Teaching children (and Grannies) about money

Post by Mo » 05 Feb 2013, 14:14

When my children were young (from about 3yrs) they had a small amount of pocket money - just enough to buy a packet of crisps, or small thing.
My son used to survey the matchbox cars in the local Post Office, decide which one to save for and save 5 weeks to afford it (what a mean mummy) - then when he had it, it was treasured. And they were sensible toys then - digger trucks, dustcarts, allsorts - then they changed to Hotwheels and he lost interest. (While he was saving for the little dustcart they took them off - we thought we wouldn't get one, but then found the larger version of the same toy at reduced price as it was obsolete)
In those days 3p would buy a packet of crisps, 15p a car.
And back then we used to laugh about grandparents who though 2 shillings was a big present. Now I'm in the same possition - no idea what a small toy costs.

Help! Update my ideas for me.

Mrs B · Post by **Mrs B** » 05 Feb 2013, 16:27

I am a huge believer in pocket money, DD was given it and if she saved hard she was rewarded with extra cash. She used to collect horse toys and comics.

My niece and nephew are not given pocket money, are constantly indulged and have no concept of the value of money. DD is a good money manager and an avid saver so there must be something in it.

Gwenoakes · Post by **Gwenoakes** » 05 Feb 2013, 22:47

I am not quite convinced that pocket money given at an early age encourages children to manage money well when they are older.

All my three were given pocket money and all saved it, either for holidays, toys or whatever. Out of the three of them one has always managed money well, the second is learning now in her 30's and doing good, but the son, well, goes through his hands like water. LOL So I have mixed feelings on the pocket money theory. LOL