What do your kids know about money? Do they know where it comes from? Do they know what to do with it? Do they know about making choices between wants and needs? These are some topics I plan to tackle with my kids–ages 6, 3 and 3–this year and I'll be sharing our adventures/misadventures with you. When my husband and I planned our financial goals for 2010, we also chatted about ways to incorporate more financial education into our family life this year. We set as family goals:
- regular allowances, to allow our kids the chance to make choices about spending, saving, and giving. We'll also have extra opportunities for earning so they can make choices about earning as well as spending.
- earning money for the purpose of giving. We did this last year when my son ran a yard sale refreshment stand and earned over $60 for the March of Dimes. This year, we want to include the girls as well.
- making choices as a whole family. We want to include the kids more in decisions about eating out–by choosing to do that, what are we giving up? What can we do with that money instead? They're used to Mom and Dad making the decisions for them.
- saving as a whole family. While we nixed the idea of a big family vacation, we do want to take a small weekend trip. By keeping a big jar for loose change, we're all saving together and can reap the reward.