How does it work?

My Kids' Money is a book that guides the parent through the conversation and processes necessary to equip their children with a solid foundation in basic money management concepts. The book, worksheets and other tools provide the framework, the parents provide the values and time.

Saturday, November 21, 2009

Banking Day!

In an effort to show that I am human and not some robot, we are three weeks late for Banking Day with the kids this month.  When you get a chance to read my book (second quarter of 2010!?) you will read that Banking Day is set in jello, not concrete!  Its OK to be late, as long as you pick it back up.

The good news is that Logan handled his money perfectly, learning his lesson from a month without allowance.  He even hit his target balance for his savings account.  Of course, that lead us to a discussion about if he should continue to contribute to savings, and more importantly, why?  This brings up a point that is vital in working with kids and money - They really want to give the "right" answer, and it takes quite a bit of coaching to get them to the point that they answer honestly, rather than telling me what they think I want to hear.

On a related but separate front, I am forcing Miranda to use her credit card.  Being the perfectionist that she is, I managed to scare the crap out of her about paying interest.  So much so that the credit card just sits gathering dust rather than her learning how to manage it (although, having it in your wallet and never using it would certainly work better than some strategies employed by some adults out there!).  So she is to use it to do her Christmas shopping, with the intent of paying it off at the end of the month.  We'll see if this banishes the fear a bit.  Funny, I threatened her with taking it away so that she would have to figure it out on her own as an adult and she immediately said NO!  Classic.

1 comment:

  1. Hey Jeff sounds like things are shaping up well! Congratulations!

    from your proud sister...

    ReplyDelete