Lessons in Money Pay Off (as seen in the Joliet Herald)

When I was a kid, my dad would come home with his paycheck and we'd go to the bank to make a deposit. At that time, he'd also take some cash out for the week. At the store I'd see money exchange hands and change being made. Dad would sit down twice a month to write out checks to pay the bills. I was taught that money "in" had to at least equal money "out."

Today, most parents have direct deposit and a debit card. There is no weekly trip to the bank or cash exchange at the store counter. Instead of writing checks to pay bills, bills are now deducted automatically from a checking account. Over the last two generations, the tactile experience of handling money has changed and the way we teach our children about money has not kept pace. This, I believe, has played a major role in today's economic environment.

How many times has your child told you, "Just go to the money machine and take out money" or "Just use that plastic card in your purse, Mommy?"

I did something three months ago that I should have done with my son several years ago. I took him to the bank where he opened a bank account with the money he had been saving in his "money container" located in his room. Last week, I did the exact same thing with my six-year-old. We have now had conversations about why a bank pays interest to people, about balancing the money that comes in to the money that goes toward monthly expenses and about why we can't just "buy whatever we want." It's truly been an education for both of my children.

We are told to talk to our children at a young age about the dangers of drugs and alcohol because those conversations at young ages have a tremendous impact on deterring drug use later in life. I say, why not talk to them about the dangers of money? Why not talk to them about the dangers of credit cards? Why not explain to them about balancing a household budget or living "within their means?"

It's time that we give children the responsibility of handling their money with their own bank account. It's time to talk about the household budget with the children. It's time to teach our kids responsibility when it comes to money and maybe, just maybe, we can avoid another economic crisis like the one we've been experiencing.