Dd is 12 years old and loves money. She categorized everything in to hours and minutes of cleaning the cat box, bathroom and her room.
She saves 30% before she goes shopping.😹😹

Love how so many of these responses acknowledge that you have to start with your kid's nature.

For my cheapskate, in addition to the usual lessons on money management, we also talk about how important it is to find the right balance between enjoying life and saving money!

I also admit that I've told some white lies about our ability to afford certain things, so we can role play discussions about "we have X to spend - we can do Y or Z. What should we do?" When, in fact, we could afford both Y and Z.

A thousand little ways over their lifetime demonstrating that everything has a price tag with time and money attached. Lots of real time, out loud, comparing and contrasting decision making around time and money, opportunity and privilege, responsibility and future planning, giving and taking, helping and hurting.

Talking, talking, talking about how adult life and money. Mowing lawns and fast food jobs (refused by the majority of DMV teens) at McD’s and Chik-fil-A. Using real-world examples like the GameStop frenzy on WallStreetBets. Chats with our brilliant and patient financial advisor who should be a financial literacy educator for teens and young adults if he ever leaves finance.
“Blue Chip Kids” book is excellent nightstand material for youth.

"But we aren't buying you toys when you're little or giving you money to go to the movies with your friends, so plan accordingly."

I mean, we did buy our kids toys for Christmas and birthdays. But the thing you see at Target that you just have to have?
"That's what your allowance is for" repeated regularly

A weekly allowance once they were in kindergarten. Not tied to chores (chores are what you do to contribute to the family, so you can't decide to blow off your chores and just not get allowance that week).

The weekly allowance is yours to do with what you want. Save? Charity? Up to you. But we aren't buying you toys when you're little or giving you money to go to the movies with your friends, so plan accordingly.

We were open about our own finances. Not what we earned, although I guess we would have if they'd asked. But more about saving for retirement/college, what taxes do, how we choose charities, how we research purchases, and how to comparison shop.

Some of it, too, is just how your kids are wired. We have a spender and a saver, a kid who likes to donate to charity and one who likes to buy presents for people, one who thinks about career partly in terms of potential salary and a couple for whom earning potential is distant second.

I have a tween, and she’s naturally frugal. She’ll agonize over whether she wants something, how badly, and whether that’s worth the $. We have helped it along by setting limits; for instance, she gets some amount of Roblox money at Christmas or birthday, and that’s it for the year. She actually found a way around it by making things in the games to sell so she could earn her own. She gives most of it away now, which is also something I encourage.

We don’t really involve her in any conversations surrounding our finances, because we’re wealthy, and nothing good will come out of her finding out just how.

Honestly, being open about money. We bring in a certain amount. This is what a Pepco bill looks like, etc. My parents NEVER talked about money (we were ok, but not well off...working/middle class), and I had to learn the hard way. It also opened the door for talks about perspective and privilege.

Set a good example and talk about it.

- modeling
- talking about saving, compounded interest, growth. When they see their bank balance grow, it makes them proud and happy. This DC has also started to play the stock market
- allowance to teach them to budget; we make them put x% in saving and y% for charity
- made them save to buy what they want. Older DC has bought two computers by saving money. They also pay for their own ata over x usage. They are much more careful about data usage when they are outside of the wifi range
- maturity

Some of it is nature and some nurture.

Anonymous wrote:It's their temperament. Do not agonize over the importance of "teaching" anything in particular.

yes, why bother parenting.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I just always refused to pay for anything that wasn't a necessity. Kids are resourceful. I have six kids. My oldest is 29, my youngest just turned 16. The older ones would totally roast him if he needed Mum to pay for things that he wants but does not need. He knows how to hustle better than most adults these days, and better than probably 99% of kids his age.

Or maybe your kid will learn that if you want to give your kid the occasional treat, you shouldn’t have six kids?

+1 who are these people with SIX friggin kids??

+2 This woman in particular is always around, talking about how proud she is to be a bad mother.

Can you all stop derailing the thread? It was helpful before you all and 6 kid lady came.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I just always refused to pay for anything that wasn't a necessity. Kids are resourceful. I have six kids. My oldest is 29, my youngest just turned 16. The older ones would totally roast him if he needed Mum to pay for things that he wants but does not need. He knows how to hustle better than most adults these days, and better than probably 99% of kids his age.

Or maybe your kid will learn that if you want to give your kid the occasional treat, you shouldn’t have six kids?

+1 who are these people with SIX friggin kids??

+2 This woman in particular is always around, talking about how proud she is to be a bad mother.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I just always refused to pay for anything that wasn't a necessity. Kids are resourceful. I have six kids. My oldest is 29, my youngest just turned 16. The older ones would totally roast him if he needed Mum to pay for things that he wants but does not need. He knows how to hustle better than most adults these days, and better than probably 99% of kids his age.

Or maybe your kid will learn that if you want to give your kid the occasional treat, you shouldn’t have six kids?

+1 who are these people with SIX friggin kids??

For me, the bigger question is why put yourself in a position that you only buy necessities? Whether it's by choice or because you have 6 kids, that's harsh living and not one I would want for my kids.