I never had an allowance growing up. My parents talked to me about saving and giving, but I never had a set amount of money each week so I never had to make any real decisions about it. My husband and I have been talking lately about what approach we want to take with our boys. We have been fortunate to be able to do a lot for our kids. We want to make sure they understand that all of that fun costs money and that not everyone else is so lucky.
Both boys made a decision to send some of their piggy bank money to Haiti and that made me proud, but it was a one-time deal and I am not sure they feel very invested in the cause. They know they were helping, but I’d like to see them do more than donate their old toys and books on a regular basis.
We have settled on the idea of money jars. Each boy will have three of them:
- Share
- Save
- Spend Smart
I can’t take full credit for the idea. My husband did some online research and came across the concept. The real challenge is now sitting the boys down to explain the meaning of each one. We also need to determine how and when they will earn money to put in the jars. They already so some minor chores around the house (garbage night, clear the table…the usual suspects). Our goal now is to work on adding new ways to earn and helping them make good choices with birthday or holiday money they receive as well.
Having this talk now with them and making sure they are smart about their money should help down the road when it comes time for cars and college…..at least that is our great hope!
What are your ideas for teaching tweens about money?
