How much is a tooth worth? Fiscal lessons from the tooth fairy
One of my 2013 resolutions is to do a better job teaching my kids to be fiscally responsible. Last year, I successfully introduced a chore chart but failed to implement a sound savings plan.
In parenting circles, whether or not to tie chores to an allowance is a controversial topic. I ultimately decided what worked best for us was to keep them independent. However, I still wanted to teach my kids how to work to earn money so I offered additional tasks with a monetary reward.
Example: Giving Mommy a backrub is worth $2 (and its weight in gold).
Then, there’s “free money” where the kids don’t need to do anything. There is no more beloved bestower of gratuitous dough than the Tooth Fairy and my first-grade son is on the cusp of a toothless windfall.
But free money comes at a cost and that is usually my sanity.
Read more: Johnson: How much is a tooth worth? Fiscal lessons from the tooth fairy – The Denver Post http://www.denverpost.com/smart/ci_22312923/how-much-is-tooth-worth-fiscal-lessons-from#ixzz2HIfGwnP0
I am so glad that you included “trial and error” in your list. Kids must be able to practice money management in order to get good at it. I would also add that older kids and teens need to learn to track their money. They have outgrown the piggy bank and might not be ready for debit cards and online banking. There are many virtual family banks that can help teach kids to independently keep track of their money. I have compiled a list of resources on my blog. http://blog.moneytrail.net/2012/07/online-allowance-and-money-tracking.html
I once forgot about the tooth fairy for my daughter and had to shove a handful of change under her pillow while she was eating breakfast. I believe the cost of that tooth was $1.33. It wasn’t expensive, but the random amount sure did confuse my children!
Thanks for the comment and what a great resource your blog is!