[Unatheowl]

Dh has decided that we need to teach ds the value of money. I totally agree in principle. Just not sure the best way to implement.

Dh wants to write a chart of the cost of all the toys that ds wants and when he saves up enough money to buy them he can or he can choose to save more and buy a more expensive one etec. Great. The thing I would like suggestions on is how exactly is ds to get this money?

I am a bit against chores for money because they are things he should be taught to do anyway. Anyone have any suggestions? How do you do it? Is it appropriate to give money for chores?

Thanks for any suggestions

[PatG]

Is it possible to have chores he is expected to do no matter what (and suffer consequences such as losing privileges if he doesn't) and then some new "jobs" that he gets paid for? But he isn't able to be paid for the new jobs if he hasn't done the standard ones.... How old is he? This is in the 3-5 years section and I think 5 is a little too young for teaching about money to that extent.

Possible "jobs" - helping with washing the car, folding family's clothes, weeding, sweeping outdoor areas. You possibly don't want to attach too much money to any of these so maybe he could have pocket money and then the jobs get him and extra 50c/$1.

[SarahM72]

I'm assuming your Ds is under 5? IMO there is no way an under 5 is going to understand the value of money whatever you do. The whole concept of money and placing a monetary value on things and on work is just too complicated.

There is also no way I would ever pay any of my kids for working around the house. You live in the house, you have to do work in and around the house. That is just the way it is.

I really hate toys though. I never buy my kids toys (apart from board games and decks of cards), I can't bear to waste money on what is essentially a heap of junk that is going to be broken before long. I have found and resuced all my children's toys that they have, apart from a few that have been bought for them by other people.

My kids spend alot of time making their own toys, and they actually do a fabulous job. The older ones makes really good things for the younger ones. Really good toys, armour and costumes for the little ones, using carboard boxes that other people were just going to throw out or old scraps of material, old pot lids and the like.

My younger teens also are friends with another no toy family. And they spend they time getting unwanted stuff from all over the place to make things, including a really fabulous tree house.

I personally that feel having to find and make your own toys is the best way to teach kids the value of "things". This may be a little hard for under 5s, but they can still just use stuff from around the house for imaginative play, rather than store bought toys.

[Matthias' mum]

DS (3 and 3 months) earns money to buy trains. He is expected to do certain household tasks like putting away his underpants and socks, tidying his toys and putting his plates and cups in the sink, so doesn't get anything for those. He has the choice to do other jobs to earn money. He has chosen the jobs, and he likes washing the dishes (especially the frying pan), dusting and wiping the benches. He gets around 50c per job, and he has his own purse that he puts it in, so it's ready for when we are at the shops.

There's no pressure on him to do it, it's only if he wants to.

It has come in useful for when we are shopping and he asks for things - I ask him if he has any money, and he has to buy it himself. The first couple of times, he got upset that he didn't have his coins anymore, and wanted me to go to the shops to get them back! He's learning though and now he knows once he spends his money, it's gone.

[ellebelle]

We really need to know age of DS. For my DS, I have made him sell toys on Ebay for the last couple of years. He is now 8. It has been amazing though how once the money is given to him, he's not so keen on spending on said new toy. Basically, with birthday in July and Xmas in December, he gets enough presents not to want to buy too much else in between. Over the last six months, he has also been rational enough that I can say x cost $30 new and we got $10 on Ebay for it and he is coming to grips with depreciation!

I remember we had to save for toys from when we were 5. We used to get 50c a week to wash dishes and then every now and then our grandparents would slip us some coins as well. Kids has a LOT less toys when I was young though.

[ellebelle]

Sorry - have just noticed forum is 3-5. Not meaning to sound judgemental but does he have lots of toys anyway? When my son was that bit younger I just said no an awful lot. He was thankfully also quite entertained by Happy Meal toys during those years! As per my prior post, now that he has got money he's really not that keen to spend it!

[Unatheowl]

Hi, thank you all for your replies. He is 4.5 years old. I'm inclined to agree with those who say he doesn't have any idea about money at this age however he needs to learn sometime. imdot want him to becaomse one of those adults who still dont understand lol

Yes, he does have a lot of toys . We are stopping that now, hence the buying them himself thing. There are some good ideas here, thanks.

[g_uzica]

DD just received this money box for her 4th birthday and grandma nicely donated some initial start up money. http://www.moneysavvykids.com.au/ordering.asp

We'll be using the money and supermarket catalogues, as dd is a lolly freak, to start learning about money and the cost of things.

In the new year she will also be receiving a token amount of pocket money each week that is not linked to chores that she can use, though she will have to save some of it each week. DD's daycare also does a lot of money raising activities throughout the year, so she will be using her money next year for red nose day, etc also.

DD is not one who asks for things when we are out, as she prefers doing craft activities to actual toys, but we thought it's never to young to start learning about money and the cost of things.

This post has been edited by g_uzica: 21/11/2012, 07:38 PM

[Mishu]

DS (6 1/2) has only just now 'got' the concept of money; school has helped with that. We tried earlier, but it just didn't work for him - I think kids have to be old enough to understand the concept of the value of money. And I suspect anything under 5 might be too young. DS still struggles sometimes to understand that 2 x 10 cent coins is worth less than a 50c coin. He seems to get distracted by the number of coins rather than focusing on the total value lol.

For what it's worth, DS has a number of chores that he must do, as a member of this family (keep his room clean, put his pjs away, pick up his toys, etc). He also has a number of chores that he can choose to do (or choose not to do). If he does them, he earns his pocket money; if not, there's no pressure on him - but he doesn't get any pocket money. He sets the table for dinner every night, waters the indoor plants, helps take out the rubbish and feeds the chickens.

He's been motivated by certain toys and has been saving up for 3 or so weeks, and then can go and buy his own toy. I like the fact that he has started to save up for something he wants, rather than looking for instant gratification.

[MrsShine]

Absolutely agree with Mishu.

When I was growing up, we were expected to make our beds, take turns drying and putting away dishes, setting table, bringing in washing etc. for no pay. It was just part of contributing to a household.

But if there was something I really wanted I had to do more: iron, wash the car, help weed garden etc. etc. but I was more like 8 yrs + and I got $1, $2, $5 pre-agreed depending on the task.

A friend buys her 10 yr old n 8 yr old DS's what they need: clothes, food, a certain amount of toys etc. but especially during school holidays she mAkes them use birthday money/pocket money to buy extras. She insists they take out $10-20 at the beginning of each holidays and when they are in a newsagency or supermarket and they say "can I have this ice cream, lollipop etc." she says "sure, if you pay from your own money" & she says its amazing how much they consider the purchase when it's their own stash!!!!