Money Doesn’t Grow on a Tree

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One of the first lessons that I learned as a child was that money doesn’t come easily. Growing up, I saw my mother clip coupons weekly, shop sales, study flyers, and still struggle to make ends meet. 

As a parent, it is natural to want your child(ren) to have a better life than you did growing up. Oftentimes, this means they are doing more activities, such as sports, camps, and clubs. Plus, they have a bounty of the latest toys and electronics. Unfortunately, this comes at a price – and I mean more than just what you pay at the register.

As a result of trying to do better for my kids, I find that they struggle more with the concept of money. My daughter, in particular, is famous for saying, “Just buy another one” if something is broken or damaged – like our blinds just last month. I am far from alone in this struggle. I’ve heard stories from co-workers who have dealt with similar scenarios; one whose son transferred nearly $200 from a matured club account into his Teen Checking to buy Xbox extras, and one whose daughter used to tell her to write a check or use her credit card. To young children, money is an abstract concept rather than a finite resource. Who could blame them? It seems easy to pull out a credit card and walk away with your bag of groceries. In an increasingly cashless society, children are not seeing the exchange of money for goods. It’s humbling to have these experiences with our children, especially having careers in the financial services industry.

While my children know that my husband and I work full-time jobs, I am not quite certain that they understand why we have to work. I have explained that adults travel to work so they can put food on the table, and a roof over their heads. At a young age, this might be too complex for a child.

I’ve learned that the best approach is to have conversations early on and revisit them frequently. I’ve started being more intentional in talking to my children about money. If you need some ideas for your own family, try these tips:

  • Talk about what your family spends money on and why

Explain to your children why people have to pay bills and the importance of paying them on time. Take this opportunity to discuss important factors in managing a budget, like savings, needs vs. wants, debt, and charitable contributions. Speaking of budgeting, try these family-friendly activities that help children understand budgeting at any age.

  • Have your children participate in family discussions about money

This year we are opting out of a family vacation, and giving our children choices about what we can do this summer. I explained that saving money this year means we can save more for a future trip to Disney World.

  • Take a break from plastic

While I love our Ultimate Checking dividends and the VISA Rewards Credit Card points, it is beneficial to introduce cash into the mix. Take your child to the grocery store to shop with a fixed amount of money. Once it’s gone, that’s it! Then, they might need to make some tough decisions. Try this a few times to drive the point home, then please go back to earning dividends and rewards points on your grocery trip with your InFirst debit and credit cards. :)

  •   Set goals

I am a huge fan of setting short-term and long-term goals. My budget spreadsheet has all of my goals listed and a financial pathway to reach them. Goals can be for something big or small. Let your children participate in setting these goals for the family as well as for themselves. Try including smaller, more attainable goals to get into the spirit of saving. You’ve heard of the “snowball method” of paying off debt? It's the same concept, just applied to savings goals.

Now that school is out, you can create a chart with activities for your child to complete. Each task can help them earn money. Encourage them to save until they reach $10. You can (and should!) tailor this to your child’s ability.


  • Speaking of debt…

Before you bring your children into the discussion, be sure to have a clear understanding of your family budget. This means getting up close and personal with your money and bills. Don’t be afraid to list all of your debts - even a small $50/year bill that you know you always have to pay. It is easier to save $5 each month than to come up with $50 all at once. What happens if there is an unexpected financial obligation and $50 isn’t easy to come by? That’s why my family does this.

This approach is a popular one with my son. It’s easy and painless to get them to learn about savings vs. spending. Have them set their own goals and teach them how to save over time. If they earn an allowance, encourage them to come up with how much they need to save to achieve their goal. You can use a tool like this one to help them decide. 

Need more ideas to help your family get into the swing of saving? I wrote a Blog about it. 

Have you tried any of these with your own family? Let me know in the comments below, or email me.

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Krista Kyte is a personal finance blogger and personal banker with over 17 years of experience in the financial industry. Krista is passionate about helping our members understand their financial situations. She writes tips that will help consumers reach and maintain financial security, and start living the life they’ve always wanted.

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