14 Mar

Money, Money, Money

♩ ♬ Money, Money, Money, Money…. Mon-ey! ♪♫

 When did you start learning about the importance of money?  For me, it was growing up in a single family home.  I watched my Mom stretch a dollar further than physically possible.   Today, I’m a pretty decent saver… and spender, but overall, hubster and I are on track to teaching some decent skills to Princess I want to Buy Everything.

Last summer was the first time Princess I love Hotdogs wanted to purchase one while we were at a baseball game.  I had no cash on me, so like any good Mom would do, I told her to ask her Dad for money.  Off to her father she ran and demanded “I need money Dad”  This was a milestone, it’s the beginning of years to come when a girl will forever be asking her father for money.  I actually wrote about it in her baby book.

While adults know money doesn’t grow on trees, to young kids this statement may very well be true.  They don’t really understand what exactly money is.  It’s our jobs (as if we don’t already have enough to do) to teach them about money, where it comes from, how to make enough to live and how to save some for the future AND rainy days.

The Royal Bank is doing their part to teach kids about money very early in the game, with a new app call Learning Money with Leo.  I downloaded this app for Princess Spender in hopes to give her a bit of insight into cash, money, bling, bling.  While we were downloading the app, Hubster came by and said, “Oh, Leo, I know him, I had a bank account with the Royal Bank when I was little, didn’t you?”  His statement was made as if EVERY child had a bank account.  …. I was 18 when I got my first bank account, yes… 18.

Princess I Love iPad Apps checked out the games and I was honestly surprised as to how well she did.  The games were all doable for a 3 year old, except 1.  She was unable to do the matching game.  It required matching words to a picture, seeing as she can’t read yet, it was a no go. But, why focus on the things she can’t do, lets look at all the things she could do!  She was able to do the maze, drop money into the piggy bank, use the spaceship to collect coins, find the differences, follow along with a story book and colour.  And, here’s the clever part,,, and where kids really learn about making and spending money.  Each time she finished a game, she received a coin, each coin she received was cashed in to buy a sticker.  Once the money was gone, no more stickers.  To get more stickers, she needed to get more money, to get more money, she needed to complete a challenge.  It’s kind of like life.

You can never start teaching your kids about money too early, these skills are ones that will only help them when they are older.  You can get some tips from RBC here.

Thanks Mom!

Giveaway:

  • 1 lucky Canadian Reader is going to receive a $50 Cash Gift Card
To Enter:
  • Make a comment below about how you teach your child about money
Bonus Entries: (make a different comment below for each entry)

Giveaway open to Canada.  Closes March 30th @ 11:59 pm PST. Participants can enter in multiple blogs, but can only win once.

**Disclosure – I am participating in the RBC Learning Money With Leo program by Mom Central Canada on behalf of RBC Royal Bank. I received compensation as a thank you for participating and for sharing my honest opinion. The opinions on this blog are my own.

486 thoughts on “Money, Money, Money

  1. I’ve allowed my bff’s daughter help me shop and be “in charge” of the money to allow her to see what every day items cost.

  2. I take my son shopping with me and let him help me pick out items on sale, use coupons and show him the responsible way to spend money, not just throwing it away

    bluebelle0367(at)hotmail(dot)com

  3. I don’t have children but I like the idea of providing an allowance to help lay the foundations of money management, budgeting etc.

  4. teach them by giving them money when they go to pay for something they want and then make them aware of the change they should get back

  5. I used to take my kids grocery shopping and let them be in charge of what we bought with a certain amount of money in their pocket!

  6. I teach my kids about money by having them save some for a bigger item and having them have some money for spending.

  7. My son is only 10 months old so I haven’t started teaching him about money but when he is old enough, I’ll be implementing an allowance to teach him about budgeting.

  8. I agree that we have to teach them money has to be earned, it does not get handed to you. You get set up things they need to do on a fridge and how much it pays, each chore can only be repeated once a week so they don’t only pick what pays more or what they like!

  9. I always gave my kids allowance (age appropriate) and I decided to leave it up them what they bought with it, and when, it was painful at first to watch they spend it all on something I though was foolish, but it didnt take long for them to connect the dots that once they spent it it was gone and they wouldnt have any money to spend, they also learned how to be frugal and look for deals etc, now they are older and pretty savvy about their money

  10. Let them pay at the cashier with their own money. They have to give it away and may or may not get some back.
    Thanks for the giveaway 🙂

  11. I lead by example —- my husband and I are always looking for sales, buy used items, and always thoughtful of all our purchases (i.e. is it necessary).

  12. I subscribe via email — we also have savings accounts for the kids and encourage them to use it.

  13. I teach my daughter by talking about money, how much things cost, saving the money to buy it.
    thanks
    flower_child_23(at)hotmail(dot)com

  14. We started teaching ours when they were five with a small allowance and a bank account. They had to put some of their allowance in a jar and then we would put in their account every month

  15. my son received an ounce of silver as a baby gift, i have been tracking yearly what that one ounce is worth and once he is old enough i will have him track the cost. i’m not too sure how this will end up yet but i hope he see’s the value of investing 🙂

  16. We always talk about the price of things and if she has money in her piggy bank what she can buy with it..

  17. I teach my son about money,how to save and be responsible ,,not to spend all his money the one time.

    ksceviour at hotmail dot com

  18. I teach my kids about money by having them save for things they want, and teaching them how to stretch their money by shopping sales.

  19. I teach them to save their money and dont buy anything they dont need. They also get money for certain chores they do!

    dalleykt at live dot ca

  20. Oops….looks like I might have already liked, followed and shared on FB this contest. If I did, just ignore those comment entries.

  21. I let them earn money and they learn the value of money from seeing what things cost with the money they’ve earned.

  22. I talk to my 5 y.o daughter about buying things/groceries on sale. As well as explaining “needs” (milk, bread, eggs) versus “wants” (ice cream, crackers).

  23. I let them save up to buy what they want. This way they are making a wise decision about how to spend their money (hopefully).

  24. I have jars for each of my kids for money to “save” “spend” and “give”. When they get money they choose how to divide it up between the jars. Thanks for the giveaway.

  25. to teach anyone about money is to teach the ability how to spend it, how to save it, and how to decide about charity. Spend on things that you really need, save some even for no specific goal, use for charity at least once a year.

  26. to teach children about the money is to let them use a limited amount of money and use it with your presence, next develop interest and human responsibility about charity, and treat their money as if it not their money.

  27. My daughter loves goes to the bank to put her money in her account and NO ONE is allowed to touch her piggy bank. She’s quite the spendthrift.

  28. I teach them about money by practicing what I preach – we keep a budget of all our spendings and they are involved in tracking those…

  29. its the simple rule of using apples and pears. I take one apple ,add another apple etc.Very fun and good to eat to.

  30. My kids have 2 envelopes…. 1 for spending cash. 1 for savings. they must put all cash they recieve 50/ 50 into these. only spending what is inthe envelope.

  31. I make them work for their money, not in the house, that makes no sense as they have to learn to do that stuff for themselves when they move out or they’ll end up as filthy pigs (I have teens, believe me when I say pigs) my daughter started working f/t at age 15 pumping gas in the summer as did my son – you want a $150 glow in the dark keyboard (Seriously not kidding folks) then you work for it (I tend to buy the cheap $5 ones on sale myself lol)

  32. I also fb you bina c edwards and sent you a message on there about the tweet probs incase you didn’t read it in the notes (And maybe its an issue only happening today as I don’t see anyone else posting about the problem but me)

  33. He gets an allowance and he has to learn that all personal items like candy and presents must come from that!

  34. I don’t have kids yet (working on it!), but when I do I think giving them an allowance (for doing chores and other such tasks) will be a really good way to help them learn about money. Teaching them about money will obviously have to start earlier than that, but I think that it will be a great tool once they start doing small things at home (like picking up their toys).

    ayoung3360@hotmail.com

  35. I remind them nothing is free. I gave my son the money that we return from bottle deposit. He kept them in a little holder. I told him to make a list what he wants. When he wants to buy anything outside the list, I ask him if he would like to save for the item on the list or this sudden urge of purchase.

  36. I believe I already mentioned that giving allowance and the reward system worked for me and mine. I think it will work for you and yours too! Working with real hands on coins and paper money helps teach children better than them always seeing you pay for things with plastic credit cards!

  37. We the kids receive money for their birthdays, etc we put a certain amount away in savings, and allow them some to spend

  38. he has learned that money isn’t free and things must be earned. he’s on an allowance for every chore he does!

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