The Value of Money

Cooper (the six-year old) has had a wallet for over a year now, and had saved up $18 from tooth fairy visits and doing some chores around the house.  He has never spent any of his money, as whenever we go out and he wants something, we buy it.

Last Monday, we decided to go to Legoland and Cooper wanted to bring his wallet.  He wanted to buy something there.  I told him that between Grammy and his parents, we would buy him something.  So he told me that then he was going to buy something for Mommy and Daddy.  We always buy him stuff, so now he wanted to buy something for us.

Ken and I were so touched and proud of him.  At the store, we picked out the smallest/cheapest things we could find.  He went up to the counter, paid for it and gave them to us.  The total was $6. 

Cooper was so excited for us to open our gift and see what we picked out.  When we got in the car and he said, “I am really happy that I bought you guys something, but $6 is a lot of money.” 

We told Coop that we were grateful for his gifts and that he could easily earn that money back doing chores. 

Hopefully, next time he wants to get a new toy, he will realize that ‘magic card’ I pull out to pay for things represents ‘a lot of money’.

Here is a great site that provides various articles about teaching your children about the value of money.

http://life.familyeducation.com/money-and-kids/personal-finance/34481.html

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