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DEL.ICIO.USBudgeting leads to entrepreneurial kids
Do your kids contribute to the family’s bottom line? Are they little entrepreneurs?
The Atlanta Journal-Constitution
Let me start by assuring you that no one in our family has lost their job and we’re not in any type of financial straits. However, like many American families who are paying higher prices at the pumps and in the grocery store, we are feeling the uncertainty in the American economy and are tightening our belts.
We created a budget about three months ago to help us stop spending frivolously and save even more of the money we are earning. We talked with our children about the new family budget, and it’s had quite an effect.
We didn’t want to scare them but we did want them to appreciate that you can’t just buy every little thing you want. You have to prioritize and look for good deals. (We’ve talked about these concepts before but at 5 and 7 they finally seem to be understanding.)
The kids are not worried about our finances because they’re not eating, or because they don’t have clothes to wear. They are thinking about them because we are not buying them a whole bunch of unnecessary stuff anymore. Concerned by our constant mantra of “It’s not in the budget,” they have started coming up with ways to supplement our income.
As I mentioned in last week’s column, my 5-year-old son has taken to giving me money that he has found. He’s constantly handing me my own change that he found in a bin in the kitchen, lost in the basement and then re-found contributing it to our cause. (I do like that he was willing to share it and wasn’t just building his own private war chest.) He’s also keeping his eyes open in my car and in the backyard.
Walsh’s second plan focuses on a get-rich-quick scheme. (I’m pretty sure I have a future lottery player on my hands.) He says he saw on a commercial that Trix Yogurt is having a contest where you can win $10,000, and he wants us to enter. (I’m not sure what he saw on TV but I cannot find this offer on their web site.). He repeatedly says, “If we could only win the $10,000 we wouldn’t have to be on a budget anymore.”
He demanded we sit down and write a letter to the Trix company to be entered into the sweepstakes. I told him he’d have to write it. After “Dear Trix” he was ready to move on to something else. He told me I could finish the letter.
My 7-year-old Rose is relying on a more traditional avenue of wealth — her grandmother. While on a recent shopping trip with her Mimi, she suggested that Mimi could buy her a shirt she wanted because “she’s not on a budget.”
Mimi tried to explain that she is on a budget saving for retirement. However, Mimi did buy her the shirt.
The kids have other money-raising plans that are less dependent on other people and more entrepreneurial. I feel like I’m living with Judy Garland and Mickey Rooney and they’ve got a farm to save. But in our case instead of putting on a big show in the barn, they plan to go door-to-door selling drawings of red and white Pokemon balls.
I’m not sure who the mastermind is behind this plan but I woke up last Sunday morning to their plotting. After which Rose spent several hours drawing these pictures of Pokemon balls and then cutting them out. All 18 of them are sitting on my desk until one of us agrees to take the kids around to the neighbors to sell them.
I’m not sure what the demand is for this product on the open market, but I feel fairly certain there is no competition to worry about.
Despite their pleas we’ll continue to stick to our new family budget — at least until that Trix money pans out or someone buys up all of our one-of-a-kind, hand-drawn pictures of Pokemon balls.
You can reach Theresa by emailing her at ajcmomania@gmail.com.
Permalink | Comments (31) | Post your comment | Categories: Family Life
Comments
By SarahO
September 1, 2008 8:42 AM | Link to this
That’s so funny - my daughter is doing the same thing, for the same reasons. Her ideas have included cut out paper cars to sell; and this weekend, colored paper clip jewelry. I enjoy her sense of entrepreneurial gusto, but I also like the fact that the useless clutter in the house has diminished somewhat.
By FCM
September 1, 2008 8:49 AM | Link to this
They do things to raise money for other people. They participated in the Great American Bake-off. Occasionally, they will hand me change from their banks (which usually originated from my pockets) to ‘help’. However, I point out to them that as hard as we have it and have had it, there are others out there worse off than we.
By motherjanegoose
September 1, 2008 9:14 AM | Link to this
Loved this topic. It is so cute when kids try to figure out ways they can make money. Even walking the neighbor’s dog could glean $2.00.
IMHO kids need to understand that in every situation some folks pay and some folks earn. As families, we each demonstrate where we pay and where we earn. For example…we mow our own yard but some folks hire it out and some teens or landscape services make their money here. My husband also paints and we do not hire painters…it sometimes takes a while LOL and I would like to hire it out! I still clean my own house….YUCK. But I do get a mani/pedi….haha!
We are getting ready to put up a fence and new flooring and will hire that out.
Discuss this with your children to show how some earn and some pay.
FYI…our son is taking ENTOMOLOGY ( sp?) at UGA and needs 90 insects by December 1. I am paying some neighbor children 25 cents per bug…is anyone up for it?
Have a super week…I am heading back to work on Thursday…so much for summer…LOL.
I do need some cash flow, as I scheduled myself off for 2 1/2 weeks and then I am not being paid…hahaha!
By Theresa
September 1, 2008 10:10 AM | Link to this
This has all lead to an interesting discussion wiht Rose about why people have to pay for things anyways — She just thinks it would be much simple if you weren’t charged for anything and you could just go and get it —- we’ve tried to explain to her that the workers would not show up to give you the shoes if they weren’t being paid and that by buying the shoes you’re paying the worker —- My husband told her that was a lot like Communism and it didn’t work out —
By new mom
September 1, 2008 1:56 PM | Link to this
Yes, a good topic! I just read recently that most of the ‘wealthy’ in our country are not from families with money, but are self-made success stories who created their own opportunities. I think any entrepreneurial tendencies should be encouraged and nurtured—Walsh may be the next Bill Gates! :)
I remember opening stores when I was little—I would make stuff and want to sell it. I wasn’t allowed to go door to door (I think my parents’ logic was ‘I don’t want to buy our neighbors’ kids’ junk, so we shoudn’t let our daughter peddle her wares either!) My store was in my room, in the back of our house. I put up signs throughout our house, with arrows to my store. I sold those beautiful godseyes (remember? yarn twisted around popcicle sticks?) and would sit in my room sad because no one was shopping. Then I had a “going out of business sale”, and my mom came in finally and bought everything at a really good deal! LOL
By Lauren
September 1, 2008 3:24 PM | Link to this
Very timely topic!
But your comment: “They are thinking about them because we are not buying them a whole bunch of unnecessary stuff anymore.”
Why were you buying them unnecessary stuff to begin with?
I hope your children are not the ones my family sees in stores, wanting everything and grabbing for it and you giving in.
Just asking
By Theresa
September 1, 2008 5:51 PM | Link to this
Hey Lauren — That didn’t feel like “just asking” — it felt like “just being mean”
By DB
September 2, 2008 7:47 AM | Link to this
When the kids were small, they loved setting up a lemonade stand in the front yard. Some days they’d make $.75 — one memorable day, a neighbor stopped by, ordered two glasses, gave them a $20 bill, and told them to “keep the change.”
To this day, my daughter will ALWAYS stop at a neighborhood lemonade stand, even if she has to turn around and go back to it. She still remembers the thrill!
By motherjanegoose
September 2, 2008 8:52 AM | Link to this
DB….good story!
I was anxious to read the comments on this topic and sad there were not many.
I remember pushing a shopping cart full of stuff to the front register and my daughter was in the seat. She was whining that she did not get anything…I told her that we do not ALWAYS get things when we go to the store. She replied, “well, you always do…” As she looked into the basket.
HAHA….yes, I get ketchup, toilet paper, laundry detergent and pickles…YIPPEEE!
It still makes me laugh and she is 16…
Anyone up for helping me with the insect collection I mentioned earlier?
By new mom
September 2, 2008 10:06 AM | Link to this
Motherjanegoose, hopefully there are some others who will want to help you with the insect project. But not me…I’m not a bug-girl. ewwwww. :) Sorry!!
By lovin life
September 2, 2008 10:07 AM | Link to this
I am interested in this topic because I think that Theresa and I have taken totally different approaches to the issue. Walsh is the same age as E (my oldest) It might be different if I had a child Rose’s age. I have not discussed any of our financials with E. I do not want her feeling adult stress at age 5. When we talked about the depression for the Kit movie it really made her nervous, so I decided as gas prices rose my dear Hubby was not able to close as many deals as usual that the sacrafice would be on the adults only. She has a chore chart (has for the past 3 years) so she still gets the award for finishing her chore chart on fridays as usual. Sometimes she will “save up” her awards for a trip to the all important American Girl store. We did not take a big trip this summer (beach at spring break was all) but we took family weekend at home trips where Mom and Dad were not alowed to be on the cell and we had fun around Atlanta.
I did not buy many clothes for me or Hubby, but the Kiddo’s still look great. And I am starting a business in the Fall but once again not taking much from her because I will be opening a Children’s boutique and toy store with my mom and I will be working only while she is in school (and taking the baby with me).
E is not use to getting something when we just go to the store so she doesn’t ask. She thinks getting a milk at Starbucks (when we go to target) is a treat.
Hubby and I made a decision together not to discuss our budget with her at this age because as a child he had a lot of heavy adult issues placed on him (divorce, multiple boyfriends and girlfriends in and out, financial problems etc) and he says he remembers laying awake at night scared and stressed. We decided that 5 was way to young to handle adult issues.
Theresa this is not ment in any way to sound like a slam, I am just letting you know how we are dealing with it. And I agree Lauren’s sounded mean that is why I am trying to tread so lightly.
By Theresa
September 2, 2008 10:24 AM | Link to this
Hey lovin life - I am not offended by anything you wrote — I think if we didn’t have the older one it maybe woulnd’t have been discussed —- we have been cutting back in terms of picking up fast food and getting ice cream treats, video games that my husband would bring home — that is the kind of stuff where they’re with me and they notice — can we run to Sonic - no we should go home and eat the food we have at home — can we go to Brusters - no we can buy a whole gallon of ice cream for what it would cost for one or two cones there —instead of just a no - I’m giving them the reason why —yes, we can have ice cream but let’s get a better deal on it —
By lovin life
September 2, 2008 10:42 AM | Link to this
yea, at 5 I think that the only thing E has noticed is the lack of travel, We told her we were going to go to Disney in Nov. so that got her happy (my sis works at disney so we stay and visit parks for free!!!) If we had a child Rose’s age we might have had to delve deeper. E can still be distracted. As I am sure Walsh can.
By Stacey
September 2, 2008 10:50 AM | Link to this
My son went to a birthday party (his godsister) and all of the kids got $2 in quarters (not tokens) for the arcade. Instead of spending them, he gave them to my husband “for gas money”. My husband had jokingly told him that he was going to start charging him gas money because (my son) had been to three birthday parties in the past month that were 25 miles or more from our house. LOL My husband thanked him for the offer and told him to keep the money but my son insisted that he take it.
By JJ
September 2, 2008 10:59 AM | Link to this
My daughter knows most of my finances, only because I am teaching her to budget and save, and she watches me pay the bills every month.
Right now, while she is still living at home, at least 1/2 of her paycheck goes into the bank (when she is employed). Then she budgets what she will need for the upcoming week.
When employed, she is responsible for her part of the car insurance, any “overages” on the cell phone bill, and any “extra” activites, ie football games, dinners with friends, etc…..oh yea, and if she takes my car, she has to put at least $10 gas into it (unless she is running an errand for me).
She did interview with Charlotte Russe the other day, and they should be calling her later this week. She will either start working right away, or in time for the holidays. Please keep your fingers crossed for her to be gainfully employed.
By Stacey
September 2, 2008 11:12 AM | Link to this
Motherjanegoose…I hate that I didn’t see your request a couple of weeks ago because we seemed to be greeted by a different unusual insect each day. We had a scorpion, a praying mantis, (my son said) a walking stick, and some kind of huge dark brown beetle that was shaped like a shield. My son wanted to catch all of them but the only thing I got for him was the scorpion. He had him in a jar on his windowsill and the next day it had swrivled up (sp) and died so I threw it away. :-( We still have a ton of dragonflies though!
By FCM
September 2, 2008 12:08 PM | Link to this
@ lovin’ life — can you adopt me? I want to go to Disney and cannot afford it (everytime I start to get saved for it, something dies—car- or the ex decides to sue—-or other ‘life stuff’—lay off happens that sucks the account dry).
By motherjanegoose
September 2, 2008 12:38 PM | Link to this
Stacey… I just found out about this enormous project on Friday. I would love the dragonflies…are you in the metro….maybe I could discreetly meet you somewhere and you can help me out…I could take you to lunch, if you have lots of bugs…hahaha! Let me know what city you are in…Theresa…is there a way you can put us in touch?
By JJ
September 2, 2008 1:21 PM | Link to this
mother sorry, can’t help you with the bug search. My cats, on the other hand, are available. ha ha….
But I do have a funny story regarding bugs.
When we lived in Duluth, we lived in a neighborhood full of kids. Once, all the boys were in my yard, and I came home from work, and spotted a writing spider on the side of my house. I showed the boys how I caught a grasshopper and threw it at the spider’s web. They were in AWE of the spider, wrapping it up in her web, and starting to eat her prey.
The next day I came home to find 3 boys in my yard, each with a grasshopper in hand, wanting to feed my spider…That was THE fattest spider in Duluth!!!!
By motherjanegoose
September 2, 2008 2:15 PM | Link to this
Is a writing spider like a zig zag spider…they spin a web that looks like a zig zag? i saw one several years ago in my rose bush…it was awesome! Our little schnauzer found a katy did…so YES I am paying animals too…hahaha!
By JJ
September 2, 2008 2:43 PM | Link to this
Yes, it is the “zig zag” spider.
Another story…..(can you tell I grew up a tomboy? I grew up with boys..)
I had just bought my house in Duluth. My best friend was over helping me with the back yard. We had my garbage container out there and were throwing yard waste away. We looked over at the garbage container, and there was a praying mantis on it, with about 10 ants on him, trying to bite him. I wanted to get a broom, and brush them off into the yard. My friend, with her gloves on, got the praying mantis in her hand, and carefully got all the ants off of him. I swear to you, the praying mantis walked up my friend’s arm to her upper arm, looked at her, cocked his head sideways, then turned and walked down her arm, back on to the garbage container. It was almost like he thanked her for getting the ants off him…….we were laughing about that the other day!!
By Stacey
September 2, 2008 4:12 PM | Link to this
Motherjanegoose…I live in Douglasville. How is your son preserving them until December? I remember doing a project in high school where we preserved the insects in a solution of mostly rubbing alcohol but I don’t remember much else about it. I am still somewhat of a tomboy so I don’t mind helping catch what I see. I see dragonflies practically everyday and I have no idea what they are attacted to since I don’t have a flower bed. My son says that they are coming to see him because they know he like dragonflies.
I don’t want to post my e-mail address on here since it contains my real name, but I don’t mind if Theresa forwards it to you.
By Becky
September 2, 2008 4:29 PM | Link to this
The only thing that my 2 grandbabies (6) know about a budget, is that they don’t like it when I tell them while we’re shopping that they can’t get something, because it’s not in their budget..They know that “their” budget is how much they are allowed to spend on something.. Stacey & motherjanegoose, as for the insects, I also live in Douglasville, but I work in Smyrna, so if I could be of any help transporting bugs for you,maybe Theresa could also forward you my email address..
By motherjanegoose
September 2, 2008 5:37 PM | Link to this
I live by the Mall of Ga but will be in Cobb before the insects are due. He told me they need to go in a Ziploc in the freezer…who knows? You are both so kind. If Theresa can get me in touch with you both, that would be super! We’ll see. I have even called my sister in Wisconsin, as she is going to meet me in Minneapolis when I am up there next month for a meeting. She is on the look out! She would have different bugs up there…I think??? The praying mantis is the ONLY insect that can turn their head all the way around …thought y’all would need to know that…hahah!
I love the insect stories…maybe Theresa should consider one day a month as “open mic” we could take turns opening topics…hahaha!
I love personal stories and learn new ones every day!
By cut the cord!
September 3, 2008 6:59 AM | Link to this
It was slightly disturbing that you’d be finding bugs for your SONS project if he were at any grade level. Then I scrolled up and read where this is a young man at UGA! Thats creepy as hell! Leave him alone for Gods sake! and does every one of your post have to include that you have a son at UGA? we get it!, we got it when you used to call yourself over50mom, past50mom…?
By motherjanegoose
September 3, 2008 7:32 AM | Link to this
P.S. cut the cord…I have no idea who over 50 mom is…I will be 49 in 2 weeks…am I missing something? I post frequently and do not seeing hat all of my posts are about UGA…so sorry if I offended you and I will try not to mention it…I did not attend UGA and am certainly not trying to brag…who knew this would bug YOU. ( no pun intended)? I checked previous posts and did not see this to be true . Theresa…if you want me off the blog…please let me know. I am just sharing my ideas and thought that was what this was all about.
Opinions are like noses…we all have them…LOL.
By motherjanegoose
September 3, 2008 7:59 AM | Link to this
cut the cord…it appears you do not know me or my opinions so I will help you out….readers? I cut the cord years ago when my 16 year old son signed on for his own car payments and paid his own car off at 19. I cut the cord years ago when my son started working at 14 and saved up his own money for the down payment. I cut the cord 3 years ago when he left for college and has been working and paying his own bills…he works 24 hours per week and carries a full load. He also has 3 weeks paid vacation as a Senior Pharmacy Tech. Mama never helped him land that position. I am trying to help him find NINETY insects and some are kind enough to understand that this is a daunting project, with everything else he has going. The topic at hand was children being entrepreneurs and I mentioned that I would be paying 25 cents per bug to the neighbor kids…this is all in fun. If you want to go head to head on cutting the cord…I can refer you to other parents who are miserable since their babies left for college and cannot understand why their kids cannot figure anything out for themselves. The mamas who are calling their students every day to get them up for classes or sending them their spending money and asking what they ate for dinner or what time they went to bed…do not get me started! Cutting the cord has never been an issue at this house.
By motherjanegoose
September 3, 2008 8:18 AM | Link to this
cut the cord 6:59 a.m. TODAY ( sorry) riled me up and I have posted my reply. Topic: Budgeting leads to entrepreneurial kids, I offered a 25 cent insect project…tongue in cheek and some shared fun insect stories…which I enjoyed. Some kindly offered to help. I was falsely accused as another poster ( by cut the cord) too!
It is more challenging to offer a thought provoking opinion than to rail against other posters.
Thanks to each of you who have helped me to step outside of my box and look at the flip side of the coin. Have a super day!
By nurse&mother
September 3, 2008 8:38 AM | Link to this
Motherjanegoose-please don’t listen to another poster’s rude comments. Based on all your posts, I would never accuse you of refusing to “cut the cord”. I bet your son is very self-relient (based on your blogs from other topics). I’ve never heard you brag about which school your son attends. I think “cut the cord” must have some jealousy issues if you ask me.
BTW, I remember “past 50 mom” and she never once bragged about her profession. Once again, someone (probably “cut the cord”) was extrememly ugly to her and she did not deserve the criticism. BTW cord past 50 mom was a lawyer not an educator. idiot.
By lovin life
September 3, 2008 9:23 AM | Link to this
mother I think that this guy just hit a hot button issue for you. I have seen you keep your cool under different attacks. Everyone has an opinon. Sometimes even you have an opinion that could hurt someone’s feelings or make them angry. Don’t get so upset.
By Theresa
September 3, 2008 4:39 PM | Link to this
I miss pass50mom — where is she?? Come back!