We have struggled our entire relationship being tossed in wave upon wave of debt. We have just this year gotten so close to out of debt we can probably say we are. At this point, we owe $600 and that is it! Hooray!
Anyway, we thought that it was incredibly important that we teach our children about money and how to save it, and how to spend it properly. This is why, both, Jellybean and Bug get $15 each/month. At the beginning of the month I gather the kids in the kitchen and dole out their allowance (that they earn by doing chores around the house).
Each child's $15 is broken up into the following each month:
1 - $10
2 - $2
1 - $1
Each of the kids have three jars to put their money into: one for "saving for", one for "spending money" and one for "tithe/offering". They each, and joyfully I might add, LOVE to give 10% of what they earn to God for tithe and both willingly add money to it for offering. It's one of the highlights of the month for them - getting to fill out their very own offering envelopes. Each of them have decided to add $0.50 to their tithe of $1.50 to give an even $2.00.
Another of the jars is where the kids put $3.00 of the money to spend that month on whatever they want at the candy store, dollar store or to save to add with next month's for something bigger.
The third jar is the biggest jar of them all as it is going to have to hold and save a fair bit of money. Both kids are saving money to buy themselves each a NintendoDS. They are saving birtday money, $10 each month of their allowance money and they have bags upon bags of pop bottles and juice boxes to take to Sarcan to get recylce money back. (I am hoping to do that tomorrow.)
What do you do for your children as far as allowance goes? For teaching them the value of money? For teaching them how to save and for teaching them how NOT to wind up where we were, so far in debt we couldn't see any light at the end of the tunnel?
What a wonderful tool to help these children learn how to budget, spend and save money! :) As I don't have kids, I have nothing wise to contribute, but it is nice to see little things like this. It is something I will mentally store away for a time when it is indeed appropriate! To manage my money whilst in college, I kept a log book and wrote down every single cent I used... whether it was groceries, necessities, the occasional coffee or even stamps... it all went into the book so I could have a daily, weekly and monthly total. It helped save so much! :)
ReplyDeleteThat's a good idea for us! May have to implement something like that.
ReplyDeleteHello,
ReplyDeleteI think your idea about separating the money is a wonderful idea. It is so clear to them by having the different containers that it almost seems simple.
Only one of our children has a job at this point. We do expect the children to complete their chores, but have never given them money unless we feel as though they have made special efforts to help us out above and beyond what is required of them.
Our daughter, who has had a job for several years at the local library has been required by us, since she originally got the job, to put half of her money in a savings account. We told her that it was for a vehicle some day when she got her license and moved out and/or went to college.
She now has over $7,000.00 saved up in her account and will be needing a car in the beginning of her second year of college--around September of 2011. By then she will be able to afford a dependable car and maybe pay her insurance for a year and have some money left over for any repairs that might come her way.
That seems to have worked beautifully for her and she will be thankful some day that she was disciplined, with a little encouragement, to save like she did through the years.
It sounds like you are well on your way to having children that grow up to be responsible adults with their money. Thanks for the tips :)
With love and hope,
Cheryl
Cheryl, that is an excellent idea once these guys are old enough to have jobs! Thanks for that! I also think that they will appreciate the things that they earn so much more than if it is just given to them.
ReplyDeleteI really want to be able to teach them out of my mistakes so that they can possibly avoid needless hardships - what every parent wants for their children.
This is such a fantastic idea! I'm definitely going to keep it in mind for my baby when he gets older.
ReplyDeleteThanks for sharing! I love your blog!!
Awesome! So great you are teaching them to tithe and sow seed at a young age. Bella loves tithes and offering time at church!
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