WellesleyWeston Magazine

FALL 2018

Launched in 2005, WellesleyWeston Magazine is a quarterly publication tailored to Wellesley and Weston residents and edited to enrich the experience of living in two of Massachusetts' most desirable communities.

Issue link: https://wellesleywestonmagazine.epubxp.com/i/1011917

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Page 25 of 207

Teaching fortunate kids that money doesn't grow on trees is especially hard if it flows freely out of our pockets. But helping the next generation learn to value and manage money will not only help them build financial independence down the road, it will also instill a sense of appreciation for every dollar they have. 10 tips for … T E A C H I N G K I D S A B O U T M O N E Y P AT T Y L E N Z B O V I E writer one Make Them Earn It In affluent towns like Wellesley and Weston, many of us are lucky enough to have extra funds that can be regularly doled out … for lunches, movies, walks around town, and "stuff." But when kids are just handed money, they don't value it the same way as when they've earned it, and they don't always appreciate the things they buy. There's a pride that comes with earning money, and making tough choices about what to spend it on can only be taught by experience. two Have Skin in the Game Whether it's paying part or all of their monthly phone bill, car payment, or college tuition, when older kids have skin in the game they begin to understand not only how much things cost, but they feel the pressure of having to come up with that monthly payment. This will prepare them for the day when monthly bills, student loans, and rent become part of their reality. While it's tempting to bail them out when they come up short, don't. Instead, give them a job to do (above and beyond regular chores) to make up the difference. three Repair Instead of Replace In these "disposable times," it's easy for many of us to just replace something instead of repairing it. But instead of buying a new kickball online with a click of a button, try fixing the one you have. Show your child that a sturdy patch and a few puffs of air can make that ball almost as good as new, just like a few drops of glue on a broken piggy bank. This not only spares the landfills, it teaches children to value the things they are lucky enough to have. four Get Them Out of the Bubble When you've only seen the world through the lens of privilege, it's almost impossible to realize that the rest of the world isn't so lucky. So break out of the bubble and experience the real world with your kids as often as you can. Take the T instead of an Uber or Lyft. Go camping instead of staying in a hotel. Visit places that are more socioeconomically diverse. Or volunteer at a soup kitchen. five Go for the Nosebleeds Even if you can afford box seats at your favorite venue, should you buy the best seats for your kids? Think about your own experiences. Once you've been in the inner circle for a concert, it's pretty tough to go back to the nosebleeds. But if you've never been to a concert before, S T O C K B R O K E R X ( S B X ) 24 W e l l e s l e y W e s t o n M a g a z i n e | f a l l 2 0 1 8

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