This picture is of me when I was seven years old. I didn’t have much education about money or savings. When I became an adult, life was a huge culture shock. Schools do not teach children or young adults much about finances, investing, or savings.
I wanted my daughters not to be so shocked when they got in the real world. Each day, I try to give them small responsibilities for cash. Some goes in the money banks (Zahara has a shopkins bank made out of an apple. Tina has an actual piggy bank) and some can be spent or icecream or candy at the store.
They can only buy what they can afford, I never bail them out when they don’t have enough change at the register. It’s a lesson they must learn early. I’m not embarrassed in front of the cashier to have a transaction canceled to teach my child life skills that will save them pain and grief in the future.
Of course I can afford to give my kid $.25 but what will she learn from that? I don’t need to prove to people that our family has money. Their future is more important to me than my ego or how complete strangers view my finances. Mommy won’t always be on this earth to bail them out of sticky situations.
I hope as they get older, my children will appreciate the lessons I didn’t receive when I was younger. Hopefully they can buy their first vehicle or apartment without any trouble. Good savings and good credit will save them money and headaches.