June 7, 2013

All About the Dollar Bill$

Are your kids constantly asking "mom can I have this" when you walk into a store?  Well mine certainly does.  Even though I think I've done a pretty good job at showing him the value of things, nothing brings that life lesson home like being in control of your own cash.

Growing up one of seven children, we didn't receive an allowance.  It was understood that being a member of such a large household meant you would pull your weight and getting paid for it was simply out of the question!  I happen to agree with that philosophy.  I don't think children should be paid to be a productive member of their households.  So how do you teach them the all important money management skills?  You give them their own money -- an "allowance" -- to help them learn fiscal responsibility.  My son understands that the chores he is responsible for is his contribution to our home.  Making his bed, feeding his fish, clearing his plate, vacuuming his room are all important to help our house run smoothly but these things he is not paid for.  He receives money per month so he can learn how to use money wisely.

When I was trying to figure out a good way to do this, I went on an internet search and found Laurel at Ducks in a Row who was teaching this same life lesson to her three children.  I loved the register that she used so I totally stole it to use for my son.  Hold your horses folks...it's all about the dollar bills ya'll!

Used vinyl to label the jars

We visited a local church one Sunday and the children received these containers as part of the financial responsibility lesson.  What a God send...truly!

Cool quarter stickers to add to the top of each one

Each month he receives $1/how old he is {5 yrs = $5} The register will help him to keep track of the money he receives and the money he spends.

The register book

Simple register -- easy for young ones

The Rules -- because there have to be rules...lol!

Making entries

Counting his money {forgive the dog and the mess in the background..LOL}

This idea has been pure genius.  Since we began back in April, my son has cut down tremendously on asking for things because he knows if he wants something it must come from his own money.  He's learning to think before asking and has learned to decide on the value of an item before dropping his cash.  That to me sounds like a lesson learned!


Denise @ Go Cheap or Go Home said...

Allowance is a constant debate at my house. We also think it should not be expected, and you should not be paid to be a contributing member of the family, but yes, when it is their own money they will learn about spending! Going to share with my readers!

Little Blue's Room said...

Thanks for the share Denise! The decision to give him money was easy...the hard part was labeling it "allowance" because of the connotation that it is earned for chores. I'm glad that we did it, it has helped him tremendously.

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