Our Kids

Last year some time I heard a financial planner speak about how to teach your kids about money. Jason and I have had some ideas of our own along the way formed via our parenting coach Barb Grady. We are finally putting those things in to practice.

The girls got Moonjars for the holidays, these have separate banks for spending, saving and sharing. We are giving the girls $10 per month and they get to spend $8, and save/share $1. Jason thinks they should spend $5, save/share $2.50 but he has never bought anything for them apparently because at spend $5 they would have to save for like 4 months just to buy doll clothes and I am not sure they have that much patience at 5.

Anyhoo, the deal is that if they want to buy something other than necessities they have to spend their own money. So if they don’t need a new pair of shoes but they want some then they have to buy them. If they want a new doll/toy then they have to buy it. So far Piper has had one tantrum because she wanted new cowgirl boots and I said she had to buy them and Lela has made a list a page long of what she wants to buy but has not bought anything.

What makes it a little easier is that I don’t take them to Target or any other store much anymore so they don’t ask for much. We want them to know what is like to have money, to spend money and to buy things they really want instead of just stuff.

Of course I have veto power so they can’t buy $8 of candy etc. but that has never been an issue since we don’t buy candy and they don’t chew gum so that rack on the way out of the store doesn’t really hold much appeal. I just don’t want them to be those 10 year olds that have no concept of what money is, where it comes from or what it does. Like those kids that think food only comes from the grocery store, lol!