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Teaching kids about spending vs. savings

Posted by on Aug. 26, 2012 at 6:40 PM
  • 7 Replies

When did you start teaching your children about money?

My 4 year old son asked me for a toy the other day and I told him it was too expensive. That is when he told me that I have lots of money and reached for my checkbook.

I decided it was time to teach him about money.

A little background, he has behavior problems - so his baby sitter started a sticker program. He's with her for 10 hours a day and he can earn a sticker every hour. We have started him off at needing to earn 5 stickers a day.

So if he earns his 5 stickers, I give him 25 cents for the day.

He can also earn 2 pennies for extra chores - He has 3 basic chores. Pick up toys, pick up dirty clothes, wipe off the tables. Anything that he does extra, he can earn 2 pennies.

We's earned 2.30 this week.

So today, we took some jars and decorated them. One for savings, one for spending. I asked him how much he wanted to save and how much he wanted to spend. He said he wanted to save 1.00 - so we put his 100 pennies into the savings jar.

We are learning to write his last name - he already knows how to write his first name - when he learns how to write his last name, we can open him a bank account. He's very excited about this.

When and how did you teach your child about the benefits of savings.

by on Aug. 26, 2012 at 6:40 PM
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Replies (1-7):
by on Aug. 26, 2012 at 11:27 PM

I started when he was around 4. I teach him about buying things on sale when we food shop, have him look at the price of things (he's 7 and is starting to look at prices himself), he saved all his money from his birthday and Christmas and recently asked me if he could buy a video game (I told him yes but he could only spend $25), I brought him with me when I opened his saving account, I also have him count out money and change sometimes.

by on Aug. 27, 2012 at 12:21 AM

My little ones have learned about money since birth I guess.  I keep a pretty open dialogue with them, and they know about coupons, sales, money, and we're starting to get into the worth of items with the older 2 boys (ages 5 and 6). 

by Amber on Aug. 27, 2012 at 9:37 AM
We've taught our oldest about money for a few yrs now. He's 6. We explain how you use money to purchase the things you want/need, you have to earn money, and that if you lose your $ it doesn't get replaced. Lol
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by Dawn on Aug. 27, 2012 at 10:26 AM

around 3 or 4 years old.

by Nikki on Aug. 27, 2012 at 10:53 AM

We have a little bit,he is 3.

by Suzie on Aug. 27, 2012 at 1:01 PM

Since they were very young 

by on Aug. 27, 2012 at 5:13 PM

we started as soon as he was able to understand a little when he was three 

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