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jes_eli_0710
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Yesterday at 8:37 PM
Posted by on Oct. 6, 2013 at 7:27 PM
  • 3 Replies

How can I teach my dd about money? 

I want to get her started on learning to use money the correct way. Maybe start up Saving & Spending Piggy Banks. I also want to teach her about giving and donating, for example donating to a fund and giving to our church.

How do you teach your kid(s) how to handle their money?

Queen Jessica ...
Proud Mommy to Princess Jes'Marie 1.29.07  &  Prince Elijah 9.17.10

... Momma's Lil Angel 11.27.09 (msc. 6wks) ....


by on Oct. 6, 2013 at 7:27 PM
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Replies (1-3):
gmadiane
by on Oct. 7, 2013 at 12:09 PM
1 mom liked this

a piggy bank is a great idea and church I think is a great place to start teaching donations

MissyB1011
by Member on Oct. 7, 2013 at 5:09 PM
Both my kids received several piggy banks when they were born. We started slow with change. When the banks were getting full, we would roll the change. Some was taken to the bank and changed to bills. That is what they use to spend on vacation. Some is put in the offering plate at church. That is to say thanks to God for giving me money. Some goes to the bank to savings accounts.

They do have a separate box for ice cream money. My FIL gives the kids 4 quarters each every time he sees them. They put it in the box and use it to get ice cream.
ivf_blessed
by Bronze Member on Oct. 15, 2013 at 10:31 PM
1 mom liked this

I follow a jar system and track it (for free) on threejars.com.

I have to combine the save jars into one on the website but it all works out.

My kids split all money they receive or earn as follows:

10% Share (they choose who to donate this money to each month)

30% Spend (they are free to spend this on anything they want)

30% Save 1 (they pick something they want to save to buy i.e., my DD saves for an American Girl Doll each year)

30% Save 2 (they deposit this amount into their bank account each month)

Since we started doing this, I have really seen a difference in their attitude towards things.  For example, they know not to ask me for anything in a store - if they WANT something, they have to have the money in their spend jar to buy it OR they need to plan to save for it.  I have also seen their bank savings accounts really grow as well.

It's never too early to teach your kids about money!  Good luck!

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