Kids and money

I am thinking about how to educate the kids about money.  We talk to them about money and how we earn money, and how each thing costs money (even the water we use in our house costs money).  But, I want to give them the education about the future and money.

We bought these banks for them:


BANK

I really like them.  There is section for SAVE, SPEND and SHARE (charity).  I think it is important for them to be able to decide what they are going to spend their money on and when.  Of course, some of it is non-negotiable.  Birthday checks and the like go into the college savings account, and they have no access to that.  Once they have a big chunk in the SAVE section, we deposit that in the bank account.  Of course, they only earn a penny a month in interest.  It is hard to teach the concept of compounding interest, if you only earn twelve cents a year!  The reward for saving is. . . . twelve cents.

Of course if they want to buy an IPAD, put the money in the bank, until you have saved enough, and then you can spend it.

The SPEND section is for them to buy whatever they want.  If they see a toy that they want, and they want to shell out their money, then go ahead.  When the money runs out, so does the spending.

The last section is SHARE.  Every year each kid says "Can I have money for UNICEF?"  or "Can I have money for the Red Cross."  This is their money, and they can support whatever fund they want to with it, which I love.  I want them to care for the world, but they also know that money doesn't grow on trees in the backyard. . . . (too bad).

What is your method for teaching kids about money, and do you have any ideas that you can share with me?

Support our local business!

Shout out to The Green Planet in Newton Highlands, MA.  This is a great locally owned toy store.  Annabell, the owner is wonderful, happy, helpful and cheery.  The place is stocked with great toys in a variety of different price ranges.  She has set up a huge kids art section on the second floor.  Every so often, she has a GREAT sale, and this is where I stock up. 

My favorite part is going into the store and asking her for suggestions . . . . I need a gift for a 10 year old boy who is not into sports – have you tried a PERPLEXUS?  I need a gift for a four year old boy who loves pirates – how about this pirate thing?  I need a gift for a 6 year old girl who loves art. . . .

Please go and visit the GREEN PLANET.  Since BAKERS BEST closed businesses in the whole area have suffered.  I love that Annabel can suggest great gifts, has great toys that you can’t buy at Target or Toys R us.  She offers arts and crafts projects during the year.  I would hate for this store to go out of business.  She is a wonderful store owner, and we need to make sure we support local businesses.

Boston Globe - I might know why people aren't subscribers

Adam and I are loyal Boston Globe readers.  Maybe too loyal.  Why are we so loyal?  Well, Adam found at least one job through the help wanted section.  I found at least one job through the help wanted section.  We found each other through the personals, before there was JDATE or eharmony.com.  And we found our home through an open house listing in the Boston Globe.  I think we have done okay by reading the Globe.  Our ten year old son now reads the Boston Globe sports section, and he has been doing that for a few years.  We have had many conversations about current events with our children because we read the Globe during breakfast.

Every morning, our son goes outside and gets the Globe for us.  It is delivered right outside our door every morning.  Most mornings.  In the past few years we have noticed our service has been sliding downhill.  Some mornings our Globe doesn’t arrive due to delivery issues such as the truck broke down, or printing issues or some other issue.  These issues are happening more often.  The customer service person promises me a “redelivery” in two hours.  Two hours isn’t going to help me.  Adam and I are going to be at work busy doing work related items.  And once we get home this morning’s newspaper belongs in the recycle can.  Just give me the refund.  And of course it never comes off the bill, so you have to call again – if you remember.

This past Tuesday, I send our son out and he comes back with no paper, but says everyone else has a paper on our street.  I call the number.  The customer service representative tells me that the credit card was denied because of an expired credit card.  The Globe has my phone number, my address and my husband’s email account.  The customer service representative says that it is not their policy to call me when the credit card has been denied.  It is not their policy to mail me a bill.  It is NOT their policy to email me.  She says that a “note” was put in our July 16 newspaper.  IF there was a note, it was not seen by any of us. 

I am tempted to cancel it right away.  If the Boston Globe doesn’t want to reach out to me, I don’t feel the need to pay them, and continue being a customer.  Adam wants to keep it.  He likes reading a newspaper, and he likes the conversations it starts with our kids.  I ask for a deal.  They give me a deal.  I then ask them to repeat the amount that they are going to charge me.  It is the original price – not the deal price.  Adam still wants the Boston Globe.  We are going to keep the Globe for now, but this loyal reader may have reached her breaking point with the Globe.

Tune in tomorrow – or next week, to find out what happens next.