby food jars marked with the words Share, Save, and Spend. Our daughters received a small allowance every Friday that they could spend on whatever they wanted after they put a dime for each dollar in the save jar, and a dime for each dollar in the share jar.

Ways to Share. As church attendees we wanted our daughters to learn about sharing with others. Sometimes they gave their "Share" money during a Sunday school class or to a special project, like the Angel Tree project for Christmas gifts for children with incarcerated parents.

Vacation Money. Another way we taught our girls about money was on family vacations. We provided meals for them, but we gave them a specific amount of money in an envelope for each day. The money was to cover the cost of snacks and souvenirs. This truly saved us money instead of paying for a snack, then another snack, then a souvenir, then another souvenir, etc. Sometimes they saved up several days to buy something they really wanted. We also discovered that there were happier to eat snacks we'd brought along instead of using "their money" to buy snacks.

Modeling Money Choices. Most importantly, money management needs to be modeled by you. If you want your children to save and share with others, they need to see you doing likewise. If you want them spending money responsibly on vacation, let them watch you doing the same. With money matters, much is "caught." Let your children catch you being a wise steward of the finances entrusted to you.

Resources:

www.sharesavespend.com
www.threejars.com
Image from: Stock.XCHNG www.sxc.hu/  green-piggy-bank-isolated-546207-s. Accessed 4/18/2014.

 

Book Review: The Trophy Kids Grow Up

Dr. Marian C. Fritzemeier, Ed.D.
Author, Speaker, Educator

           One of the best books I've read is The Trophy Kids Grow Up: How the Millennial Generation is Shaking up the Workplace, by Ron Alsop.

         The Millennial Generation

           If you work with young people who were born between 1980 and 2001, information about the Millennial Generation (also called Generation Y and Generation Next) explains about this new kind of student, worker, and global citizen. These children received "trophies" or rewards for most everything they've ever done. Now they're entering the workforce demanding "rewards" for completing standard job responsibilities.

           Fortune 500 Companies
          The "helicopter parent" provides the foundation for Alsop's observations. Their children are showing up with college degrees at Fortune 500 Companies and bringing their parents with them for interviews and salary negotiations. You've probably heard of "Take Your Daughter to Work," but he addresses "Take Your Parents to Work" and the challenges this is creating for corporate America.

          Stirring Up the Workplace
          This eleven chapter, 262 page book, addresses the millennial generation's tendencies, how the millennials and employers will adapt to one another, and organizations who are taking the lead in effectively working with this generation and their parents. The book cover states, "The Trophy Kids Grow Up will show employers, parents, and millennials themselves how this remarkable generation promises to stir up the workplace--and perhaps the world."

           Book Information: The Trophy Kids Grow Up: How the Millennial Generation is Shaking up the Workplace, Ron Alsop, Jossey-Bass, 2008. Available from Amazon.com. Hardcover $15.95, Kindle Edition $13.72. Also available in audio edition.  

We Don't Have Any Money! Money Matters for Preschoolers

Dr. Marian C. Fritzemeier, Ed.D. © 2013

Author, Speaker, Educator

"Mommy, I want candy."

"We don't have money for that," I state.

I continue adding items from my shopping list to the grocery cart.

"I want donuts. Pleassssse," my three-year-old daughter begs.

 "We don't have any money," I explain once again.  "Count three cans of corn for mommy. That's right; you found three cans from our shopping list."

After several more times of telling my daughter we don't have any money, we finally finish our grocery list and approach the checkout stand. The clerk scans all the items and summarizes, "That will be $28.35."

"My mom doesn't have any money," my daughter quickly informs her.

My face reddens with embarrassment. The kind clerk informs her, "That's okay. I don't have any money either," as she smiles at me.

No Money for That
Of course my child thinks I don't have any money to buy groceries. How many times did I say that to her? What I neglected to explain to my three-year-old is that we have money for what we NEED, but not always for extra things that we WANT.

Wants versus Needs
So began our new campaign at home. When Kristen saw something she wanted, my husband and I started explaining the difference between a need and a want.  For example, "It would be really fun to have ..... Let's put it on your want list for the future." If it was something she needed, we clarified, "Yes, you're right. You need new shoes. Your old shoes are too small."

Over Time
By the time our daughters were in early elementary school, they could accurately identify the difference between a need and a want. God always provides for our needs. And many times He blesses us with our wants.

Lessons Learned
In the grocery store that day, I learned a key component of money management. We must teach our children the difference between a need and a want. It is a basic principle of training children about money. Do you know the difference? What about your children? Do they know the difference? Today's a perfect day for teaching this concept.

1. Image from: Stock.XCHNG www.sxc.hu/. coins-1428100-s. Accessed 4/17/2014.