Just Meet Them Where They’re At
Yesterday was a big day in the Shelton household. Finn and Pax's first-ever debit cards arrived in the mail. They had been counting down the days, and they couldn't have been more excited to receive them.
I'm a little surprised we're here, though. I didn't expect them to have an online bank account and debit card before their ninth birthday, but here we are. I'm totally fine with it, but it wasn't how I thought this journey would play out.
People often ask me what age they should do so and so with their kids. In short, I always have the same advice: "Just meet them where they're at." They will decide when they are ready. Perhaps it's somewhat like potty training. We parents can try and try and try all we want, but ultimately, the child will progress when the time is right for them.
While I don't have a hard-and-fast opinion on timing, I do have some convictions on sequencing. In short, here's my personal and professional roadmap to teaching kids about money.
Teach them a basic understanding of physical bills and coins. What it is, what it's used for, and how it works. This involves a lot of physical touch, counting, and sorting. In a way, it's more of a sensory experience than anything.
Teach them about work. Why it's important, how it's a good thing, the value of serving other people, and what it provides (financially and otherwise). One of the key takeaways should be that work creates money.
If you're a Christian, teach them that everything we have (including our money) belongs to God. It's our job to take care of it well.
Give them the opportunity to make money by "working," though "work" can be used lightly here. It's more about creating opportunities for them to get repetition for the concept that work = money.
Once they make money (physical money!), actually separate it into two categories: spending and giving. You can use baggies, piggy banks, or any other containers that make sense for your family. Part of the money goes into the spending bucket, and part into the giving bucket. I start with 50/50.
Go spend the spending money on something fun. Make a moment of it. Let the child experience how cool it is to buy something fun with the money he/she made from working. Then, immediately take the giving money and make another moment. Find a good recipient and allow the child to be the giver.
As the kids get older, add a third category for saving. In our house, we just used baggies to designate spend, save, and give. Have the kids set a saving goal that's attainable. Maybe it's $20. Help them build up to it and achieve their goal. Then, make a moment of using that money to buy said larger item.
When the time is right, help them open their first bank account. Starting simple is key. Checking account, savings account, and debit card.
I'll share more about #8 in the near future, plus subsequent steps for older kids, but I hope this rough roadmap helps. Please share this with whoever in your life could use some clarity. The process should be simple, fun, and rewarding. Oh yeah, and no need to push them. Just meet them where they're at.
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