by Steve Erwin
May 30, 2017
Like many parents, I struggle with teaching my kids how to be responsible with money – maybe because it took me so long to figure it out for myself (and maybe I’m not all the way there yet, either).
I recall being on my weekend Toronto Star paper route as a kid and having to “collect” payments for delivery at each door, hoping I’d cobble together enough coins to waste at the local corner store on baseball cards and “Big League Chew” (I’m not even sure that bubble gum still exists.)
My parents were pretty cautious with what money they would give us in “allowances” – not too much, and not without something in return, so that it would be earned. Flash-forward to the present day and here I am trying to instill the same responsible thinking into a 7-year-old boy and an 8-year-old girl.
This isn’t as easy as I thought it would be. Daughter just has to flash those beautiful lashes and Daddy melts like butter. It’s been effective in her getting that extra something at the store … and if she gets something, Son does too (fair is fair, as they say).
What’s been interesting is watching how both treat money. Both were given piggy banks a while ago. Both receive cash here and there from grandparents and other relatives and we also have a “finders keepers!” rule whereby if they come across loose coins on the floor, a counter or a laundry basket, it’s theirs (which is why I’m careful not to drop any $20 bills).
[caption id="attachment_424" align="alignnone" width="720"] Jack and Sammy know the way to daddy's heart - and his wallet.[/caption]
On one hand we have Jack … he’s the “saver.” In six months he calculated all the loot from his piggy bank and found out he has more than $150! (He’s saving, he says, for a new video game console … he seems unconvinced Santa Claus will follow through on a future wish list).
On the other hand we have Sammy … she’s the “spender.” She will dig into her bank if we go shopping, put it in a little purse and this lets her make purchases that adults would refer to as “impulse buys.” After six months, she had less than $30 in her piggy bank.
Naturally Sammy was disappointed she hadn’t saved as much as her brother. This led us to quite the conversation about whether some of the things she purchased were worth the money she spent – like a $10 stuffed animal she played with once and still sits staring out forlornly above her dresser.
Either way, what’s nice is that regardless of whether it’s this method or some other recommended version by a parenting expert, the comparison of my kids’ two spending-and-saving styles generated really good conversation about the value of money, and why it’s important to save and also spend within limits. The conversation even extended to a broader discussion on how to use any excess funds we have this summer – are we buying a pool, or saving up for Disneyworld?
Either way, we’ll keep trying to have these important conversations as they get older, when their needs and wants will grow in demand and in value. I just hope the butterfly kisses never stop … and also don’t break my own budget.
Steve Erwin is a CAIRP director and public affairs professional living in Windsor, ON.