Registry Reflections

Nathan and I were “KidsSaving” his recent transactions yesterday.  That’s when we reconcile his bank statement with his KidsSave Account.  But it’s also when we make sure that his recent charity contributions or other expenses, get recorded.

He looked at the balance of his bank statement with wide eyes and said, “That’s all I have in the bank?”

It was over $400 so I was a little surprised at his concern.

“Haven’t you been keeping track in your registry?”  I asked.  He got a checking account this past summer so he’s been making more transactions than appears in his KidsSave Account.  As someone who teaches personal finance to kids, you can be sure I went over the importance of keeping a running record in the registry. 

He wasn’t.  And I knew that, but after reminding him several times to keep track, I decided to wait for him to learn his lesson on his own. I was hoping it wouldn’t be an expensive one.

It wasn’t.   But the scare he got seeing his “low” balance (he had deposited over $300 recently and it wasn’t reflected in his statement) made him a believer in registry recordings.  At least, it did last night.  We’ll see if he follows through, otherwise, it still may end up being an expensive lesson.

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2 Responses

  1. I have only recently happened onto your information as I was looking for ways to teach my children finacial responsibility. I was not raised in a family that had money nor respected it. This I have come to learn on my own, with the help of my husband that is a tightwad. How do you stay on top of it? Do you put it on the calendar? How d oyou know how much to give your kids and how do I talk to them about what they will be responsible for purchasing? I am fumbling through it. I had been giving my kids just enough for tithe and snacks. I began to ge tlazy with it and would just give them their tithe on Sunday morning before going to churhc and then it just stopped. I really want them to be money smart and respect what they have so they don’t loose it. My husband and I did the Dave Ramsey thing some time ago and really the only debt we have is our house. We have credit cards but never carry a balance on them. I just want to find a way to stay on track and teach my children real values. My children are 2,9,12,and 13.

    • Hi Cali! You are not alone in your desire to want to teach your kids to value and respect money and you’ve listed some very common questions I get from parents all the time. You are the perfect candidate (and I mean that in the best way) for my Beyond the Piggy Bank Challenge as your questions reflect what happens once kids get too old for the piggy bank. During the Challenge, I will walk you through the steps and answer a lot of your questions (how much, responsibilities, etc.). I can’t help but plug my new book Raised for Richness because it shows parents how to establish the financial foundation around a value system.

      The fact that you’ve done the Dave Ramsey program and have become debt-free is a tremendous first step in teaching your kids! YOU are your children’s biggest influence when it comes to what they learn about money. Your 12 and 13 year-old, and maybe your 9-year old, are old enough to hear some of your stories along your path to becoming debt-free.

      I’d love for you to sign up for the Challenge and begin to implement a program that will work for your family. Again, I’ll walk you through the steps. You’re hitting this at the perfect age for your kids. Here’s the link: http://www.kidnexions.com/BeyondthePiggyBank.htm

      I hope to see you on line!

      Karyn Hodgens
      co-founder, Kidnexions
      kids’ personal finance educator

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