I was recently at the tennis center where my son plays and overheard the mother of another player talking to someone at the front desk. Her son was buying a new tennis racquet and she was explaining that he would be paying for it with the money he received from doing a few chores around the house!
When they handed her the paperwork and bill for the racquet, she suggested they give it directly to him since he would be taking care of it. I was very impressed with what I was hearing. She is raising an “ace” when it comes to financial responsibility. At times, I wonder if most kids even know what a bill is and here I was witnessing one being taught to pay his own at an early age.
When my son asked me a couple of years ago what a bill is, my first reaction (in my mind) was “What do you mean? How can you not know what a bill is?” And then I realized, it is this very basic level of understanding that our kids need to be taught.
I’m sure that anyone reading this knows what the definition of a bill is. The dictionary simply says it is a written statement showing how much money you owe someone for goods or services you have received.
However, as adults, while we may know what a bill is, we often do not take the time to understand what it says. All too often we pay our bills without taking a good look at them. Of course we should all take the time to read over our bills, line by line, to make sure there are no hidden charges. Anything from a phone bill to a check in a restaurant should be reviewed. If it is a monthly bill, you should already have an idea of what the charge will be.
If we think about the items our kids find most important to them, we’ll probably all agree on items such as cell phones, iPads and iTunes accounts. Guess what kids? These things cost money and there are often monthly bills associated with each of them. I told my son that the TV he watches his favorite shows on or the phone he speaks to his Gammy on and even the iPad he plays games on, all cost money to use and mommy and daddy get a note every month telling us how much money we have to pay to enjoy these things.
“Wow,” he said.
While he may not have a sense of the dollar amounts just yet, he now has a sense that things in life don’t come for free. Next time you get a bill for something they are familiar with, share it with them. In fact, next time you are at their favorite restaurant, share the check with them and show them line by line the items ordered and what each one costs.
As we get older, bills come with greater and greater responsibility; rent, car payments, mortgage, electricity, you name it. These monthly expenses actually help us develop a strong sense of financial responsibility. These are typically bills we have to pay in order to live. It’s only once these are covered that we are able to take a look and see if we can afford certain luxuries, such as a new tennis racquet.
Yes, I realize our kids don’t have to worry just yet about a mortgage payment, but why not get them up to speed on understanding bills for those items which they hold dear to their hearts and their ears… such as a cell phone.
Let me leave you with one final thought.
I recall a quote I saw awhile back, “They say that love is more important than money, but have you ever tried to pay your bills with a hug?”
It always gives me a little smile, but in reality we all have bills that have to be paid and our kids need to understand the seriousness of them as they get older.
Still, no matter what, the hugs will always come free!
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 Numbers Add Up,” educate yourself even more on how to explain paying bills to kids and share a fun activity called “Check Your Balance.”
