Skip to: Site menu | Main content

Kids and Money

2007-06-12

I have seen this topic lots of times on various message boards so I thought I would put my two cents into a blog post.

Allowance: My kids get half their age for a year, they get an automatic increase on their birthday.
EX: 4 years old gets $2.00 a week or $104.00 per year.  Age 5 gets $2.50 per week or $130.00 per year.

Extra money: sometimes I just hand them a few dollars now and then.

Report Cards: we don't finance good grades, we expect our kids to do their absolute best they can, effort means more than the grade.

Tooth Fairy: The tooth fairy leaves a silver dollar (hard to find these days but always ask at the bank) or two silver half dollars, sometimes a dollar bill.  There have been a few occasions when the Tooth Fairy "forgot" to come but a nice cover when Mom went into the room and found the money on the floor under the bed.  I have heard that a few Tooth Fairies pay big, $5.00 or $10.00 a tooth!

Yard Sale money/profit:  If we have a yard sale and they sell stuff, they have to donate a portion to charity.  Usually it is a few dollars or per cent of earnings and we go to the store and buy pet food with that set amount then make a trip to the SPCA to drop it off.
Our library has a donation jar also and this is a good cause to support library services or finance something needed in a collection (books).

Gifts: If they get money for gifts, usually they save it, write a thank you note.  If they get gifts (physical things) they cannot  open the package or use it till they write and send a thank you note to the giver.

Finding money: finding pennies on the ground means that there is an angel thinking of you.  We save them in a special jar and when we have enough, give that amount to a charity.

Spending: My kids are careful what they buy with their money.  They don't like to spend, they like to save but sometimes spend a little bit.

Savings: once they save up a certain amount, we move it into a higher earning CD.  After years of sending in a suggestion to my credit union, they finally created a CD with a small amount of money for kids which earns more than the measly half a percent interest on a savings account.

We like Suze Ormand's simple and to the point mantra: People first, money second, things last.

Money Game: Using two dice and plenty of spare change, roll the dice and count out the money for the combined roll, a 2 and a 6 means 8 cents taken from the change pile.  After several turns, have the children exchange the smaller change for larger change. EX: 5 pennies trade for a nickel, two nickels trade for a dime.
Decide on how many rolls before the game ends and who ends up with the most money wins OR set an amount to reach (like a dollar) and the first one to reach it, wins.
For older children, add paper money to the mix.

This is an interesting film (less than 15 minutes) of teens and money -- it is an eye opener.
One of the kids who spends $700. a month on "cool clothing" wants a car!  What sort of adult will he become if he does not manage his money responsibly now?

I like how the film shows a variety of situations and attitudes.

New York Times Kids and Money film by Lauren Greenfield

 

Link to This | Back to top

Barnabus (2007-06-12)
WOW!!! You are certianly on the right track with your kids, they will be responsible and level headed adults!! Congratulations!!! PS Did you see the mumified fairy posted? http://www.shoutpost.com/read/tesszha/11903/do-fairies-exist in case you missed it!!!

Mary Mary Quite Contrary (2007-06-12)
Sounds great! I especially like the idea for the thank you cards for the gifts!

[ Back to top ]

Created with ShoutPost