I am sure just about everyone with children has, at one time or another, (or in our case, every time we are out), heard the whiney strains of, "please, please, please Mom! Please Dad! I want it, please! I'll do my chores every day! I'll clean my room! Pleeeeeeeeease".
This annoying begging and pleading isn't just for the big stuff. Everything, from a crappy toy at the Dollarama to an XBox 360 elicits the same cry. Now there are two main ways to respond to this situation. 1. "In the name of all that is holy if it will shut you up, ok"! or 2. "No". This is followed by angry allegations that you are the worst parent on the planet, that you "just don't understand", and a complete rundown of all the other kids whose parents are much cooler than you because they all bought their children "x". For parents of really young children this barrage is often followed by a thrashing, screaming meltdown in a very public place.
Well, guess what kiddos, things cost money! You know, money?
Oh wait, you don't know. That's because you don't have a "job" and you don't "earn" money and therefore have no concept of how much work is required to get money or how quickly it can be spent. Well, my boys are gonna start learning early. The last thing you want is for kids leaving for college with no concept of earning, saving, spending, consumer debt and the value of money. My kids think that the bank machine is a magical machine that just gives you money because you ask for it. They never see money go in, only come out. They never see bills being paid. They think the house, the electricity and the cable come for free. Ha!
So. This week Alex and Will and Mommy went to the bank and the boys opened their very first bank accounts. My, my were they ever proud! They were super excited to get a bank card to put in their wallets and to have a "super secret PIN code". 
They felt like quite the proper young men. It was pretty cute actually. I am linked to their accounts so that I can transfer their weekly allowance directly into their account, thus avoiding the eighty pounds of loonies and townies I used to have to carry around to stuff in piggy banks.
They felt like quite the proper young men. It was pretty cute actually. I am linked to their accounts so that I can transfer their weekly allowance directly into their account, thus avoiding the eighty pounds of loonies and townies I used to have to carry around to stuff in piggy banks.
So here is the method I have devised to teach the boys about the value of a dollar:
1. Every day, if you do your chores, (make bed, clean room, brush teeth, put away laundry), you get $1.00.
2. If you fail to do all (not some) of these chores, or you do a half ass job, you do not get your $1.00.
Kids can be very sneaky about this. My 5 year old can make a bed well enough to please a army drill instructor, so if I see lumps and bumps and pillows everywhere, no dollar.
My children both know where the clothes go, so if I see underwear, jeans, socks and pajamas all crammed into the same drawer, no dollar. And don't think I don't know that you haven't used toothpaste to brush your teeth. I played all these games with my parents when I was a kid. I cannot be fooled!
3. Once a week (Saturday), I will go online and transfer the proper amount of earned allowance into each boys bank account. They can check online to watch their money grow. If they want something and they have enough money, they can take their bank card to the store and buy it. No money, no toy.
You would think that this would be the ultimate incentive for the kids, but let me tell you, nothing encourages them to earn and save their money, like watching their sibling go to the store and buy something and play with it in front of you while you get nothing because you did not do your chores and earn any money. There can be a real urge to buy something small for the errant child but let me warn you, DON'T DO IT!! Ignore those teary puppy dog eyes and cries of "that's not fair"! 
They made their bed (or didn't), now they can lay in it, and I guarantee they will run home and finish those chores in 5 minutes!
They made their bed (or didn't), now they can lay in it, and I guarantee they will run home and finish those chores in 5 minutes!
One of the most interesting parts of this lesson is when kids start to realize how much things cost and just how long they will have to work to earn enough money. If you give a kid ten bucks and set them loose at Toys R Us, there is almost nothing they can buy. Don't forget, they have to pay tax too. (NO, you cannot cover the tax for them)! Anything they do find will be a cheap piece of crap that will break as soon as they get it home, thus wasting the ten bucks they could have saved for something really cool.
So that's what we're doin'. Lemme know if you have a great tip for teaching kids about money. I always love to hear from you!
Michy
Ah yes, earning money is what our goal was for the kids too! We started out doing the newpaper carrying thing a couple of months ago, but now mommy took over (and is surprisingly liking it with and without the kids!) I always mention that they are welcome to join me when they can - and when they don't mommy gets the $$$. So far it's working, because whenever the "gimmie-gimmies" show up when we're out and about, we remind them that they haven't earned enough to purchase something they want, and ,yes, kiddies, you need to add the tax too! :)
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