There comes a time in a child’s life where they realize money is good and having more of it is better. It’s that moment when that shiny, pretty coin loses its lustre and he or she points to those colourful pieces of special paper that grownups are constantly exchanging (or is that even a relevant example nowadays given the use of plastic cards and phones??).
But at some point children need to learn the value of money and to respect it, and eventually grow up to be mindful savers, investors, consumers and givers.
Nowadays we are conditioned to expect instant gratification, so it’s doubly important to teach children the concept of saving to purchase something and this requires patience. And we all know how difficult waiting can be, for any age. Admittedly, I’m pretty bad at waiting too, although to my credit, I don’t spend money that I don’t have. I wasn’t always that way though – I learned that lesson as a adult, a few times.
I recall one year I had an especially high tax bill after my maternity leave, so that combined with juggling daycare fees was pretty much the tipping point. I get shivers when I think back to the days of having fifteen dollars left in my bank account with my gas tank on near empty and having a one year old. It made me feel like shit.
Fast forward years later …my daughter must ask me about twice daily for an advance on her allowance. It’s pretty much the same conversation each time and ends with a lot of huffing, arm folding and dirty looks (and not from my side). She’s still learning to practice patience. I am confident she will learn if I remain consistent…so long as I can remain patient with her. We’re both learning.
She wants to save for an iPhone.
I plan to take a trip this winter. She wants to come.
I’m taking a secret trip.
Do you save your money for a rainy day?