Tuesday, March 29, 2011
Parent to Parent: Kids & Money
Many families are struggling financially, but experts say this is the perfect time to teach your children the value of money. 7's Robbin Simmons has more in tonight's Parent To Parent.
WSVN -- Kara Andrew admits she used to buy her kids everything they asked for.
Kara Andrew, Parent: "Sometimes it is embarrassing that you've given too much, they have too much."
But then she came up with a system to help her kids earn their own money.
Kara Andrew: "I call it minimum requirements."
Each child has certain things they must do in order to earn cash for what they want. Eleven-year old Jackson has to keep his room clean and remember to be respectful.
Jackson Andrew, 11 Years Old: "I think it's a good system, because it does teach me a lot about the cost of things."
Thirteen-year old Scottie also cleans up and scoops out the cat litter, and now since she is buying her own clothes she thinks before she spends.
Scottie Andrew, 13 Years Old: "So you really do have to choose wisely, if it's really cute but really a lot of money, then I might have to compromise and get something else."
Angela Ardolino, editor of Tampa Bay Parenting Magazine, says kids are never too young to learn the value of money.
Angela Ardolino, Tampa Bay Parenting Magazine: "There is no wrong time. When your child comprehends counting you can start teaching them about money."
Angela says giving kids an allowance is a good place to start, even if it's only a dollar a week. She says fulfilling obligations gives kids a sense of responsibility, plus they're earning money and more.
Angela Ardolino: "You're being part of the team, that's team family, that's keeping the house together and running smoothly."
Angela also says be honest with your kids if money is tight.
Angela Ardolino: "Roll and just do whatever the card tells you."
Now that Kara's open with her kids about what they can and can't afford, it's brought them closer together as a family.
Kara Andrew: "Instead of going to the movies we really do have board game night."
It's a valuable lesson she hopes they take through life.
Angela says it's also a good idea to have your child open up a savings account. That way they can keep track of exactly how much they're saving.
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