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What's the Value of a Dollar? Part Two

February  18,  2015

After teaching our children how to value a job well done, they can then appreciate a dollar given to them for a job they do. They know how hard they had to work to get that dollar. It wasn’t just given to them, they earned it. For some, that keeps them from spending it unwisely. For others, they see it come and they wonder where it went.How to Teach Children to Save and Spend

Now that the dollar has value, how do we teach them what to do with that dollar?

I like the dollar store. It allows anything to be purchased for a dollar. I’ve tried other stores, but the boys always go to the most expensive item. Their dollar isn’t worth that much. But for one dollar, they can get anything in the dollar store. They quickly find that cheap toys break before they get home. Candy doesn’t last too long if they share it with everyone. Gifts can be bought for some, but not all, for a dollar.

They learn that a dollar does not get them much.

How can they get something of more value? They must save their dollars to have more options. They learn another lesson on the value of a dollar.

Sometimes they find that if they wait to get something, they do not want the item anymore. By waiting thirty days before purchasing, they can evaluate their intedned purchase for how much they really need it. (If I shop only once a month, their chances for seeing things that they want to buy are minimized, and they have to choose what is most important to them.) 

Newer doesn’t always mean better. Hard lessons to learn. But isn’t it better to learn that with a dollar than with a thousand dollars?

What’s the value of a dollar? A lot when it prevents you from making big mistakes with lots of money.

Start your children with a dollar. Let them find out what it can do.

 



How do you teach your children how to save and spend?

Author of Biblical fiction, married to my best friend, and challenged by eight sons’ growing pains as I write about what matters.

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