by Marcus Bentley Wise

Created on: January 20, 2010   Last Updated: January 21, 2010

To make your kids aware that money is not some thing that you are just given and that you have to work for is always a difficult thing to do. Both of my to girls display a very different attitude toward how they spend there money and how they can earn it. The oldest one seems to think that if she has some money then she should spend it. Clothes and trips out. A world full of things that she can not do with out. And if she can not get the thing that she wants does she wait to see if she can get it the next week, no get some thing else.

The youngest on the other hand does not spend her money. I see her take her purse and count what she has look at the things that she might like and then place it back in to her purse and move along to look at some thing else.

The difference between them is incredible when it comes to money. I think that it is repeating a pattern that I have been part of before. My brother and I were both very different as well when it cam to money. I always as a young boy saved all my pocket money. Opened a saving account and saved for the things that I wanted. If my brother had some money it would burn a hole in his pocket and he would have to spend every last penny.

Evan to this day my brother willingness to run up bill and accumulate debts seems to be a regular event. My parent did try and teach him the value of money. And when we were kids we could go out and get part time job or go to some ones house and cut the lawn for money. So we did get to know that you had to work to earn and that it just did not come from Mum and Dad. And yet to this day my brother is still what I would consider to be financially irresponsible.

So could teaching my children be just a waste of my time as it is some thing to do more with the nature rather than the nurture in there up bringing.

I do not think so. I do believe that right from a young age you should be honest with your children and explain that not every thing just happens but it has to be paid for. Explain that you can not do what every one else is doing as you do not have the money for a skiing holiday a summer holiday a pony and dancing lessons. Children do understand and will realise that you would if you could but you can not. The sooner that they get to grips with saving, interest rates and how a bank works the better. You can find a number of banks that do operate very good accounts for young savers. Make it like a game if you like. Get a target that they must reach and place an incentive at the end of it. A reward for doing well.  But do not make it to much you will take the incentive away.

And this might be the problem. Most of the time it is not the fact that the children do not want to understand but as parents we all feel so guilty about not being able to give them what they want that we are the ones how should be taught the lessons not the kids.

How ever you decide to teach them about money the one thing you do not want it to do is make them board of the subject. Like anything, if all you do is go on about it every five minutes, like anything they will turn off to your message.

The only other thing that I can think of is that if it is in the nature of my eldest to spend and she tries to borrow from my youngest. I will explain to them how interest works when you borrow. If I had known that when I was young I still would be waiting for the final payments from my brother today.         

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