My boys are wanters. They see toys, snacks, movies, clothes — you name it, they want it. The same could probably be said for my husband, only the toys he wants are on a grander scale, and much more expensive. But, seeing as how the kids want anything and everything that’s put in their line of sight, it’s becoming truly hard to satisfy them. They’re always thinking about what they’re getting next.
Thus, we’ve been trying to get them to understand the difference between wanting what’s placed right in front of you (as TV advertising is all too good at), and really wanting something, and therefore, working and saving for it.
The boys now have their own wallets, and are at the point where they know that having money is good (because they can buy more toys with it), but are far from appreciating it, or managing it well.
To help them out, we’ve started giving them an allowance to not only teach them the value of money, but more importantly, how to handle it.
When I asked my youngest son how many quarters were in a dollar, he answered, “Just one.”
“So one quarter equals one dollar?” I asked, hoping he would catch on.
“Yes, that’s correct,” he said with confidence.
OK, so we have a long way to go, but at least it’s a start.
The boys now have an allowance of $3 a week — three single bills, for three different jars — each boy has a save, spend and give jar. (I don’t quite know where the bank thought I was going when I went in and asked for $60 in one dollar bills.)
My husband came up with the jar concept, because he wants to instill in our kids the value of money management. He said when he first started making money, he didn’t understand the importance of saving and giving, and he wants to start our kids out right away with this in mind.
The savings jars are going to be built up over time; the give jars are for them to donate to church, or a cause or charity of their choice (when they are old enough to pick one); and the spend jars are for them to build up a little bit, so they can figure out what they really want to spend their hard-earned money on.
We’ve told the boys, you can go out and make (or even sometimes win) all the money in the world, but without the ability to manage that money, you won’t go far.
By human nature, we all want the biggest and best we can afford. It’s easy to forget about the money you will need to save for updates and/or repairs for the things you buy. So no matter how much money you make in life, you can’t underestimate the value of saving. So why not begin today?
As parents, it’s our responsibility to set our kids up for success.
We hope by teaching our boys what we’ve had to learn the hard way, they’ll come out better for it in the end. Hopefully these are principles they’ll come to understand in time.
But the jars serve as more to me than just a money management tool; they also represent goals and the future of my kids.
There are many important things I hope my boys can learn from me. Concerning the matter of money, what I can pull out of my piggy bank is, spend for the things you need (first) and want; save for the things you want, but can’t yet have; and give to the things that are near and dear to your heart, and matter most.
