The Backstory
When I was 9 my parents added on to our house in preparation for my sister’s impending birth. My brother was headed off to school where he would board and would come home some weekends. I was elated as I got my parents old room and bathroom. I was ready to get rid of the white French Provincial furniture as I thought it was too babyish. After all, I was going to be a big sister and I was no longer the baby!
I rode my bike a few days later to the Village and stopped in at the Furniture store. Clearly furniture was out of my range as my allowance was only 50 cents. I then spied an antiquing kit and that would be my solution. I liked the green color best, but the kit was two dollars. I only had $1.25 saved for my decorating budget, so I asked the store owner (who was a friend and client of my Dad) if he could put it on Layaway. They had never had a Layaway plan, but he said he would try it out with me. I thanked him and told him I was happy to be his first Layaway customer. I added that it might help people buy more furniture. He said, “well let’s try it Charlotte.”
Later I would find out that he called my Dad and was laughing hysterically and told him that I had offered my wisdom that people might buy more furniture if they could take a little longer to pay for it. My father enjoyed my independent nature and my mother was driven crazy by it. Now was no time to bug momma as she was 42 and very pregnant with my sister Mary surprise.
Since Frank was going off to school, he would not be around to help feed the dogs. I wanted to start immediately! I was able to wrangle another 25 cents out of them for feeding the dogs and cats and being sure the animals always had fresh water. The deal was struck! Two weeks later I rode my bike up to the Furniture store and paid for my kit! I even had enough money left over for some Waxed Lips at the dime store!
The next Saturday, my parents were going out and Frank was left to babysit, which meant he would be entitled to channel selection on the TV. That very night I antiqued the furniture and really loved the process of making faux worm holes and putting the antique coat on (little raw umber thinned with water). I cleaned up my news papers and put them in the garbage can. My parents came in and as always they checked on me, but I was asleep, so no lights were turned on.
The next day was church day so it was always a rush to get out in time. I hurried up and rode with the family to church. Later that day, my mom came in my room for some reason and suddenly SAW the change. She said it looked very pretty and asked me if Frank helped me (although she knew that was unlikely). She then called Daddy to come look at it. My father muttered that I was faster than the contractors who were still working on the nursery part of the renovation.
How to Answer Money Questions From Kids
A child is never too young learn about financial terms and you never know why they want to know. Children can feel empowered when they learn money lessons early. When your child is asking questions and I was always asking questions you may be giving them important information. If people would just answer the question and not “over explain” it is easier on everyone. I figured out at a very young age that having your own money just made it easier to do what you wanted. Later that same year I opened my first bank account. I still have the handwritten letter from the Branch Manager thanking me for my business in my childhood photo album.
Kids are great questioners. They’re inquisitive, curious, and oftentimes, they’ll come up with something you didn’t even know you had to think about. And while it might seem like you’ve got enough on your plate without having to worry about answering questions about money, Lieber says it’s important to teach children about finances early on.
Charge – Money Definition
When I was a child, I heard my mother say “charge it please” at the drugstore. I thought the owner was really nice to “give” us the items we had in our bag. My mother quickly clarified that “charge it “meant that you would get a bill at the end of the month for your purchases. Way before my time “charge it” was often used at the local “general store” and in some communities at the “company store.” The store will extend credit to the purchaser of items in their store for a few weeks. I was quite young so the conversation did not progress to things like interest or “lay a way.”
I believe I had inquired what Layaway was when we were in a Department store and at the customer service desk where they giftwrapped stuff, there was a sign that said Layaway. This was after all 1959! I told my mom I was saving up for something and I wanted to increase my responsibilities, so I could increase my allowance. She naturally would have to talk to Daddy about it.
When we talk about charging someone money, it usually refers to the act of charging someone money. However, there are times when we use this word to refer to the amount of money charged. For example, “I’m paying him $10 per hour.” In this case, he is being paid $10 per hour.
We often use this word to describe how much people pay for things. For example, “He charges $5 for haircuts.” Here, he is being paid 5 dollars for each haircut. We sometimes use this word to describe what someone does for free. For example, “She gives away her hair styling services for free.” Here, she is giving away her services for free.
The most common usage of this word is to describe the price of tickets for events. For example, “Tickets cost $75 for general admission.” Or, “You’ll pay $25 for parking.”
In some cases, we use this word to describe the total amount of money charged for something. For example, “The restaurant charges $15 for lunch.” This is different from saying that a person is being charged $15 for lunch.
Key Takeaways
Parents can help teach their children about money by explaining what it really is — a limited resource — and why we sometimes don’t have enough of it. This helps young children understand the basics of supply and demand. When teenagers start asking questions about stock prices, parents can explain how markets work and how investors use those prices to decide whether to buy or sell shares.