This is the third post in a 5-part series about money concepts. These articles are mostly written in “kid talk” for you to discuss when you can. Our financial situations are all unique, so the suggestions offered are simply a framework for you to personalize. Rephrase, skip, and embellish as needed for the ages and interests of your kids. Break it up over the course of several days if desired.
Opening Idea:
Using money requires responsibility.
1 – We are responsible for making decisions with our money. Just like you have to decide how you’ll use different toy blocks to build a tower, we have to make LOTS of decisions in how we use our money!
- Where is the best place to buy ___?
- How do I compare prices for similar items?
- When should I choose the cheapest option, and when should I spend more for something?
- Since we don’t have enough money for everything we want, what will we forget about and what will we actually save for? How will we save for it?
- How much money should we save each week or month so we can pay for future needs? (new shoes when our feet grow, refrigerator or car after a breakdown, college, retirement, etc.)
- Who or what do we want to help with the money we give away?
Decisions like this require us to think, compare, wonder about the future, make choices, and deal with whatever happens.
Talk Together:
- About a time when you wished you could go back and change a decision you made with your money. Why?
- About a time when you worked hard to save for something.
- About a “want” you’re saving for now (trip, car, etc.) and how you’re doing that. Is there a purchase goal your child is working toward?
- (At home with older kids): About how you choose certain online purchases – comparing features, quantities, and costs, reading reviews, etc.
- (At a store with older kids): About how to read the shelf labels and do the math to determine which size of an item is a better deal (e.g. cost per ounce).
2 – We are responsible for being honest with money. Sometimes people accidentally charge the wrong price for something or accidentally carry something out of a store without paying for it. How can they be honest in those situations? Sadly, sometimes people choose to be dishonest. It can feel weird or exciting to “get away with something” at first, but I wonder how it might feel later? I wonder how little decisions like this might lead to bigger dishonest choices?
Talk Together:
- About a time when you were honest about a payment or bill even though it meant you owed more money. How did you feel? (If there was a time when you weren’t honest and you feel comfortable talking about it, that can be a learning opportunity, too.)
- (At a store or bank with older kids…) About what things help people stay honest – locked drawers, cameras, computer passwords, etc.
A prayer for parents (by Kayla Craig):
Lord, when we look to our children, remind us that You are the giver of good gifts.
You are a compassionate God who never stops seeking us, pursuing us, and welcoming us home, even when we have fallen short.