Monday, June 22, 2009

Buy It Yourself

Who knew my husband Terry would have the opportunity to teach money management skills to our kids while picnicking at Eldorado Canyon State Park? But that’s what happened when we entered the park’s visitor center to use the bathroom, and James caught sight of some overpriced stuffed animals in the center’s tourist shop. I thought we would have to abort the outing because James almost lost it when we told him he couldn’t have a stuffed marmot. But then my ingenious husband gave him the option of using his allowance to buy the toy. James thought it was a great idea and walked out of the building hugging his new buddy. Ethan cried foul when he saw the stuffed animal until Terry told him he could use his allowance to buy himself one. Ethan didn’t think the toy was worth $10, and the crisis dissipated.
I like this allowance thing more and more.


hokgardner said...

I do that a lot with my girls when they ask me to buy them things. More often than not, they'll decide they don't want to spend their money.

Anonymous said...

This! Saved our butts at Disney World last week.

janny226 said...

This tactic works well with DuckyBoy. Also when we know in advance there will be a gift shop (where ISN'T there a gift shop nowadays??) we give him a budget in advance.

If we'll be at multiple places with buying opportunities (the other day we were at the health food store, the regular grocery store, and one other place) I tell him he can buy something at one place only. Or not, but usually I've got a buck or two to spare.

When he gets older I'd like to give him the option to save-or-spend, but right now he always chooses "spend"!

Mama Zen said...

Must. Try. This.

Tanya @ TeenAutism said...

That's exactly how I handle the gift shop souvenirs! It works really well. Cute pic, too!

Wayfaring Wanderer said...

That also sounds like maybe it would help them to be more accountable with their toys since it was "their" money spent to purchase said item.

Not that they don't take care of their toys now...I don't know! hehe

Kudos to you two for starting early! More often than not, money management is something people don't learn until they are older which leads to many mistakes!

a corgi said...

it is a good concept isn't it, with the allowance? at least sometimes they get the value of money when they see its "their" money being spent and they only have so much to go around

the stuffed animal is cute though!

enjoy the day


Kathleen W. said...

That's a great idea, and you must be proud of Ethan that he reconsidered spending his allowance too.