A guest post from Remi Bukin, a father, husband, and ice cream lover from Toronto Canada
My wife and I still remember how we used to run the “obstacle course” at stores. As parents, going to the store with two young kids, we tried our best to avoid the toy section. Prior to leaving the house my wife Lisa and I would prepare our daughter (Ava) and son (Lorenzo) by simply telling them that we are going to the store to “just get groceries.” Occasionally, we would use the line “if you are good, we will go to the park after.”
Despite the prep work and avoiding the toy section, the “Retail King” had a different plan and strategy… product placement! By strategically placing chocolates at what seemed to be at our daughter’s eye level and candy at our son’s eye level, we were always so close to checkout, yet so far. Nice one Retail King! Very Strategic! The imaginary score board would read “Store -2, Parents — 0”. I admit that at the beginning, it was tempting and seemed like a quick fix to keep everyone happy…But what would we be teaching our kids? We fought the urges, the tears, and the screams and weathered through the storm. This was what navigation school could not even teach you. And today, it seems to have gotten better and the kids seem to have a better understanding. I give partial credit to the Red Wallet.
That summer, at the age of 8, Ava received a red wallet with $5 dollars inside of it from her Grammy (Great Grandma). The next weekend, Lisa and I took Ava and Lorenzo to a Streetcar Museum. Ava brought her red wallet. It was a hot summer day and the kids were being so good. Lisa and I wanted to treat Ava and Lorenzo for an ice cream. Ava said she would pay for everyone. “It’s ok, I brought my red wallet”, she said. That was a touching and proud moment. Lisa and I told Ava to keep her $5 dollars and save it for next time or thing that she would need. We still got the ice cream, but mommy and daddy picked up the tab. It was so worth it!
From that moment on it was about teaching the kids needs vs. wants and different types of coins. Also, your money goes a long way at the dollar store! Especially if you are a kid! Thankfully the kids mostly pick out their own arts and crafts, books and the occasional candy! Recently, we have implemented a weekly $5 dollar allowance paid out on every Saturday based on a point grading system. If there is a penalty, money will be deducted from the $5 dollar payout. We still have to figure out the savings vs. wants vs. needs and proportions.
When looking into how to teach the kids a better way to use money, I came across Pennybox. Having an app will help kids visualize and manage this money wisely is very important to me. Schools and communities can also get on board to enhance the education of money management education.
Teaching our kids how to grow their wallet and show the results is like planting a seed, watering, utilizing sunshine and watching it grow. Money does not grow on trees, but it is fun to watch your money grow! Just remember to enjoy some ice cream while you are growing your wallet!
