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Monday, November 15, 2010

Mondays with Nonnie: Money Matters

"Feed a man a fish, feed him for a day. Teach him how to fish, feed
him for a lifetime." I don't know anything about fishing but I do
know that this quote about sums it up when teaching kids the
importance of money. Teach them how to be good stewards of their
money at a young age and then hopefully it will keep 'em off your
doorstep in your old age.

My mom started "Money Matters" with us eight kids back when I was a
kid and I've carried it on into our family for the past four years,
making adjustments here and there. On the first Saturday of the month
we sit down with each kid on an individual basis and go through their
"bank books" and responsibilities in the home. Each child is paid the
amount of their age, ie Warren $9, Sterling $7, etc. Then we set
aside in envelopes money for savings, religious mission, college, and
tithing. The remainder goes into their little kitty to spend on what
they please which ranges from the ice cream truck to paying one's
sibling to do one's chores for them. We've found that this, if done
consistently, can be their own teacher so to speak. My oldest learned
that he has within his power to buy anything he wants and not simply
hold out for Santa to come through for him. He wanted a DSi and saved
up enough money to get one. My second son learned the hard lesson of
borrowing when he only had $24 dollars and needed $13 more for a
control airplane that he "had" to have right then and there. Every
month we slowly chipped away at that IOU (with interest) and he said,
after several months, "but my plane is broken and I still have to pay
for it?" His IOU lasted longer than his airplane. Finally, my
daughter has learned the power behind holding on to her money...her
brothers think she is the richest person on the planet, sorry Warren
Buffet, Morgan King may one day bump you from the top! By the way we
sweeten the deal with a package of M & Ms for "Money Matters" at the
end of each session. Have fun teaching your kids how to "fish"! :)



Crafts for Moms LIke Me said...

I do something very similar with my girls. At the moment Madison and Jordyn have saved for Great Wolf Lodge, and they are so proud of it. I am proud of them to. They set the goal and went for it. I have been amazed as the ice cream man drives by and they ignore it and that on shopping trips with me they don't bring their money or even ask for things that are not on the list of needs.

Jen said...

Nonnie, I am stealing yet ANOTHER one of your ideas!! So... where can I get the banker boxes? You are the best! I feel so blessed to know you :) XO, Jen E.

Candy said...

I love this idea. I've being wanting to start something similar with my kiddos and was trying to get it together, and you come through just on time. Your the best!!

Tami said...

I love your bank boxes. We pay our kids each week depending on the chores they do and don't do. If mommy has to do the chore for them, then they have to pay mommy. :-) Leaving clothes on the floor when mom does laundry costs a quarter. Didn't do you dishes, mom gladly does them for 50 cents and so forth. We put it on a spread sheet and keep it in the bank. Then, when they want something, they know how much they have. Tyler asked all the kids to join him and save up for a trip to disney world. Unfortunately the big kids informed him it would cost about 1000 dollars and that would take forever to earn. We have similar funds, savings (for mission or college), tithing, and personal.

Nonnie said...

I'm still waiting on the day they stop chasing down the ice cream truck..he's like the Pied Piper for children around these parts! Good Job to Madison and Jordyn for paying their own way to Great Wolf Lodge! And Great Job Mom for teaching them that they can! We're going in Dec and I wish I would have thought of that!! Jen, Did you see on Facebook> I bought the bank boxes at Office Depot along with the bank books. I bought stickers they chose at the Dollar store so they could add their own personal touch. Candy, Thanks! I hope this helps! Have Fun!!

Nonnie said...

Tami, That is Awesome!! I could really 'cash in' on that idea! We're going to take Warren this Summer to open an "official" account. They have benefited from it being tangible but I think he's ready for the next level:)! I'll have to come over and see how you guys do it! Thank you!

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