Teaching about money...

[kokonutmama]

I'm guessing I'm not the only one with a 3yo who wants every single thing he sees on TV or in catalogues.  I decided to let him count the money in his piggy bank (about $60) and pick something out of a toy catalogue.  Just to get an idea of the value of money and its finiteness.  It went pretty well.  I was giving him options that had him spending all of the money, and he chose to only spend half of it and save the rest, which was really cool, I thought.  The trouble is, the toy he picked out is such a short-lived piece of crap I can't bring myself to order it for him. I know I will have to, we had a deal, but still... It's this plastic "claw" grab game you put candy or little toys in and play it like the arcade versions.  I am sure it will become just another big plastic thing taking up space and collecting dog hair until it gets stepped on a breaks.  uhg.  Is this really a lesson he needs to learn the hard way?  Half his life savings gone like that?  (I know, I'm being melodramatic  )

OK, I guess that was a vent.  Any thoughts or commiseration are appreciated.

[moogie]

i don't think he'll get that its half his savings gone just yet.  but when/if it breaks, you could then mention to him that next time he should probably pick something that will last longer and you could help him pick something that is.  or you could go to him now and talk about how what he chose doesn't look well made and that maybe he could pick something else.  up to him.  Charlie had been getting $2 a week from the ILs but she spends it almost straight away.  sometimes she gets up to $10 saved but she has a wallet and not a piggy bank. but its such a small amount of money that she will just buy something from the opshop or get a pretty cupcake to eat.

[jnezmama02]

We haven't started allowances or anything yet.  Right now, the kids get things occasionally when we're at a store. Emily really doesn't really get "prices" or why we have to pay for things. Jessie gets that things cost money and that she can't have everything she wants and is generally pretty good about things...I think things clicked for her just a little bit before she turned 5yrs. 

[ShannonandDel]

Delaney gets that things cost money. She understands that it is why Daddy goes to work. The fact that we have less money than we used to I think is actually helping her understand the concept a little more. I think as she understands numbers a little more she will understand price more.
We aren't doing much in the way of teaching it at the moment. She doesn't get an allowance or anything like that. I am tired and rambling

Did Kody get the toy? How did it work out?

[kokonutmama]

Yeah, he got it. It's a little claw machine. It arrived with a cracked pane of clear plastic and a wire not soldered where it should have been.  I got to be super mom with a screwdriver staring at a circuit board trying to fix the thing and we got it working.  It's too challenging for him, but he likes to sit on my lap while I win him a lifesaver, and it is fun for me, too, I admit.  I think the whole process did give him a better understanding of money and its finiteness.  It also makes him more respectful of the gifts people have given him, because he understands that they had to give up some of their money to get them for him.  He was also very proud of it, which I hadn't anticipated.  He got all puffed up about having bought it with his own money and picked it out all by himself.  So, all in all, the experience has been for the best.  Except for our candy consumption, lol.

[ShannonandDel]