Saturday, February 16, 2013

Teaching Kids About Money

Do you teach your kids about saving and about money? We decided to start teaching them young, because neither my husband or myself were ever taught about money or how and when to save.

Our 4 year old has been a 
little spoiled and we realized this on Christmas when he was opening gifts and tossing them aside with barely a glance let alone any appreciation.

This is when we decided it was time to take a step back and decide on a plan of action. The first decision was to give one big gift for Christmas along with 5 small gifts and a stocking.

The next decision came around his birthday. He has been asking for a play set in the back yard. We decided that he is going to save up for it. We picked out 3 choices of affordable play sets and gave him the choice. He picked one that is $600.

I made a savings chart (definitely could be prettier!) with the picture of the play set at the top and our goal right under it. I put dashes on the side in increments of $20 and labeled the $100 increment dashes.

For his birthday we asked for gift cards and money to go towards his goal and will do the same in April when the baby turns 1. 

We went through piggy banks and counted what he has so far and have marked it on the board. He is very excited to see the progress and we are already over halfway there.  He wants to put every penny that he finds in the savings jar and add it to the tally. 

At what age do you start teaching your kids about money?


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