Learning the Value of Money By Jannean Dixon, M.Ed
When I was a middle schooler, all the cool kids wore the same brand of insanely expensive jeans. I coveted these jeans. Most of my “cool” clothes came from handme-downs or garage sales. I begged my parents for a pair of these highly prized jeans. Instead of denying my heart’s desire, my mother was much savvier. She promised me that if I could save my money and earn half of the price of the pants, she would pay the other half. What a deal! 2020-21 Cover Kid: Arabella P. Photo Credit: David Tauzin
I scrimped. I saved. I washed my grandparents’ cars and solicited odd jobs like a pro. It took months, but I could finally afford to be decked out in denim. As promised, my mother brought me to the store. I tried on the must-have jeans, and learned three lessons. One, these jeans were uncomfortable. Two, just because other people deemed them cool, didn’t mean that they were. Three, and the most important lesson learned, was the value of hard work and money that was earned. To this day, my mother swears she knew that’s what the outcome would be. I 56
think she likely did, as now I have kids of my own and am teaching them the value of a dollar. Sometimes ours can seem like a world of entitlement, especially with our kids. With ‘Can I have…’ and ‘ I want…,’ parents can become overwhelmed by requests. Financial Literacy According to a study conducted by T. Rowe Price, parents are reluctant to talk to their children about finances, and when they do, it may not be effective. Some parents even lack financial skills themselves,
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so they are unable to teach their children about money and debt issues. “My parents never talked with us about money. Those were conversations held behind closed doors. When I moved out, I got into some pretty nasty credit card debt. It took ages to work that off. Now, I want to make sure my kids don’t make the same mistakes, but I’m not always sure how,” shares local dad Eric B. Robyn Gilson, U.S. Bank Coach for Student Financial Education, adds, “Talking to teens about money should be as routine as brushing your teeth or grocery shopping.” So, where do we start?
