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Money ownership

The art of money ownership

As children begin earning their own money, either through allowance, extra chores or a part-time job, they also begin to make choices about how they spend their money. Whether they’re saving up for a large purchase or choose to blow their cash on trinkets and candy, they are still making their own choices. And while those choices will change over the years, chances are, they will learn to appreciate their purchases more if they are spending their own money.

Taking care of purchases

Think about it. When you make a large purchase, you probably like to make sure you take the time and care to maintain what you purchased. You paint the walls on your new house and change the light bulbs when they burn out. You don’t allow food in your new car. You clean the oven after baking spills.

The same is true for children. If we simply purchase what they think they have to have, children may be less likely to take care of that item. However, if they have to work for it, save their money and make the purchase using their own money, they will learn the value of what they’ve spent and are more likely to make better decisions about how to care for the new item.

A great lesson

You can help your child set his or her own savings goals. Don’t be afraid to discuss your own thought processes for making a purchase too. Learning how to own and take care of things is a great lesson to teach your child now so that they’re more prepared for real-world purchases in the future.

Questions? Contact us today.
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Oregon State Credit Union ©2017 Oregon State Credit Union

  • PO Box 306
  • Corvallis, OR 97339
  • Phone: 800-732-0173

Routing number : 323274270