Learning about money

When I was a child, I loved learning about money. Which coins were most valuable? How much did I have? What could I buy? How could I get more? It was fascinating! Suzi is about the same age now as I was when I started learning about money. I wasn't planning to start money with her quite yet. Her counting skills are still coming along to the point where she will be able to effectively count her money up to dollar amounts. But it wasn't just about the math. Suzi needed to learn how to appropriately use money. We kept hearing "you didn't buy me anything!" and "I want this, could you get it for me?" She is kind of a material girl sometimes. I was too. I remember asking my parents for toys, and when they said you have to have money to buy toys, I told them "you can just go get money from the money machine! It's easy!" I had no idea you had to put the money in the bank first.

So I decided to get started. First, we identified the penny, nickel, dime, and quarter, and I told her to feel for the ridges on the edge--those are worth more! I made her a money reference card and placed it in a ziploc bag with the corresponding coins. On her own, she decided to make another one. We've been reviewing coins whenever the opportunity arises. We have to be careful not to drop any in the floor where Robert might find them!

We are offering her the opportunity to earn a little money by doing certain jobs around the house. This has the added benefit of teaching her some basic housekeeping skills! I am super excited about that part. So far, here is her job list:

Cleaning Robert's high chair with a Norwex cloth - 10 cents

Putting away a load of kids' clothes - 25 cents

Washing a small sinkful of dishes - 25 cents (I dry and put away)

Bringing laundry downstairs - 10 cents

Sweeping - 10 cents (this will change to 25 cents once she can do it by herself)

With this mixed bag of chores, there is usually something she can do. Sometimes I ask her if she wants to and she says no thanks. That is okay. She does it when she is ready and does it cheerfully, and eventually she'll realize that saying yes means having more to spend. Also, I know this price list might make it look like I am getting a great deal. Right now, though, Suzi is just learning. Sometimes it would be easier for me to just do these things myself, but I know that if I help her learn now, in a matter of months she will be a great help to me, and it will help her learn responsibility. In addition to paying her for these jobs (and we hope to add gradually to the list), we have decided to give her $1 each week for allowance.

We put a savings jar on her desk and bought her a little zipper pouch to take shopping. Of course, Ivey wanted one, too... And of course, Ivey wants money to put in hers, too. I can't do that, because I know the money will end up in the floor where Robert can find it and put it in his mouth. I'm thinking of making up some paper "Ivey bucks" to pay her for jobs until she gets a little older. Hopefully that will work.

Now if Suzi asks us to buy her something and we don't want to, we can tell her we will help her figure out how to save up and buy it. It'll be empowering.

How have you taught your kids about money? Any tips?