Money talk at seven?

Melida - posted on 03/31/2012 ( 8 moms have responded )

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My seven-year old keeps involving himself in my financial situation. I don't know how to make it clear that this is NOT his business, nor his place to comment on friends' finances either. If you can, HELP me out!

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Bree - posted on 04/05/2012

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My parents taught me the value of a dollar, I did chores, and got an allowance, my Dad would play a game with me when we went to a store, and he'd get change back, he'd always say, if you can tell me the president on this bill you can have it. I'm not saying that you shouldn't teach your children about money, I'm just saying that your personal financial situation is none of their business. As for as understanding why they can't have everything they ask for, I don't really think that should have everything to do with finances either. If you had all the money in the world would you buy your kid every single thing they asked for? Of course not, they'd turn into a spoiled brat. When my son asks for something and I say no, or not today, or maybe for your birthday, that's it. End of discussion. There is no why. I'm the parent, and I said so.

Shauna - posted on 04/02/2012

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You might consider giving him a little allowance and a little notebook with an In and Out column or something, so he feels like he can use his financial prowess. :)



I don't understand how he's trying to involve himself, but if he's saying that you can/can't afford things, you can tell him that it's okay--Mom has the household finances all figured out.



At that age, needs vs. wants, and how we only get some wants, is a great place to start if he's begging for things he wants but doesn't need it (as in, "But it's only a dollar!!!" all the time).

Bonnie - posted on 04/01/2012

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How much could a 7 year old really be involving himself? Maybe he is just curious. I personally don't think there is any particular age where you have to wait to teach them the value of a dollar.

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Melida - posted on 08/12/2013

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When it came to answering his questions of WHY I couldn't afford something when I had just gotten paid, I found it kind of insulting, because I haven't raised my children to question parental authority.

He'll be nine in December, and since I first posted this query, better understands the financial situation as well as my personal boundaries of the discussion. Shauna, I greatly appreciate specifically your advice about the notebook, and I have compromised enough to set aside an "allowance" for him of our monthly income, that he can advise me on expenses. For an eight-year old, this twenty or so dollars is like gold, and every single penny of it is very precious to him; it seems to be helping him comprehend the true value of money.

Thanks everyone, for your awesome and intuitive feedback!

Stifler's - posted on 04/04/2012

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I think it';s a good idea for kids to know the parents financial situation. It will help understand why they can't have every thing they ask for.

Shauna - posted on 04/04/2012

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I think that Bree has a point, but you don't want to just never talk about money or your child won't learn how to deal with money properly.

Bree - posted on 04/04/2012

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I was taught growing up that you do not discuss finances, not yours nor anyone elses. It's rude and inappropriate. You need to explain to him that your financial situation is something that is private, just like many other things in our lives are private, we do not share them with other people. I would've never dreamed of asking my parents what they made, let alone speak to anyone else's parents about their finances. Whether you are well off or struggling or somewhere in between it is not something to be discussed.

Stifler's - posted on 04/01/2012

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This would probably be a good opportunity to teach him about saving or budgeting and stuff like that, if he seems interested.

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