MoneyMindedMoms: Delayed Gratification

Every Sunday, we give our kids their allowance. They each have a list of chores to do daily, and if they complete them, they get their money come Sunday.

Since we implemented the allowance, I have noticed they are much more aware of how far a dollar goes.

For the longest time, Lexie, our 9 year old said she wanted an iPod Touch. I told her fine, save up your money and you will have one in no time. I even let her do extra stuff to earn a little more money.

Well, $200 later, I thought she’d be so excited to run out and buy the iPod. When she finally saved up enough money, she decided she didn’t want one anymore.

While I was surprised, I think it was a great lesson for her and for our entire family. So often, we think we just have to have the latest gadget. Maybe, if we take a wait and see approach, we will realize we can in fact live without it.

If not, then at least we have saved up our money and there won’t be a credit card bill.

So, from now on, whenever I want to buy something new, that I don’t truly need, I am going to carefully consider the purchase. If, a few days later, I decide that I really want it and will use it, then I can go back and buy it.

When I became a mom, I thought I would teach my kids so much. As it turns out, the most valuable lessons we are learning as a family come from them.

Vicky Collins is a Jersey Girl who relocated to Austin, TX. She has been married to Shawn since May 1996, and they have four children (Caity, Lexie, Kerri, and Jack) and a shelter dog (Mattingly). Through a recipe of discipline and various financial strategies, she has not carried credit card debt since the mid-90's. Vicky preaches to her friends and occasional strangers that it’s imperative for women to understand and be involved in family money matters, and blogs about it at AskTheMama.com. Follow Ask the Mama on Twitter and Facebook.