Would you like your children to move out before they are 40?

25 Jan

I understand that the cost of living is higher than it was when we moved out of home BUT I’d also hazard a guess that part of the reason kids are living at home longer can be linked to all the crap they buy!

Teachers at school can teach children how to count money but their financial education is your responsibility.

It’s probably pretty confusing for children these days as to where money comes from.  Gone are the days of waiting endlessly at the bank with my mum to do the banking, now it’s all about putting it on a credit card or taking it off a debit card.

When I was working as a nanny, the children found it difficult to understand why I couldn’t just take more money out of the bank to buy them a Wii.  I got sick of the boys nagging me to buy them things so I asked them to broker a deal with their parents to do chores in return for earning money towards their Wii.  They ended up getting the Wii for Christmas and by the time Christmas arrived they had enough saved to buy games and were very proud of themselves.

In the future, when they would ask me to buy them toys I would tell them that we could go home to get money from their piggy bank so that they can buy the toy.  Often once we counted out how much of their savings it would take to buy one toy they would have a change of heart.  It had taken a long time to save that money and that weren’t sure that they wanted to use it all on this toy.

One Response to “Would you like your children to move out before they are 40?”

  1. wowallthenamesaretaken January 26, 2013 at 7:30 am #

    Great post Kate! Growing up my dad was in finance (specifically credit cards) and my mum was also very budget conscious (probably because she had to be!), so our family always had conversations about budgeting, saving for things, utilizing credit cards but not paying interest, etc. I feel really lucky that we had this level of financial awareness built into our upbringing as I still use it today, but I also have friends who weren’t so fortunate – whose parents weren’t as aware (either about $ or about the importance of sharing this knowledge), or if the family was more well off then they felt their kids didn’t need to know this stuff, and that their kids didn’t need to save for things or decide what they really wanted (they just got pretty much everything). Its great you taught your nannying kids these lessons and I’ll bet they’re still grateful in another 30 years!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: