Real Money, Real Learning

If a purse-snatcher ever crossed my path, he or she would be so disappointed.  I usually have about three dollars on me and a handful of change.  Purse-snatchers take note; my purse is so not worth it.

So many of the money transactions in my household take place using debit cards, checks or online banking that my children don't often see me spend much real cash.  Well, except for the ice cream stand.  I can always dig up some cash for a trip to the ice cream stand.

This limited exposure to the use of "real" money is something that I've noticed is becoming a problem at school.  Kids just do not get enough practice with real money anymore.  Even student lunches are usually paid for using a prepaid debit system.  Kids swipe a card, enter a pin number, or in my daughter's case a scan of her finger, and money is electronically taken out of their accounts.  Kids are not getting enough practice counting change, and it shows.   

To give my own two daughters practice with real money, we use allowances at our house.  We have a chore chart from which my daughters select chores to complete.  Each completed chore receives a sticker on the chart.  At the end of the week we count up the number of stickers they each earned.  Each sticker is equal to twenty-five cents.  I know it's not big money, but to them it adds up quickly. 

They both quickly learned that four quarters equal a dollar, and let's face it those big fancy dollars are what they really want.  They have learned that the more chores they complete, the more money they earn and that helps a lot when they really, really, really want to purchase that beautiful toy they saw.  They are also learning that sometimes it is better to save their money.  My oldest daughter (second grade) has realized that she wants to save her money to buy souvenirs on our next vacation.   

This system works for our family for several reasons.
1. I'm a busy mom who needs some help around the house and that chore chart helps (even if it is just a little).
2. My daughters are learning to be responsible.
3. The girls are learning how to count money.
4.  They have realized that things aren't free, and if they want something they have to earn it.

As a side note, not every chore earns them stickers.  Some chores they just have to do, such as picking up their toys. 

Whether it is an allowance system, or some other method, I strongly encourage every family to give their children experiences with "real" money.  At school we work on counting money, but I promise you it is those real world experiences at home that really help students to understand and appreciate the value of "real" money.

This was a bad week for beds and floors at my house.  Oh my!  Maybe we will get to those later in the week.