Tuesday, September 3, 2013

Saving up for a Scooter

I had a proud mommy moment the other day.  My son (4) was playing with my niece and her scooter.  On the say home this is how our conversation went:

Me:  Did you have fun?
Him: Yes, can I get a scooter? I really want one.
Me:  Maybe you can ask for one for Christmas.

About a 3 minute pause...

Him:  Maybe I can do chores and save up for one.
Me:  That is a great idea!  I am so proud of you for thinking of it.

We started teaching him about saving money around last Christmas.  You can read about him saving up for his play set here.  I think teaching kids about money is important because it teaches them responsibility, it teaches them to respect their toys if they understand the value, and it show them that things aren't free and everybody has to work to get new things.

We did the same sort of thing for his scooter.  Here are some ideas for chores for kids.  We used graph paper to show his progress and his goal and a repurposed gum container for storing his savings.  This helps him have a visual guide of his progress and understand his goal and what he needs to do to reach it.

We also have a list of chores for him to do.  It includes cleaning up toys, helping with laundry, yard work, and general helping around the house.  He gets a dollar for most things but for larger things such as helping in the yard or cleaning bathrooms he receives up to $5.

We have only been working on it for around a week and he has already earned $18 of his $35 goal.  He has been working hard and it helps me teach him that cleaning his room and his toys up is a good thing!

How do you teach your kids about saving and money?


  1. Great idea! My 5 and 6 year olds get $1 each for doing their homework on school nights without fussing or complaining, then another $1 each night for having their room clean by bedtime without me asking/nagging. It works enormously well for them and it's well worth the money for me not to have to nag all the time!

    1. It has been great. I think I am going to continue it and let him save up to add to his savings account because he has been such a big helper and is taking responsibility for his room and his toys. It is like a switch flipped overnight!

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