Category Archives: Kids and Money

Wouldn’t it be great if your child was an entrepreneur, so they could pay for their own school supplies and friends’ birthday gifts?

Joking aside, the reason your child should be an entrepreneur is not to support themselves at an early age, fast forward their childhood to the world of business and get a head start on their empire. No. The reason your child should be an entrepreneur is financial literacy.… Read More >

Before you start:

If your children are still too young to understand handling money (probably under 4 years, but you know your own child best), begin by teaching them that they won’t be rewarded with “wants” by nagging, whining and crying. Say no, and only reward good behaviour with treats, when it fits in your budget that is. Another initial lesson for the younger set is learning patience and delayed gratification – these are the building blocks for controlling impulsive purchases and saving for special things. For example, tell your child she can have a cookie after she and everyone … Read More >

Should kids be rewarded with money? This is a million dollar question. The Globe and Mail brought the familiar topic up in November. As I read the article I couldn’t help thinking about Pavlov and his famous experiments on conditioning behaviour. Money has been widely accepted as a positive reward, but how money influences human behaviour is a little more complex than ringing a bell to get a dog to salivate or getting kids to act in a certain way by waving a dollar bill in front of their noses.… Read More >