Teaching children about the chain of debt
Although getting out of debt might appear as an event the adults in our household are doing, our children are very much involved in this process.
We have a spreadsheet on the fridge counting down in $1,000 increments, but the kids don’t seem to be into it that much. I can certainly understand why; spreadsheets are quite nerdy.
So to better illustrate our progress, I borrowed an idea from a friend who is also on a debt-free journey and made a red chain out of construction paper. Each link decrements the debt amount by $1,000, and as we move along we will cut through each link and celebrate a mini win. I chose red because financially we are in the red, but the last link is gold construction paper.
That link reads “Debt Free!”
This journey will be worth it because we are using the experience as an educational tool. My hope is that these kids of ours learn enough to avoid any of the same mistakes we’ve made.
We have already started talking openly more about debt, work, giving, and the role of money in our lives. I think we are off to a decent start.
Note: Thanks to Aaron Beatty for the debt chain idea!