Good Morning America had a segment today regarding our children and balancing a checkbook. This has been a pet peeve of mine for years. My daughter and I have indulged my grandchildren and we worry have not placed enough importance on Savings or where the money came from. More importantly that the money does not replenish there are limits and sacrifices parents are often making for their children without their knowledge.

I’ve shared with Sherry that I felt it was important for the kids to know when you give to your children there are often things you are giving up for them. Over the years I’ve concluded it is better to let them know what you’ve sacrificed for their comfort and needs when necessary.

My mom, bless her soul. Made us aware of everything she gave and where it came from. There was an understanding of how hard things were at the time. She often partnered with her sister they pooled food, and even the money to make ends meet. We spent most of our lives sharing meals with my Aunt and Uncle who lived in the upstairs apartment from our mom and dad. We didn’t always get along with Aunt Stella because she was another authority figure. Our mom was a task master and made values clear, and our Aunt backed her up so together they conquered anything life would offer them. Aunt Stella couldn’t read or write, however she was the navigator whenever mom and Stella needed to travel anywhere. And in the supermarket or store she must have memorized labels because for years we never knew she couldn’t read and she purchased every product without any problem. Another indication of how people survive no matter what. Our lives had everything, we just knew there were limits and it was never resented. We made it as a strong family bonding together because that was what was required to survive in the 50 and 60’s in our family.

So Sherry and I indulged our children and grandchildren always with the subconscious memory of what we did or didn’t have or what we missed and didn’t want our children to miss as well. However, I remember when I asked our mom for a quarter she would say; now if I put another quarter with yours I’d have enough money to buy milk and a loaf of bread for our dinner today. We knew that meant we weren’t getting the quarter. We also knew it wasn’t because she didn’t want to give it. She needed the money for our family survival. On the other hand, Sherry and I would give the money and then we’d worry about how to make the ends meet later. So now that I’m older and wiser, I know my mom’s way was the right way. Holding back to shield the children isn’t always the right choice. Sharing with them what’s going on in the family and how hard things are helps them understand life is not always simple and filled with good days. It’s often a hard life, one you work through for the better days. As with my mom she learned to manage a tight budget by sharing with her sister combining resources to make things go farther. We knew the importance of the dollar and we were encouraged at a young age to work. When we earned any money some always went back to our mother. It was unspoken everyone tried to do their part to help. Even when babysitting we shared the money with mom. And when I got my first real job at the Rivera Theatre as a counter girl my check was cashed by mom and she gave me the portion which was mine. There was never a second thought that she shouldn’t. We were all willing to work as a family and help.

I don’t remember ever saving. However, I do remember understanding the value of the dollar, and that money didn’t grow on trees. You went out and earned it and thought carefully about how you’d spend it.

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The questions which come to mind for me regarding our kids today are simple:

Have we taught them the value of the dollar?

Do they understand that sometimes thing are tight and they often can’t have what they want rather we get by with what we need?

Do they respect what you give them in recreational toys and things? Or when you give them expensive gifts such as cameras, IPODS, or computers are they taken care of or misused? Lost or broken because of carelessness.

Do they understand sometimes as parents you have given something up to make sure they had new sneakers or that wonderful toy they’d been asking for?

Do you give your children or teens conditions? I often give with conditions such as responsibility and not abusing what they are given by me. It makes me crazy when I go to my grandchildren’s home and they have carelessly left bikes, toys, expensive shoe etc laying on the outside porch or lawn instead of taking the time to put things where they belong. And if I see it they are reprimanded. They know my drill….

If your children are not taught responsibility and commitment to their belongings they will never be able to understand value. They won’t recognize that life cost money. And they certainly won’t understand balancing their checkbooks or taking responsibility for spending. It was mentioned that children at a certain age today on Good Morning America, should be given a credit card to fully understand its value and limits. At a certain time I would be in agreement, although I think we start with the basics. Understanding what they have and don’t have at home. Respecting and taking care of their possessions they currently are blessed with. And recognizing whatever the family can provide is a gift….

So if we’re going to take the next step and teach savings and balancing money; lets begin to educate them how to take care of what they have. This information is not already in their brains…it has to be taught. You are the parents and hopefully care enough to give them the help so they can balance check books and consider saving. Recognizing their futures may depend on it. We as parents have to believe this before we can teach it.

My best, Dorothy

5 Responses to “Children learning to Save and Balance Check Books”

1. Grammology – The Self-Help Blog – MyBlogLog on March 27th, 2008 at 2:28 am

   [...] to Google Latest Content Children leaning to Save and Balance Check Books – 8 hours ago Good Morning America had a segment today regarding our children and balancing a [...]

2. mee mOe on April 4th, 2008 at 3:08 pm

   Yeah…very important, great topic !!! they probably won’t receive any social security by the time they retire, my girls are 17,20,25…and social security will have run broke by then…at least that what they say…have a great weekend !!!

3. grammolo on April 5th, 2008 at 4:20 pm

   mee mOe thanks for the comment, your right about the fund being gone if we don’t do something now…hope you stop by again….Dorothy

4. money supermarket uk on April 12th, 2008 at 9:51 pm

   I agree it is important for children to learn the value of money to prepare them for adulthood!

5. Facing the Empty Nest of My Blog and My Brand | Sparkplug CEO on April 20th, 2008 at 8:01 pm

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