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Kids, plural. Sometimes there are discussions here on how to teach kids about money. Sometimes there are discussions of the difficulties between spouses or roommates with regard to money. Is there a way to prepare kids to someday be able to work with partners on money matters?
I was thinking that in families with more than one child, maybe it could be a good idea to get them to establish some joint savings. Say there are two kids in the family. They would get to have the joy of figuring out together what they would like to do with the savings. They would experience together changing their minds about what they want, or maybe one changing their minds while the other does not. They could experience together having chosen unrealistic goals, then eventually realizing it and setting the goal on something else. They might decide to have unequal contributions to the savings. Perhaps one would voluntarily contribute his birthday money to the savings in order to hurry the goal, while the other may not have decided to do so. Perhaps one earned a bit of money when the other could not and contributed part of that money to the joint account.
I thought of this because my 5 brothers and sisters sometimes did dream of things we would love to have together. Our ages spanned ten years, yet there were things the six of us could agree on, even if we didn't have the money to put toward those goals. We wanted a swimming pool and we wanted a trampoline (not at all a common item in the 1960's). I'm sure we knew those were unrealistic for us, but what would it have been like it we had pooled and saved money for smaller things? We did hold some of our toys in common anyway, so it might not have been a huge leap to get together to save for a new wagon, skateboard, or remote control, or giant kite, or board game.
This would give the kids a frame of reference, too, for beginning to understand the larger family savings, goals, contributions, negotiations, planning, responsibility, etc. It could parallel in a small degree what the grown-ups do about money. Those grown-up money decisions are not made alone in many households--yo work it out with someone. Why not come to adulthood with some experience in working out some savings and goals with close others. And if you let it be a totally child project (not a project of dour responsibility to save money for college and Mom helps kid figure how much to contribute when), then the goals will be heartily felt and the motivation clear.
What do you think?
I was thinking that in families with more than one child, maybe it could be a good idea to get them to establish some joint savings. Say there are two kids in the family. They would get to have the joy of figuring out together what they would like to do with the savings. They would experience together changing their minds about what they want, or maybe one changing their minds while the other does not. They could experience together having chosen unrealistic goals, then eventually realizing it and setting the goal on something else. They might decide to have unequal contributions to the savings. Perhaps one would voluntarily contribute his birthday money to the savings in order to hurry the goal, while the other may not have decided to do so. Perhaps one earned a bit of money when the other could not and contributed part of that money to the joint account.
I thought of this because my 5 brothers and sisters sometimes did dream of things we would love to have together. Our ages spanned ten years, yet there were things the six of us could agree on, even if we didn't have the money to put toward those goals. We wanted a swimming pool and we wanted a trampoline (not at all a common item in the 1960's). I'm sure we knew those were unrealistic for us, but what would it have been like it we had pooled and saved money for smaller things? We did hold some of our toys in common anyway, so it might not have been a huge leap to get together to save for a new wagon, skateboard, or remote control, or giant kite, or board game.
This would give the kids a frame of reference, too, for beginning to understand the larger family savings, goals, contributions, negotiations, planning, responsibility, etc. It could parallel in a small degree what the grown-ups do about money. Those grown-up money decisions are not made alone in many households--yo work it out with someone. Why not come to adulthood with some experience in working out some savings and goals with close others. And if you let it be a totally child project (not a project of dour responsibility to save money for college and Mom helps kid figure how much to contribute when), then the goals will be heartily felt and the motivation clear.
What do you think?
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