We have been using cash envelopes for most purchases over the years. It helps us stick to our budgets very well, but we slowly moved to using a debit card and tracking everything through youneedabudget.
Until the other day, I realized it wasn’t working well.
Let me tell you…
You know, we’ve been teaching Kilson (we are 4 years old) about money. We’ve been talking about how to pay is to make money. We’ve been giving her extra trivia to make money for what she wants to buy.
Well, she wants to buy things, she doesn’t have enough money. I told her that she could do more trivia to make money, and she replied, “Or you can buy it with a card.”
I realized she had no idea, my debit card was linked to our bank account, which had actual cash.I tried to explain this to her, but I can say that it doesn’t make much sense.
She just thinks that swiping a plastic card means you don’t have to use money to pay for things. Moreover, plastic cards can use unlimited purchases.
I thought maybe it was time to go back to the cash envelope for a while, so my little ones saw me using real cash like my older ones? Or at least make sure I use my cash regularly and have these conversations with young kids with cash, banks, debit cards and how money works.
This story about Kilson is why it is so important that we have conversations with our kids as early as possible. It is also a good reminder that the way we interact with money can affect our children and how they view and manage money in the future.
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