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A Single Parent Finds A Way To Teach Her Kids About Being

Julie D. Raque, Fri Dec 9th

As a widowed/single parent, I wanted to find a way tofinancially educate my children and to teach them to be saversfirst, not over-spenders. Like most children, mine wouldimmediately start whining about wanting everything they saw inthe stores and begging me to buy those things. So I decided tostart giving my children an allowance to minimize the "I wantmonster" when we go to stores. But, not just any old allowance!

I explained to them that each week I would give them theirallowance, but not in the form of cash... but a check. We wouldgo to the bank each week, fill out a savings deposit ticket(which they do, I supervise) and deposit most of the check. Theyneed to give $1 per week in the offering at church; they wouldalso need to deposit, at minimum, half of the check. Theremaining portion, they could cash and spend as they like.

Now when we go errand running and they come up to me and ask ifI will buy them a toy or what I call an unnecessary item, Iremind them that they have their allowance money and ask them ifthey are willing to spend their money on that particular item.The answer is almost always "No."

Two important points: First, the reason I give them a check fortheir allowance instead of cash is because cash can be spentquickly and easily. A check is not really any good until you getit to the bank and cash or deposit it. This one little trip tothe bank has forced them to s-l-o-w d-o-w-n their spendingthoughts and habits. Especially when they look at their savingslog after the bank teller has brought down their balance afteradding in their deposit. Their faces just light up when they seehow much money they have saved! By the end of the first year,they both had accumulated over $200.

Second point, when I asked them why most of the time they decideagainst buying the item, their answer is usually, "I don't wantit that bad." I was thrilled to see that they were learning whatthey wanted and didn't want and they weren't willing to spendmoney on those items! They are learning to tell the differencebetween their wants and needs.

With a society consumed with credit card debt, I know that thislesson with handling money will payoff for them well into theiradult lives.

Julie D. Raque http://www.matrixcoachingservices.com

"Look at your life up till now, have you achieved all the goalsyou wanted to? If not, then you need Coach Raque!" Visit herwebsite at http://www.matrixcoachingservices.com to receive afree coaching session. To learn more about Coach Raque alsovisit http://www.bestwishesoflouisville.com

About the author:Got Goals? Need Support? Julie is Your Goal-Achieving Coach! Shehelps women ACHIEVE their goals by guiding them through a 5-StepProgram. Her clients can also expect to receive warm andempathetic support, to be inspired and challenged and to leavethe session with an strategic-action plan. Together, they willhave perseverance, persistence and tenacity in overcomingpossible setbacks and challenges. Email matrixcoachraque@aol.com

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