My Kids' Matters - My Kids and Money
Here is what my kids had to say when I asked them what they would do with their money! Jamie Berube, President & CEO shares how her kids learn responsibility.
As moms, I think it is safe to say we have arrived at a place where we can simply admit there is no right or wrong way to raise a child. As long as they are safe, supported, loved and grow up to be kind and a contributing member of society, all the in-between is a juggling act. We all do the best we can with what we have got. My family has chosen to give our kids an allowance for chores. We believe that in doing so it has enhanced their sense of responsibility, gives them a sense of accomplishment, a sense of pride and are contributing to the home they live in. We give our kids an allowance in return for their chores, which we feel gives them a sense of a job well done, and it teaches them to be financially responsible as they are required to save 50% of their earnings, as well as whatever money they receive for birthdays and Christmas.
As you may have read in a previous article, my son Chase was born with medical issues which required many many hospital visits, doctors’ appointments and surgeries. At the time, we were able to hire a nanny and a cleaning lady for extra help and support our extended periods away from home. During this time we had stayed at the Ronald McDonald house, which we know is funded heavily by donation. My kids have witnessed our family raising money for the house through fundraising efforts as well as raising money for other important causes such as Childhood Cancer Awareness, through our WP Creations campaign.
We later purchased a larger home, which housed grandparents instead to help including care for our other children when needed. Despite our journey, we worked hard to be able to afford to support the decisions we felt would best help our family.
We recently downsized and have always included our children in our lifestyle changes. I’m happy to say our medical journey is not anywhere as time consuming as it was and we are able to live a simpler lifestyle that we still all enjoy.
Throughout this time, my children have seen these changes were made as a result of hard work, being smart with money and saving. They have also been exposed to the notion that not everyone has what they have and that it is so important to give back and help whenever and wherever possible.
My oldest son, who is 12, is already talking about investing his money rather than just saving it!
And all my children occasionally buy gifts for one another, which warms this mom's heart.
When I asked my kids, “If you had more money than you have right now, what would you do with it?”, these were their responses.
1. “I’d donate half of my money to the poor because they could have a nice warm home for sleeping and a nice warm roof over their head”
2. “Get a small home and not hire anyone to clean it - I’d do it all by myself”
3. “Get a good paying job”
1. “Give a lot of my money to childhood cancer - maybe the could solve it and people could have more fun together”
2. “I would get a normal size house because I don’t need a big one to clean”
3. “Give money to the Ronald Mcdonald house - so people could have a nice warm and comfy home”
1. “I would buy my dream car because I love fancy cars but they can leave the diamonds out so it’s not so expensive”
2. “I’d buy a huge house so that people could feel at home when they come over and feel comfortable and have I’d have more friends to hang out with”
3. ”I would donate my money towards a bunch of charities and I wish for people to be happy in life and not have to worry.”