My son has made it very clear; he is never getting married. Why? Because it is “disgusting!”
“What’s so disgusting about it?” I ask him. He says, “You have to kiss a girl, take her on a date, and pay the check.”
Obviously, you have to imagine his tone of voice and mannerisms to really appreciate how he feels.
Regardless, I’m so proud to say that my little guy is such a gentleman. He is already volunteering to pay the check on a date, no matter how “disgusting” it is!
Paying a check at a restaurant is just one of many things our children will spend money on when they grow up.
They will have to learn to become responsible spenders, understand what a budget is, what priorities are and when something costs just too much.
Other important factors are how much money one earns as well as how optimistic they are about their financial situation. If they feel confident, they’ll often spend more money.
Most kids won’t take this into consideration just yet.
I know for my son, when he is ready to spend his allowance or money he receives as a gift, it’s all about wanting to spend it right away.
He doesn’t think about his overall financial situation and, to be honest, he really shouldn’t have to right now.
However, as he gets older, his spending habits will most likely change based on how much money he makes.
Such factors are also very important to the overall financial community since consumer spending accounts for roughly 2/3 of the U.S. economy.
This is where another important economic report comes into play.
The Personal Income and Outlays report is a widely watched report released each month by the Bureau of
Economic Analysis; a division of the U.S. Department of Commerce.
It is released about 4-5 weeks after a month’s end at 8:30AM Eastern.
Simply put, the report tells investors two key things. How much money Americans earned the month before
and how much money they spent.
Once we as parents can understand the relationship between the two, we will be better prepared to explain this piece of the economic puzzle to our children as well as what it means to be a responsible spender.
Want to take this lesson further? Give us your email and receive a free download to a story that you can read with your child called “The Ice Cream Decision,” educate yourself even more on how to explain spending money to kids and share a fun activity called “Match the Dollar Amount,” plus a spending money activity bonus!
