All of our kids have a savings. They also have a Weekly chart. On this chart are chores for the week that are mandatory as well as chores that could earn them money. For example: If they beat me to the laundry and do it without me thats a couple bucks right there. Whatever they earn at the end of the week gets split up. Half they keep, half into savings. When we go to the store I show them where to look to find the prices of the things they want and I make them pay with their own money. I make them add and subtract to make sure they got back the right change and so on.
My oldest definitely is money minded. Last week he had money and I asked him if he wanted to spend it. He told me no, to put it all in his savings. When I asked why, " I'd rather save it mama. If I take it to the store i'll spend it on something I really don't even want."
8 years old. Heck I need to follow his lead.
at 10:24 PM on Jan. 17, 2011