This summer is a great time to encourage financial practice! Having a wallet in your pocket (with your own cash IN it) puts a swagger in your step and instills confidence that you can decide to spend or save. It gives you a feeling that you know you are the master of your financial fate.
Here are 11 reasons why every kid should rock a wallet:
- So they can lose it and experience a financial loss. (OUCH, right?)
- So they can run to the ice cream truck and decide on their own if $3 is a reasonable price for a popsicle.
- So they can purchase an entire box at the store AFTER they learn (by going broke) that $3 is far too much to pay for a single popsicle.
- So they can walk confidently into the store and make a decision on which plastic toy they want, need or can live without (one that could take an agonizing three hours, showing you just how much practice kids need at making choices.)
- So they can play around with cash on hand- do they carry all of it? Some of it? Lend it out? Cover the cost for a friend? Put some in the bank? Eventually, they’ll develop real habits (especially after #1 happens!).
- So they can have something better to do than ask, bribe, barter, negotiate, whine while you navigate the store – something that proves quite difficult at first- something like keeping track of a brightly colored wallet for the entire adventure.
- So they have a reminder as to why homemade gifts and thrift store purchases are not a bad idea.
- So they know of a perfect gift for their friends – a wallet! (Likely, from the thrift store- why pay full price?)
- So they can misplace it (which is different than losing it altogether!) only to find it months later and discover the $30 they had in there, automatically owning all of the following real life experiences without a word from mom or dad: what a horrible day, I’m frustrated, what a wonderful day, what will I do differently next time, what did I learn?
- So you have someone to ask to borrow money from (likely with interest) when you make a mistake like forget your wallet or lose your $20 bill. Thanks Kids!
- So your child can decide to say, “I love you too much to loan you money” because he discovered you aren’t great at paying him back OR make the judgment that it’s really important and say with confidence “no problem, mom.”
All this starts with a wallet. And some consistency, trust and encouragement from mom & dad. So go ahead, nod to those paying jobs and keep in mind all the reasons it will benefit your child to stay on the allowance track this summer!