Reprinted from the Illinois PTA Bulletin, March 2011

Submitted by Lorrie Snodgrass

Field Service Representatives, West Central

Adapted from article written by Ken Canfield, PH.D.

We need to talk with our children about money and model the right attitude about it. Instead of simply giving your children a weekly allowance and then letting them try to figure out good stewardship on their own, teach them the basic principles you want them to value.

Your children need to learn five basic abilities in relation to money: They are to earn diligently, spend wisely, save consistently, give cheerfully, and receive graciously.  

Earning money gives your child a sense of worth. Even young children need to know they can make a valuable contribution. Even if the current market is only in your kitchen or backyard. Help your children know the satisfaction of earning their keep.  

Second, one of the greatest delights for a child-and for many adults-is to spend money. But we need to make that connection between earning and spending. Earning it yourself makes spending it more enjoyable. It's amazing how fast kids learn the difference between a wise investment and a waste of money when they're spending their own hard-earned dollars.  

Consistently save money-maybe just put away a little each month. Kids marvel at how their accounts can grow as a result of their consistent savings plan. If your child learns to save something each time he gets some money, he has learned a valuable lesson-and, a lesson which many in this generation have lost.  

Give cheerfully. One day years ago, my child came and asked for money to see a movie. My immediate response was the dreaded teaching mode. He'd have to learn to budget his allowance like everyone else. I said, "I already gave you your allowance this week. What happened to that?"  

"I donated it to the food pantry," he said.  

"All of it?"  

"Yeah, all of it."  

You know what I did next? I gave him the money for the movie-plus some extra for popcorn. What parent can refuse to reinforce a generous child?  

Finally, teach your children to receive graciously. Just as earning has a direct connection to spending, our joy in giving is multiplied because we know the pleasure of receiving.  

For some of us, receiving is uncomfortable because we don't like to show our needs or weaknesses. But our children need to learn that using the phrase "Thank you" demonstrates strength, not weakness. After all, receiving a gift means someone considers you important enough to give it to you.