Life Lessons: Debt
Teaching children about debt should happen as early as possible.
TechnoBoy borrowed twelve dollars from me to buy some baseball cards (a new passion here in the EP household) a few weeks ago. He’s not a boy with high ambitions when it comes to money. He rarely does any of the paid chore opportunities that have been offered. I was getting a little concerned about the lack of effort being made to repay the debt when I recalled the following verse that is used as a foundational principal in the Financial Peace program.
The rich rules over the poor, and the borrower {becomes} the lender’s slave.
Proverbs 22:7 (New American Standard Version)
Heh heh heh. The borrower becomes the lender’s slave. Sounds like something that will work to everyone’s advantage in this situation.
So. This morning I stopped TechnoBoy and explained that there are plenty of paid chores available to be done this weekend so he can work off his debt, and that he could expect to be working upon request. Ohhhhhh he was not happy with me. You know what he said to me?? After a comment about how he shouldn’t have to work on Labor Day (and where he got THAT idea I’ll never know) he said:
“My friends wouldn’t make me work to pay back the money if I borrowed from them.”
I managed not to fall on the floor laughing. I simply repeated the verse to him and then said “Well I’m not your friend.”
I believe he retorted with something about how I’m his enemy, to which I said “No, I’m your mother” and wandered off. No point in getting into an argument when I’ve just succeeded in annoying him so completely.
I’m going to enjoy the victory and the completed chores, and I betcha it’s a long time before he borrows again.
Tags: debt, money management, teaching children to handle money
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ROTFL!!! This is a great story! I have been one of those people who mooch off their friends and this is something I’m still working on. Progress not Perfection!
God Bless!
Oh, that’s a great one!!! I love it! Tell him he can do some paid chores here, too, if he wants to pay off those cards quicker. (wink).
Hugs, Michelle
beartwinsmom.wordpress.com
Way to teach them young. We broke out the budget again recently so the could see that there isn’t an endless supply of money.
Hi Mike! Thanks for stopping by. In the months since I wrote this post TechnoBoy has not borrowed again, although he hangs his head sadly in the store while muttering to himself about not having money. Poor kid. Perhaps this summer he’ll get in the earnings swing of things.
Love your post! This is something I think many people really don’t get the chance to practice and understand before becoming adults. You really are never too young to learn/teach this lesson.
Hi Kathlene.
Thank you.
You’re so right about never being too young. My parents had us do a little money management, but there are mistakes that Hubby and I have made that I hope the boys can learn from without having to experience for themselves.
For our next trick, we’re going to hold a garage sale and have the boys sell all the toys they never play with. The deal is that they can use the profits to buy something for all 4 of them (because Hubby and I bought the toys they’re selling - if it’s something they purchased on their own then they can have the profits). I’m hoping they get rid of a ton and earn enough to buy a Wii game or something small.
It’s been interesting discussing with them how much they actually use items that were must-haves months ago. Another step in the direction of less clutter perhaps? Time will tell.
[...] As I was searching for something to write about today, I came across an entry on Earnest Parenting about a Mom trying to teach one of her young sons the importance of paying off “his debt.” [...]