It is important to my husband and I that we teach our children how to manage their money. They are recently taken on more chores and are given a modest weekly allowance, which we encourage them to save, share or spend. So far, their desire to save has been modest, share has been virtually non-existent and spend has been high. My husband and I are big on saving and sharing, so it’s a bit frustrating that our kids don’t share our same financial mindset presently. I had to reflect on my own childhood. I too had chores and earned a modest weekly allowance. I was encouraged to save or share, nor was I encouraged to spend. I remember really not wanting to part with my money (e.g. give it away), and honestly can’t remember ever spending my money until I was in high school and things like clothes became more important to me (and required money I earned to get).

My boys have recently found a new place they love to go. It is geared towards families and offers putt-putt golf, cars you can race, rides you can go on, and games you can play. We enjoy talking the kids here to play putt-putt and spend some quality time together. What my kids currently like best is playing the games.

I can understand the draw, you play a game you win tickets which you can trade in for prizes. The downside, it costs money to get tokens to play the games, the games don’t normally produce a high volume of tickets, and the prizes, well, aren’t so great (or the great ones require a tremendous amount of tickets). You quickly realize that it is easy to pay $20 for tokens and only earn enough tickets to get $5-10 worth of merchandise in return. “Isn’t this gambling?” my husband asked. Boy, he makes a good point, I thought. Playing these games is equivalent to taking a chance with your money — you will almost never win out (e.g. hit enough jackpot payouts to earn enough tickets to get those big prizes).  We decided that instead of offering to just buy the tokens, our kids needed to chip in as well (hoping this would deter them). It hasn’t worked yet. They are willing to give up their hard earned money to play these games. Ugh!

My husband has been recently doing some construction projects in our backyard. He asked our boys to help him with his projects. They asked if they could earn extra money from helping out. We said, “No.” We expect our boys to help out around the house because we’re a family and we all have a part in keeping our house up and in order. Instead, my husband offered to participate in a water gun fight with them, after they finished helping him. They quickly agreed.

I know our sons will want to go to places that have games they can play (with prizes to win), and we’ll go occasionally, and continue to work on teaching financial responsibility to our boys. We’ll also be looking to load the calendar with opportunities for more water gun fights.

How are you teaching your child fiscal responsibility? How do you have fun as a family?