Dorothy, “Teach them the value of money. It will make them more productive, and show good work ethic.” Tip #9

I’m glad Dorothy mentioned the value of money in tip #9.  I too felt teaching financial management was an important aspect of parenting.

I’m so pleased to have met a wonderful Mom named Chris, while Michael was just six years old.  She gave me a system which instilled in him the value of money, and one that continues to meet his needs today.

Chris was a banker and she encouraged a method to teach Michael all he needed to know about money.  I needed three Tupperware containers (small, medium, and large), and a determined amount of money.  For us, it was $5 per week.

The small dish was labelled “Quick Cash” and I had a little image on the front displaying stacks of coins. This would be used for things such as trips to the store, recess at school, or when the ice-cream truck came whizzing by. In this dish Michael would deposit $1/week.

The middle dish was “Short Term Savings,” also with a picture on it. In it he would deposit $2/week. This would be for a pre-determined item, a larger priced toy, a planned outing, something special he identified wanting to save for.

The largest dish, “Long Term Savings” was described as something he would want as an older teen. This would be a big ticket item, he understood would not be touched for many, many years. He determined it would be for a motorcycle. About two years later he announced it would be his college fund.

Michael had a clear understanding as to what his money would be used for, as well as the concrete knowledge he was responsible for establishing and achieving his goals. He understood if there was a shortage of funds, we would be required to go without or to wait.

I am forever thankful to Chris for having introduced us to this concept.  I was fortunate to have had the peace of mind to organize this, as well as five dollars weekly, to support the learning. Michael still organizes his funds in this manner, almost 20 years later.

We paid careful attention to teach Michael about the value of money.  As he was an only child, we had to resist the strong urge to over-indulge him.  We were deliberate in implementing teachable moments and an appreciation for practical items.

We often gave gifts of intention, purpose, and meaning. For example, I recall raising his allowance to $10/week. We strategically wanted to provide him enough to continue with his “Savings Plan,” while adding some as disposable income.

This decision was made at a time when the kids were buying school lunches. I could not afford $5/day, and did not want to develop this habit in him. This allowance increase would enable him to purchase in-school lunches on average, one day per week. It also gave him the decision making ability to make that choice, or to work toward another goal.

To add another layer to this concept, at Christmas time, for a gift, we purchased an in-school “Healthy Lunch Card.” I recall the regular “Lunch Card” was a few dollars cheaper. (Unfortunate.) This “Health Card” had 10 lunches to be punched after each purchase. This was a gift he was very excited to get! Still, one of my favorite ideas!  Big Mike thought it was mean.  He was prone to be far more indulgent, likely an inherited trait from Mama D.

Other gifts would include things like winter clothing, ski passes, youth camps, books, and theatre productions. Where we could, we tried to incorporate extras, luxuries, and experiences in our gift giving. Michael was astutely aware of the value, and before long the intention and thought became evident also.

Of course, Michael did get toys and useless, impractical things. Surprisingly, maybe not surprisingly, those items were often not as fun or as meaningful. Since the very early years, Michael independently bought presents for others on his own behalf. He quickly took responsibility for friendship gifts.

As an adult male, when gifts are often no longer an expectation, Michael continues to celebrates his friends with both birthday gifts and random thoughtful gifts when the mood strikes. He is extremely generous while holding a great respect for money. He is able to find the best gifts, the most thoughtful gifts, in unbelievable economical ways.

Thanks Dorothy!


  • Doreen Coady

    Author & Parenting Commentator

    Author of 100 Moms 1000 Tips 1 Million Reasons & 100 Dads 1000 Tips 1Million Reasons available on Amazon and major book stores.   Doreen is empty-nester who has spent the last five years collecting tips from 199 parents. Her heartwarming and real-talk, message on parenting is woven through their collective wishes and wisdom.   Parents are diverse in terms of age, culture, social-economic background, and beliefs. Contributions provide 2000 parenting tips from others interested in helping each other, especially new parents learning the ropes.   Every tip and commentary is distinct, providing a magnificent assortment of shared experiences. The collection conveys the depth, devotion, and breadth of parenting.   This is fun, enlightening, easy to read, and a highly relatable account of parenting successes and struggles.   For ‘the why,’ check out,, or search “100 Moms 1000 Tips” on Facebook, Twitter, and Instagram.