My almost 5 year old has a very good concept of the value of money. I have read many articles on how to teach your children about money, but feel that many have neglected an important topic - garage sales.
I truly feel that by spending the time to garage sale with my children I am not only doing my part in "reusing," but also teaching my children the life skill of managing and valuing their money. Since my daughter could walk, we would give her several quarters for our shopping adventures. We would explain that she could buy anything she wanted with her money, but that when it was gone, she couldn't buy more. She soon became an expert negotiator and would drive a very hard bargain and often came home with adorable dolls and toys (we do routinely donate toys, but that is another post)
So when it came time this week to spend $10 that she was given from a family friend for her birthday, she knew exactly what to do!
1. Write a thank you for the generous gift.
2. Use her birthday coupons from Build-A-Bear and some of the money to buy some accessories.
3. Use the remaining $ to buy some toys at garage sales.
I thought this was a fantastic idea and supported her along the way. We had a blast at Build-A-Bear selecting a crown, wand, wings, and fancy pink shoes for Princess bear. ($2.50 total) Then, this weekend we stopped at a couple so-so garage sales until we hit the mother load - a family with a 10 year old selling all her Barbie and Polly Pockets, clothes, dress-up clothes and more. It was SO much fun to see her shopping. She would look at something and think about the price. Then she would say,
"Do I really love it?"
"Do I have something like it at home?"
"Is it in my budget?"
(These are the questions I have been modeling when shopping AND teaching the kids about their purchases) Although there was a beautiful Barbie house and cars within her budget, she ended up selecting a set of Polly Pockets (8 dolls, clothing, car, and carrying case), a fairy Barbie, lady bug dress up costume, princess dress jamies and a beach cover-up for $7.50. She was able to reason each purchase and explain why she wanted them. The best part is when I asked, "Do you need any of these things?" She looked at me and laughed, "No mom, these are all things I want!"
I smiled too - she is getting it!
How do you teach your children the value of money??? I'd love to hear some more tips from you!!!