"Raising Financially Savvy Kids: Three Lessons from My Family"

 Teaching kids about money can be a challenging, but rewarding, task. As a parent of three, I have had the opportunity to see firsthand how my children have learned about money through their own experiences and observations. Here are three tales told by my children that illustrate the lessons they have learned about money:

Tale #1: The Value of Hard Work

My oldest child, Sarah, learned the value of hard work at a young age. When she was in elementary school, she started a lemonade stand in our front yard on weekends. She learned how to make lemonade, set prices, and make changes. She also learned that the more effort she put into her lemonade stand, the more money she made.

Sarah's lemonade stand taught her that money doesn't come easily and that it takes effort and hard work to earn it. It also taught her basic business skills, such as pricing and customer service.

Tale #2: The Importance of Saving

My middle child, Jack, learned the importance of saving money when he was in middle school. He had always been an avid video game player, and he really wanted to save up to buy a new console.

To save money, Jack started doing odd jobs around the neighborhood, such as mowing lawns and shoveling snow. He also started saving his allowance and any money he received as gifts. It took him a few months, but he was eventually able to save enough money to buy the console.

Through this experience, Jack learned the importance of setting a financial goal and working towards it. He also learned the value of delayed gratification and how saving can help you achieve your goals.

Tale #3: The Consequences of Overspending

My youngest child, Emily, learned the consequences of overspending when she was in high school. She had always been a responsible saver, but she had never really had to budget her money.

That all changed when she got her first part-time job and started earning her own money. She started spending her money on things like clothes, makeup and going out with friends. She didn't realize it at the time, but she was spending more money than she was earning.

Eventually, Emily ran out of money and had to borrow money from her parents to cover her expenses. This experience taught her the importance of budgeting and how to manage her money responsibly.

Conclusion

Teaching kids about money is an ongoing process, and it's important to start early. By sharing tales from my own children's experiences, I hope to illustrate the lessons they have learned about the value of hard work, the importance of saving, and the consequences of overspending. By learning these lessons at a young age, kids will be better equipped to handle their finances as they grow older.