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How to Teach Tots the True Value of Money
(ARA) - How did you react the last time your son or daughter threw a fit at the store when you said, 'No you can't have that?'
"I've seen too many parents give in and just get the kid whatever he or she wants to quiet them down; but in the long run instant gratification is just going to hurt the child. They won't learn the lessons they need to make it in life - how to be patient, how to work hard and the value of money," says Stephanie McDonald, a retired educator from Southern Ohio.
When she realized her own grandchildren were often the ones doing the screaming she decided it was time to come out of retirement and help teach them an important lesson about material things -- fiscal responsibility. The lesson came in the form of a gift she made for them.
"I've read a lot of material about teaching fiscal responsibility over the years, and it all comes back to the same three concepts: we need to learn to save, to give to the church and to take care of ourselves. So I thought to myself, why not give the kids three piggy banks so they can learn how to distribute their allowance among all three."
Her idea led to the development of "The Sow Sum, Save Sum and Spend Sum" series of piggy banks. The Church By the Sea Bank, which is shaped like a church, is the place kids put the portion of their money they want to give to the charity; the College of Bright Futures Bank, which is decorated like an old school house, encourages children to contribute to their future educational and career endeavors; the Jungle World of Toys Bank, a ceramic rendition of a toy shop, is where they save money for something fun.
How much of their money should go into each bank? "You can let the kids decide, after sharing with them the conventional wisdom that says you should save at least 10 percent and give away at least 10 percent," says McDonald.
The banks serve not only as a good tool for teaching kids to save, but for introducing them to coins, for teaching them how to count and for teaching responsibility.
Perhaps Alan Greenspan said it best in a speech delivered back in 1991. "The secret to creating the next generation of money smart, economically literate adults is improving basic financial education at the elementary and secondary school levels."
"The Sow Sum, Save Sum and Spend Sum" banks are sold individually, or you can buy the complete set at a discounted rate by logging on to www.sowingseedsbystephanie.com. McDonald says a lot of her customers have been grandparents, who like herself, want to share their wisdom with the next generation.
Copyright © 2006, ARA Content
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