Teaching kids about spending vs. savings
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.