Timely article in the Tribune (link below) about technology and kids.
Over the weekend I took my twins, who are entering 7th grade, to get cell phones. We agreed that they would use part of their allowance to pay for them and see how it goes.
Growing up I remember:
- Listening for my mother's ringing a cow bell when it was time to get home
- Standing in line for the pay phone in my college dorm
- Racing home (or not leaving the house) before answering machines to wait for a phone call.
Progress, I guess, and a teachable moment.
My kids and I have always had regular dialogue about money and the choices involved. They had bank accounts at age 6 and an allowance tied to chores. When we go out to eat they have a choice of either getting a soda or a dollar.
I’ve always enjoyed observing personalities as they relate to money. For example, if I gave my daughter $100 she would figure out a way to save every dime. My son? He would leverage it and try to spend $110. My daughter’s reaction when I asked for the first month’s cell phone fee – “Dad, can I get back to you on that?”
But I have also watched them try to pool their resources for a Christmas gift. Or get out a sharp pencil to figure out how long they need to save for a game or clothing. I have watched them burn through money, regret it, and learn from it . Choices. Hopefully that’s the key takeaway as they grow older.
What lessons have you tried to impart about money? I would love to hear from you.