An interesting article and one that should resonate with parents. In fact, it’s something we should all consider.
The credit card industry relies on people not knowing how much they are spending!
I try to put purchases into a time value. If someone earns £10 an hour after tax and stoppages, we can use that to work out the value of an item.
For example, if we want to buy an iPhone at £1000 that requires 100 hours of work. A coffee at £3.50 will take over 20 minutes, longer than the time to drink it!
If, as a parent, we are blessed with a high paying job, then, on behalf of our children still work on lower wages as though they we’re starting out in life.
To be honest I'm in the works of navigating it with myself my daughter is 30 years old and she's doing okay so I taught her pretty well but I'm just did a remodel in the middle of a pandemic and a recession I don't know what I was thinking but I really enjoyed your article thank you there's a bunch of good stuff in there they bunch
We pay our kids allowance in real money. We also talk dollars and cents to them. The other week they wanted to buy Lego kits with their own money and one of them had found a 20% off coupon for Lego. So we did the math and found out what they wanted and did the discount and then counted out their money to make sure they had enough.
Yes, you’re totally right. The tap tap with our phones also blinds us adults to some of the value of money too.
Converting many into time is a great concept. I do joke sometimes when my kids want to buy a pencil sharpener or rubber in a gift show by saying “blimey, that’s two hours at work!”
But seriously though that’s a great way we could about it. Time is money after all!
Our kids are 18 and 20, and only one lives at home full time now. We never paid them for doing chores, because household upkeep is part of maintaining the home we all live in. We share the load. However, we did pay them for extra work that went beyond basic maintenance or chores, something we might pay to do anyway. For instance, cleaning out and vacuuming the car, hauling mulch from the driveway pile to the garden, etc.
Interesting thoughts. Speaking for myself I know I actually prefer having physicial money precisely because of that sense of tangibility, of being x in exchange for this physical thing in my hand. In fact, I tend to hang on to birthday or Christmas money until I can use it to buy something I want (as opposed to spending it on groceries or something and then buying what I want by card). Even though the bottom line is the same, that is not what it feels like to me, now it actually feels like someone gave it to me instead of them adding some money to my digital money pile that gets spent on all sorts of things.
With regard to kids, I think it's very good to teach them the value of money. A kidcard (crekidcard?) can at least give them a sense of when it's gone. I have never got money for chores, my parents didn't believe in that, precisely because of that transactional nature. If some chore needed to be done, you just did it (sometimes grumpily) because you all live together and I as a child knew how much they did for me. I did get an allowance, as well as money for my report card
An interesting article and one that should resonate with parents. In fact, it’s something we should all consider.
The credit card industry relies on people not knowing how much they are spending!
I try to put purchases into a time value. If someone earns £10 an hour after tax and stoppages, we can use that to work out the value of an item.
For example, if we want to buy an iPhone at £1000 that requires 100 hours of work. A coffee at £3.50 will take over 20 minutes, longer than the time to drink it!
If, as a parent, we are blessed with a high paying job, then, on behalf of our children still work on lower wages as though they we’re starting out in life.
To be honest I'm in the works of navigating it with myself my daughter is 30 years old and she's doing okay so I taught her pretty well but I'm just did a remodel in the middle of a pandemic and a recession I don't know what I was thinking but I really enjoyed your article thank you there's a bunch of good stuff in there they bunch
We pay our kids allowance in real money. We also talk dollars and cents to them. The other week they wanted to buy Lego kits with their own money and one of them had found a 20% off coupon for Lego. So we did the math and found out what they wanted and did the discount and then counted out their money to make sure they had enough.
My parents did a lot of the same for me too.
Yes, you’re totally right. The tap tap with our phones also blinds us adults to some of the value of money too.
Converting many into time is a great concept. I do joke sometimes when my kids want to buy a pencil sharpener or rubber in a gift show by saying “blimey, that’s two hours at work!”
But seriously though that’s a great way we could about it. Time is money after all!
Our kids are 18 and 20, and only one lives at home full time now. We never paid them for doing chores, because household upkeep is part of maintaining the home we all live in. We share the load. However, we did pay them for extra work that went beyond basic maintenance or chores, something we might pay to do anyway. For instance, cleaning out and vacuuming the car, hauling mulch from the driveway pile to the garden, etc.
Interesting thoughts. Speaking for myself I know I actually prefer having physicial money precisely because of that sense of tangibility, of being x in exchange for this physical thing in my hand. In fact, I tend to hang on to birthday or Christmas money until I can use it to buy something I want (as opposed to spending it on groceries or something and then buying what I want by card). Even though the bottom line is the same, that is not what it feels like to me, now it actually feels like someone gave it to me instead of them adding some money to my digital money pile that gets spent on all sorts of things.
With regard to kids, I think it's very good to teach them the value of money. A kidcard (crekidcard?) can at least give them a sense of when it's gone. I have never got money for chores, my parents didn't believe in that, precisely because of that transactional nature. If some chore needed to be done, you just did it (sometimes grumpily) because you all live together and I as a child knew how much they did for me. I did get an allowance, as well as money for my report card