Summer is a great time to start (or continue) teaching your kids about money management. This season brings new opportunities to earn money and spend money, and a lot of free time to focus on learning new skills, and having fun.
At the start of the summer, our daughter picked up a few big babysitting gigs – and made some nice income as a result. She saved all of that income, rather than immediately spending it. After returning from Russian Language camp, she had a renewed interest in studying the language, and decided to use some of the savings to buy a used laptop, so she could study Russian via some Rosetta Stone. It felt like we’d won a battle! She earned money and saved it, then decided to spend that money on something that’s actually going to be productive!
Andrew Beattie at the SFGate has this to say on the subject: “Earning and spending summer cash creates a chance for your child to learn positive financial habits. Although the motivation needs to come from within your child, a little guidance and clear expectations will go a long way toward kindling the flame. More importantly, your child’s attitude about personal finance probably takes cues from your own, so reexamine your own approach to money and summer spending if it seems like the lesson isn’t getting through. To paraphrase Ralph Waldo Emerson, what you do may speak so loudly that it drowns out what you say. “