I’ve been working on a graphic design project with my aunt for a couple of years. We finally finished a few months ago, and I’m so excited about it.
Dottie’s been using this system to teach her son, Doug, about money – income, spending, saving and giving for almost 30 years, and she’s been teaching it to other young moms for just about that long. In the past couple years, we’ve redesigned it, and now she has an official copyrighted set. Congratulations, Dottie! Decades of hard work… 🙂
Our daughter got her very own set of materials for her birthday, and we’re just starting to use it, so I want to share it! It’s called Faith & Finances for Kids®. I won’t put the whole summary here, but you can check it out on their website. There’s a kit for parents and a kit for kids. (so if you have multiple kids, you only have to buy the parent kit once, then get the smaller kit for each kid) It comes with banks, storage containers, a cash box and instruction pieces to guide you through the system so you can learn and do it on your own. It starts at age 3 and goes up to 18, so you can jump in at any time.
Basically, your kids receive an “income” to manage, rather than an “allowance” to spend, so they’re learning how to take care of the money God has given them. They do get to spend some, don’t worry! That’s actually the reason for this post. Our daughter had saved a little bit of money in her Allowance bank (there are 4 banks: Giving, Savings, Reserves and Allowance) so I wanted to start to teach her that buying things costs money.
We took 4 of her quarters to a local resale shop and I let her browse to find something she wanted. She found a book that she liked so she carried that around the store until she found an elephant beanie baby for $2. (It was her very first purchase, so I fudged and spotted her the extra dollar 🙂 ) She was so excited! She placed her little quarters on the counter and got to take the little guy home – he was her very own! She was so proud to tell daddy that she bought him with her own money.
I don’t know if you have a system for teaching your kids about money, or if you give them allowance or pay them for chores, or whatever. We’re just barely getting into that age range ourselves, but I will say, this has been such an easy way for us to start. It’s all-inclusive, you hardly have to think! Just read the instructions. We’ve been doing it for the last month or two with our daughter, and she already knows the Bible verse that goes with each category. My husband said, “Yeah, as a kid, I never would have related money to Scripture,” so it’s really cool to have an easy tool that helps us do that.
If you want to teach your kids about money, and you’re looking for a good way to handle the “Allowance” issue (for any age), check it out!