The ABCs of Do-Re-Me
Kids need to know how the economy works. No, not stocks, interest rates, and world markets! I mean the basic ins and outs of a family economy. You can start when your kids are very young by helping them understand the difference between needs and wants, that money comes from working, what money looks like, and that everybody has a job (a kid’s job is to learn things, to play, and to participate in the family). As they get older (once they know that a nickel is worth less than a dime, even though it’s larger), you can talk with them about credit cards, bank interest, and so on. Kids can learn about budgeting from the time they are about seven. Remember that a solid money education is one of the best tools you can give your kids—it will aid them the rest of their lives.
Ethics Through Sharing
You can help your child develop a sense of social responsibility by:
Setting an example, modeling charity. Some families tithe to a church or temple, others put aside a certain amount of money every year to give to charity or service organization. Sharing your work specialty with others who can’t afford it is another option for people who are knowledge or service “rich” but cash “poor.” Donate your services to a worthy cause of your choice, and bring your kids along with you. They’ll learn a valuable lesson as you participate in improving the world. Volunteer work. People participate in giving programs during the holidays, but don’t forget the rest of the year. The nursing homes are filled with amateur entertainers in December, and empty from January through November. Individual participation. Stress to your child that it’s not enough that the family give, that every individual needs to participate, too. Giving. It’s not how much you give. Every little bit helps. Donating. Kids can donate old clothes, toys, time, or a percentage of their allowance.
