A Money Conundrum With Children

NEW YORK - MAY 22:  Women look at prom dresses...
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Do They Actually “Get” The Concept Of Money?

How do you effectively communicate the “value” of money to your kids. Sure we want to give them everything they need (and sometimes want); but how do you convey the value?

Right now, money is tighter for most everyone than it was several years ago. Personally, I am utilizing the discounts offered by my grocer and taking the nickel credit on each reusable bag I use. I walk more and make conscious efforts to combine errands to save on gas. Impulse purchases are essentially gone.

While the kids know there is a recession and spending habits have changed, several times it seems they are clueless. For instance, in one kid’s mind, a brand new dress purchased in late October for homecoming is no longer appropriate for a friend’s Sweet 16 and another $70 to $100 is “needed” to buy a new one.

Well, with gas approaching $3.00 a gallon, three sets of braces, and all the other expenses, no matter how much I want to afford the dress, $70 to $100 is not just sitting on the counter.

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