homemade money bank and hard earned cash, 2010
One day while shopping in Walmart, four-year-old First Daughter fell in love with this wedding Barbie. Trying to avoid buying our children whatever they want whenever they ask for it, and seizing an opportunity, we used this strong desire of hers to our advantage and encouraged her to earn her own money to buy it. This was a brand new concept to her. Earn money? Spend my money? Do I have money???
Up until that point we did not give allowance, or have any set jobs for the kids around the house.
Our kids were still pretty young. I asked them to help me around the house, but nothing that was their responsibility and no real way for them to earn money. This is when we started.
We started paying them a small allowance each week (I think it was 10 cents for each year old they were) and then made it clear that we expected them to help with chores around the house because that's what it means to be in a family - we all work together and help out. They also had a specific chore that was their responsibility each week. I think First Daughter's was to empty the trash and Second Daughter's was to clean all the door knobs.
First Daughter wanted that wedding Barbie so badly.
It was perfect motivation to begin teaching the concept of earning, saving, and spending.
We made money banks out of old formula containers.
They each had their own where they stashed their cash.
We taught them to pay their tithing (which they got very excited about. it's fun giving those envelopes to the bishop!)
I think that Barbie was around $12.
Between allowance and birthday money, First Daughter saved up enough to go shopping.
It was an exciting day.
Both girls came with me to Walmart, money banks in hand.
First Daughter ran up to her Barbie and held it tight.
She was so excited and so proud.
Second Daughter, on the other hand, did not have a plan for her money.
She was not saving for something specific.
She went up and down the aisles looking at everything, trying to decide what was worth spending her money on.
Even though she was very young, she took her time and was careful with her purchase.
I was actually quite impressed with her self-control. Numerous times she would find something she liked, but when I asked if that's what she wanted to spend her money on, she refused over and over again. She was not quick to give her money away.
She has always loved anything arts & crafts and she was excited to buy her own.
She spent only a couple of her dollars which left her with some to spare.
It was a fun first experience with our kiddos introducing the concept of saving.
They still get excited about earning money, saving money, paying tithing, and spending their own money.
Right now we are saving as a family for a play set for our backyard.
We have a jar in our kitchen window that we fill with dollar bills, quarters, and pennies as they come.
The girls still earn money weekly and often put their weekly earnings into the play set fund.
It has been fun to watch and fun to be a part of.
We've already saved $85!
At this rate we should have a backyard play set in about 5 years :)
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