How do I teach my 6 year old daughter about money?
by Toy Buyer on 07/10/09 at 12:34 pm
nimo22 asked:
My daugther has this really cavalier attitude about money. Her attitude is that if she ruins her clothes or breaks a toy, it’s okay, we’ll just buy her a replacement. I’m thinking of having her buy her own toys, the only time my husband or I will buy her toys is for birthday’s, Christmas, etc. And I’m thinking of also having her pay for her own fast food if she requests we go out to eat, she’s always wanting Burger King. Would that be too harsh? I want her to learn how to be responsible about money, but I don’t want to make her resentful. Does anyone have any opinion on my ideas and/or any other helpful tips? Thanks in advance.
I got some great tips. Thanks to everyone who answered. Punk Princess, I agree with you, many of these people are seriously understimating just how much a 6 year old knows, understands and is capable of.
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My daugther has this really cavalier attitude about money. Her attitude is that if she ruins her clothes or breaks a toy, it’s okay, we’ll just buy her a replacement. I’m thinking of having her buy her own toys, the only time my husband or I will buy her toys is for birthday’s, Christmas, etc. And I’m thinking of also having her pay for her own fast food if she requests we go out to eat, she’s always wanting Burger King. Would that be too harsh? I want her to learn how to be responsible about money, but I don’t want to make her resentful. Does anyone have any opinion on my ideas and/or any other helpful tips? Thanks in advance.
I got some great tips. Thanks to everyone who answered. Punk Princess, I agree with you, many of these people are seriously understimating just how much a 6 year old knows, understands and is capable of.
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waldanen2002
Oct 10th, 2009
Give Your Baby a Headstart
give her an allowance so she can see how long it takes to save up to be able to afford what she wants.
Sherry
Oct 13th, 2009
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Try this website:
Otherwise go to Google and type in Teach Kids About Money a bunch of websites pop up when you do this.
mommato4boys
Oct 14th, 2009
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I think that most kids this age do not have a concept of how hard it is to get money. I think that maybe if she were a little older, then maybe making her pay would help her understand, but at this age, it may just confuse her. I would put my foot down about ruining clothes and toys. Once she sees that she isn’t getting the replacements,maybe she might start taking better care of her stuff.
Blackwidow
Oct 17th, 2009
Give Your Baby a Headstart
Giving kids an allowance and teach them how to save it is always a good was to start. If they know what it means to have money, save it, then learn how to spend it, they will respect their own, and other people’s money.
Jacqueline K
Oct 18th, 2009
Award Winning Baby Toys
my son is 5 and kind of the same way…
i started with a penny…i told him that it takes 5 pennies to make a nickel 10 for a dime 25 for a quarter and 100 for a dollar…then i went in other increments liek 2 nickels for a dime ect and to my suprise he got it…no when he finds change he puts it in his jar and when he has enough he can get whatever he wants with it…i do think making your child buy her own things is a little harsh…you have to spoil your kids sometimes!
~*~SwEetZ~*~
Oct 20th, 2009
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I’d say give her chores to do and pay her for them and teach her how to manage money. Teach her how to work for what she wants.
Julie C
Oct 22nd, 2009
Does Your Child Love Animals?
Give her an allowance every week and tell her whatever she wants she’ll have to buy with her own money. She’ll soon learn that she needs to save money to get the things she really wants.
Jade
Oct 25th, 2009
Learn How to Make Learning Fun
With my son he learned about how to count from 5s, 10s, 2s first then he learned addition and subtraction. From there I introduce the coins first the names and how much it was worth. Then I went to the bills by that time he knew his numbers and how to add it was easy.
Give her allowance and a banking account and let her buy things with it also try these websites
moneyinstructor.com
teachrkids.com
doodlz
Oct 25th, 2009
Creative Toys
I have a 4 year old who is the same way. She always wants to eat a a restaurant. I starts to give her an allowance but she has to earn it. I don’t make her do harsh chores but she picks up her own plate after she eats. Puts her clothes in the hamper. Helps clean up her toys, makes her bed( throws the blankets up and flattens them out, then I remake it. But she tried) I give her a cloth and her job is to dust. Not only does it give her money I give her $5 a week. She has to learn to save, and chores give her responsibility and a sense of accomplishment. I have to admit she doesn’t do a very good job now but she is still young and it makes me happy to see her happy. Good Luck.
prof_einstein
Oct 25th, 2009
Does Your Child Love Animals?
I think every child has the same attitudes about money. My 6 yr old daughter is required to set the table at night to earn her allowance and we encourage her to save for what she wants. Sometimes we’re successful with that, sometimes not. We have stopped buying her new toys so she can get them herself and develop more of an appreciation for what she has and anything new that she has earned. Good luck.
cstinkerbell6969
Oct 25th, 2009
Award Winning Baby Toys
What I did with my son was: I bought 2 poster boards and on one- was a list of things he likes to do. Such as roller skating and next to it how much it cost to go then like renting a game from blockbuster and the price next to it and so on. The second chart was a chore list- like taking out trash all week is $3 Keeping room clean all week $3 and at the end of each week or after each chore he did I would give him MONOPOLY money and when it came time for him to want to go skating he would trade the phony money in for the real stuff! That way he knows he also has to work to get the things he wants and not just expect it to be given on a silver platter! Now when he hit 13 My credit card company issued him a JUNIOR credit card in his name. The credit line was ONLY $30 but this taught him how easy it is to buy lots of stuff and OOOOOOPS later I gotta pay it back?????? It taught him a very valuable lesson about choosing wisely and balancing money. He has to pay his card with report card money and allowance and such! He is now 16 and his Junior card has $100 on it BUT I swear to god its sooooo funny cuz in the store he wants something he asks is it on my card or yours? 99% of the time if I say HIS he puts it back on the shelf! lol
momma2mingbu
Oct 26th, 2009
Creative Toys
1. I see no reason she should get toys besides birthday or holiday or maybe a reward for a job well done at school. I see no problem her having to buy any other toys or things she wants outside of that.
2. If she requests we go out to eat…..?????? Who decides what’s for dinner, you or her? Don’t take her out to eat unless it’s your idea and you want to go. She shouldn’t decide what’s for dinner.
3. Set up a savings account for her. My hubby matches anything our son puts into his savings account.
DianeD
Oct 27th, 2009
Spark Your Childs Imagination
Aside from all the great tips before this one, I also would like to add that a 6 year old knows more than they let on. As a mother of 3 grown children, I’ve taught my kids the value of money by not just handing over an allowance each week, but by allowing them the benefits of working for this allowance. Even at a young age, there are plenty of chores around the house that even a 6 year old can do, for instance, picking up her toys when she’s finished playing with them, helping you around the house with little things such as helping you set the table, etc. You know what she’s capable of in most instances, and sometimes they can surprise you. What I did was place a calendar in view and at the end of each day if the chore was completed or something was accomplished, they would get a star for the day. At the end of the week, I added up the stars, and each star was worth something, like a quarter or fifty-cents…whatever you decide, and that’s what she was paid. Then when she wanted to buy something, she had to make sure she had that amount or she couldn’t buy it. It’s a tough lesson, but well worth it.
poison_ivy_sam
Oct 28th, 2009
Spark Your Childs Imagination
hi
i assume you have always been linient to her about the things
that is why she does the things you describe
it is a typical and a frequently seen thing
the way is to explain it to them first
make them realize that its wrong to waste
it is not wrong to discipline them about money
in the long run it will help them
as far as food is concerned, its ok
kids always have their pick
but you can discipline about other things
dont replace the toys fpor your child
make sure there is no lack
replace them on an occasion
and remember
award her for saving money
you can do that
say by getting her for a KING BURGER if she saves some money
cammie
Oct 30th, 2009
Learn How to Make Learning Fun
YOU IDEAS SOUND OK , BUT I WOULD TAKE IT ONE STEP FARTHER THAN THAT , GIVE HER CHORUS TO DO AROUND THE HOUSE , CLEAN HER ROOM , EMPTY THE TRASH IN THE BATHROOM MAYBE DUST THE FURNISHED, I’M SURE YOU GET THE IDEA . AS FAR AS MAKING HER PAY FOR HER OWN FOOD I WOULD NT DO THAT , I WOULD INSTEAD MAKE A SPECIAL DAY MAYBE ONCE EVERY 2 WEEKS THAT IF SHE DOSE HER WORK THEN YOU CAN REWARD HER BY TAKING HER OUT . THIS WAY SHE LEARNS IT IS A TREAT INSTEAD OF SOMETHING SHE GETS WHEN EVER SHE WANTS TOO , BUT I COMMEND YOU BY TRYING TO DO THIS AT HER AGE TO MANY KIDS THINK MONEY GROWN ON TREES
Willow
Nov 2nd, 2009
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Do you buy replacements for her if she breaks something/ruins something? If yes, that needs to stop.
She is old enough to do simple chores, fold laundry, clean windows, dust, take care of pets if you have them, sweep,clean room etc.
You can make a chart and pay something for each chore, ex. feed dog $2.00 and put stickers on teh chart, have her pick out her own stickers and help with the chart
As far as going out to eat, remember you make the rules! Take her out once or twice a month and make it a special treat.
Good luck
bubba
Nov 4th, 2009
Award Winning Baby Toys
My son was required to put 10% of his money in the church offering plate. Then he had to put 10% in savings. This left him with 80% to spend. If he wanted something that cost a lot of money, he had to save for several weeks to have enough to buy it. If there was something we usually supplied for him (like tennis shoes, ballglove, etc) we would buy good ones. If he wanted name brand or something more extravagant, he could pay for half the cost out of his own money to upgrade. Many times he chose to go with what we purchased rather than use his own money for upgrading. Had we just bought the preferred item, he would not have learned to respect his own money. And we never gave an allowance. He was required to earn his own money. He is now 18, has a tremendous work ethic, has a savings in the 5 digits, has a new vehicle which is paid for, has bought a house to remodel, and has no debt.
Kristy B
Nov 7th, 2009
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How about if she breaks a toy you throw it away or hide it…shell start to see her toys diminishing and pretty soon she wont have toys. She can try to earn it back by doing chores. New clothes you cant really get around. Maybe go to a second hand kids store (Kid to Kid or Once Upon a Child around here)…they sell really nice gently used clothes, you could buy those for play. My daughter plays like a little boy, shell ruin her new clothes and shoes too. So, I dont allow her to play in her nice clothes, I make her change into play clothes…ones I dont care if she destroys. As far as fast food goes…if you dont want her to eat there, just tell her no. Making her learn the value of a dollar isnt a bad thing at all. Have her do little chores for a price like cleaning her room, or dusting the coffee table and even helping you with the dishes. She will start to gain a lot of confidence and be really proud of herself when she sees what she is accomplishing. If you do have her do chores remember that she is just a kid, and she may not do it to your liking. So even if it isnt PERFECT give her a lot of praise and dont mention she missed a spot or the magazines on the table werent put in the right order. Obviously the older she gets the more emphasis you will put on doing the job the right way.
Ebnysweetnes
Nov 10th, 2009
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Since she gets toys for her birthdays and Christmas, I believe she would eventually realize that she won’t get anymore everytime she breaks one. She will see that her toys are slowly disappearing, and will soon start keeping her toys in good shape.
As far as buying fast food all the time, this is what I did with my daughter. Each time I went to the mall for business, she used to always ask to go to the toy store. I told her that we would after my business but there was no guarantee that she would get anything.
She finally got it one day and she herself told me that after I took care of my business and if I have money left, can we go to the toy store? In other words, let your child know what has to come first and if there is anything left over for her fun then it will be possible. It will take some time but she will eventually realize it.
Also, what might be of help is give her some play money and play a game with her. Make it like her chores will allow her to make money so when she gets paid and wants to spend it all, let her know that if she spends it all she wont get anymore money until next payday. Of course it would be up to the parents to set the dates for her paydays.
Ken S
Nov 13th, 2009
Learn How to Make Learning Fun
I highly reccomend getting her the book Smart Kid Rich Kid by Robert Kiyosaki and eventually play the game that the Rich Dad comany puts out.
Azaleaeight
Nov 14th, 2009
Award Winning Baby Toys
Six-year-old people are cavalier about a lot of things. They’re only six.
If she breaks toys and ruins clothes I wouldn’t buy her replacements. That seems reasonable enough I think.
When you say buy her own my question is where is she going to get the money from. Do you give her an allowance? Does she have birthday money?
This is obviously just my opinion, but it seems to me that you need to concentrate more on helping her to understand why its important not to destroy your own stuff (because someone was nice enough to want to buy it for you and because you should appreciate that someone works hard to be able to buy things for you). It seems to me that a six-year-old child is entirely capable of understanding lessons about being more careful with her stuff. You can talk to her about how and why you don’t throw your shirts on the floor or how some toys aren’t any good if you don’t keep all the pieces together. You just have to keep talking about this and explaining how and why.
If you go in her room and find something like a Barbie set thrown all over the room you pick up the pieces and tell her, That’s not what you do with this nice Barbie set. If you find something like chewed gum stuck on her blanket you say, That isn’t what you do with gum. I’m not buying you any more gum since this is what you do with it.
If you concentrate on talking about how everything should be taken care of and why, and if you show examples with your own stuff and point out why, this should eventually solve the problem.
I think six is too young to really expect her to care about money. That doesn’t mean you can’t say things like, People work hard for their money or show her how to put some money into a piggy bank and save for something she’d like to buy; but I think a six-year-old can best take in information about valuing money by having a parent who talks about money in general. I think expecting a child so young to really adopt the same appreciation of money that you have is expecting too much too soon.
What you want her to know is that people don’t have to be buying her stuff. They do it because they think it is a nice thing to do for her. She needs to realize that if someone is nice enough to think of her she needs to think of what a nice thing they did. Appeal to her understanding of How much so-and-so much love you to have thought to buy you that – and, hopefully, she might start to think about being thought of and, in turn, thinking about the person who bought her the thing.
I have a feeling she isn’t going to care about any money that’s hers any more than she cares about money that is yours; because she’s only six.
kayboff
Nov 15th, 2009
Creative Toys
Does your daughter get an allowance? It isn’t too early to begin teaching your child the value of a dollar, if in fact she has her own money to use. She can do chores to earn the money. If she has to use her money,I personally believe she should only have to pay for the extras she desires.
I raised two kids and now have six grand kids that I love more than life itself, and I strongly believe that Children have to be taught values.
snddupree
Nov 18th, 2009
The Coolest Educational Toy
I know everyone says allowance. In my opinion this does NOT help. Try this:
Give your daughter a commission for every chore she has at home ($ 1.00/wk for making her bed every day, $ 1.00 for cleaning her room, etc).
Use these rules:
She must give 10% away (to church or a favorite charity) learning that others have needs beside her
She must save 50% (for a big toy or something special she wants–you may want to match her dollar for dollar) in a glass jar so she can see her savings grow
She can spend 40% any way she wants but must understand that when her money is gone, its gone. Mom and Dad do NOT supplement this part at all (with the exception of pennies).
She’ll learn the value of money quickly this way AND she learn the lesson for life because the rules NEVER change (even when she is a teen although the commissions and jobs increase as she gets older).
Results:
She learns the value of money
She learns not to expect something for nothing
She learns good spending habits
She learns NEVER to go into debt because if she does there is no money for the things she wants or needs. No debt is freedom.
That’s a GREAT lesson to learn.
Sarah J
Nov 20th, 2009
The Coolest Educational Toy
Start with a couple of books about money and there is a board game called Allowance but I would print out fake money and give her a budget, buy TV time, food and clothes etc… Give her chores to earn extra money. She will learn real quick the first time she runs out of money and wants something.
ljn
Nov 22nd, 2009
Spark Your Childs Imagination
Give her chores and pay her an allowance if she does her chores. Then make her put half of it into a piggy bank and let her have the other to spend but make her accumulate like $20 before she spends it and with that she can replace the toys she breaks and pay for her eating out. Replace the clothes she intentionally tears up. It will be her money and the part she saves you can buy saving bond with it then when she is a teen she will have money for her own car that she will want. I will teach her the value of money and the value of saving part of your money aside for emergancy’s . I have seen too many children think that they need to spend their money right away or it will burn a hole in their pocket. They never have any money accumulated for emergency. That is who some of the families in New Orleans could not evacuate because it was the end of the month and they had no money.
Debbie B
Nov 22nd, 2009
Learn How to Make Learning Fun
6 is young, really out of the reality phase. My mom when I was 15 and very much wanting money for this and that, no concept gave me the checkbook, the bills and asked me to pay them, then she said whatever was left I could have…I FREAKED. there was like $2.00 left! I was in such a panic, but it hit me home big time that my mom worked so hard to just pay the bills and I got a job of my own after that and quit asking her. That is too much for a six year old, but don’t replace the toys, eventually she will need to learn to take care of her things not just beacuse of the expense but it is important to take care of her own things. I don’t think having her pay her own way will not help her yet. Maybe set up an allowance for extra things she wants and she has to learn to work for it.
nknicolek
Nov 23rd, 2009
Creative Toys
My suggestion is to make a chore chart.. make her work for her money and then she can spend it on whatever she wants, but she has to earn it first!! Teaches them early.. it works for my kids..
big E
Nov 26th, 2009
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She is 6. She has no idea about money and is too young to learn or care. Beat her **** when she breaks the toys. Get her healthier food and maybe she will not have so many issues
punk princess!
Nov 28th, 2009
Creative Toys
that is a fabulous idea but only do it for a little bit. like if she breaks a toy, then she has to earn the money to buy it back. dont make her do this her whole life… and if she just thinks that she never really liked that toy or that article of clothing so she doesnt have to buy a new one, make her buy it anyways. its the principle that counts…
I read the other responses and it seems you guys totally underestimate 6 year olds… and children in general. I have babysat many times and have a 6 year old brother and cousin that all know the value of a dollar. this womans child is no different and Im sure she can comprehend the value of earning what she wants and needs just like many other children her age.
indylovessoccerylotr
Dec 1st, 2009
The Coolest Educational Toy
Have her work for money to buy extra things like toys and fast food. Having to work hard for things can really make you appreciate them.
Roxie
Dec 4th, 2009
Creative Toys
All of my kids have chores. They are paid according to if they did them. My oldest daughter went to stay with her cousin for a week. She came home on Friday payday and put her hand out for money. I told her that since she hadn’t been there to do her chores she didn’t get any money. Her brother got paid for doing hers. She was upset, but learned that she can’t just expect money without doing her job.
And yes, I do have my kids pay for there own fast food. I will only pay for 1 item off of the dollar menu. They usually want the toys so they opt to buy a kids meal with their money.
michele v
Dec 4th, 2009
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MY CHILDREN BUY THERE OWN TOYS…….WWE ARE NOT RICH AND CAN’T AFFORD TO GIVE THEM THINGS THAT ARER NOT IMPORTANT…….THE USE MONEY THAT THEY SAVE FROM CHRISTMAS AND B’DAYS AND THEY USE THAT TO BUY TOYS THAT THEY REALLY WANT…I THINK ITS GREAT..IT HAS TAUGHT THEM TO BE BETTER PEOPLE….THEY DON’T BUY THINGS THAT THEY ARE REALLY NOT SURE OF AND THEY KNOW THE MENAING OF A DOLLAR……THEY WONDER HOW KIDS GET THINGS ALL THE TIME AND NEVER HAVE TO WORK FOR IT…I THINK IN THE END, THEY” BE BETTER PEOPLE FOR IT
Me,myself ,and I
Dec 5th, 2009
Award Winning Baby Toys
Let her buys what she wants and then when you go out and she wants to come with you ask her if she has money and if she doesn’t she can’t go. Trust me the more she wants to go the more she will save.
Black_ash
Dec 7th, 2009
Award Winning Baby Toys
tell her if she brakes it she pays for it.
harleychick
Dec 10th, 2009
Does Your Child Love Animals?
Have her do some chores around the house to earn money.
Pay her each week and show her how to put 50% into savings (or a piggy bank), donate 10% and the other 40% she can spend as she wants when you go to stores or out to eat.
To use the savings money she can write down some more expensive items to work towards or just keep it in a bank account for when she is older. If you chose the second option, show her the monthly statement that it is earning interest.
mrklcoac2002
Dec 13th, 2009
Personalized NameTrains is the Perfect Gift
well, i wouldnt totally make her pay for everything although i agree she needs to learn responsibility .