Spending and Saving With My Daughters

[ 0 ] August 27, 2010 |

As the new school year kicks off, it always seems to be the time of year I get a chance to incorporate new routines into my family’s schedules. It seems to be the time of year that my girls are most accepting of me adding and changing to our household routines!

I’ve made it my goal to teach more lessons about money and incorporate them in the chore chart and allowance earnings. I have three girls, ages 12, 5, and 4 years old so I had to be a little creative with the differences in the chore chart and amounts! So, when is it a good time to start teaching kids about money? As soon as they show interest! Over the past couple years I’ve done a couple different things, here are some tips and suggestions (this may involve your fridge having a bit of a cluttered look!):

I use a dry erase board to write down the chores, and include the amount for each chore. Each check mark next to the completed chore = $. Written on the chart is the goal amount of $20 earned before I will pay out (for the younger ones I use a sticker star chart and quarters to put in their princess piggy bank). I ask what she has in mind to buy with her allowance and we put a list of them in place and a goal amount to earn. That way everyday when she is checking off her chores she see’s what she is working towards.

When you’re at the store and the “I wants” start to come, ask them how many chores it will take to earn that item or how long it will take them to reach that amount (it’s also my way of sneaking in some math). Talk with them about your own way of saving up for something you wanted and how it was a success. Let them see you make smart spending choices and talk thru why you need to wait on buying that particular item. I use examples of how turning off lights when we’re not in a room can save on our electric bill which in turn will allow us to add more money to our vacation fund! We talk about saving for that “rainy day” and my oldest has agreed to put 10% of what she earns in her saving account. As for the little ones, it’s a big hit when they get Kirby bucks in exchange for depositing money!

Freshening up the chore chart and checking off the chores before bed each night has become a pretty big hit for us so far!

What have you done to help teach your kids about money? What did your parents do to teach you about money?

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Category: Kids, Money Tips

About the Author ()

Hello! I have been with IAACU since August of 2011. I am a Member Development Rep. You might have talked to me a few times on the phone or through e-mail.

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