Thursday, February 23, 2012

{You CAN} Teach Your Child Thursdays: Money management for kids!

One goal that I had for our family this year was to get in place a concrete plan for teaching our children about using money wisely.
You would think that since we've been parents for 14 1/2 years now, this would have been set up long ago.
Not so.
The tsunami of life has been pretty overwhelming lately, and...well....we just hadn't made it a priority.
Not that it wasn't on my to do list.
I just hadn't come upon the best and most affordable way to do this for all 6 children.

Here are some of the ideas I had been looking at:



Click on any of the pictures above to get more information about each one.

What I liked about each of these tools is that there are compartments for the three major areas I want my children to think about when it comes to money management:

1.  Giving {tithing}
2.  Saving
3. Spending

I read this book several years ago, and loved the tips she shared on how to split up the use of your money.

Her suggestion was to use the "10-10-80 plan."
10% tithe
10% save
80% spend

It's such an easy little formula.
Take off 10% for tithe right off the top.
Stash 10% for savings.
Live off the other 80%.

This is particularly great for couples who are fortunate and smart enough to start out in their marriage with no debt.  If you find yourselves drowning in debt and using your credit card regularly to buy the bare essentials, then I really recommend you read this book!!


Dave Ramsey has a really unique and doable plan for getting out of debt.  I won't say it's easy because you have to learn to be committed to a plan and disciplined to stick with it.  I daresay the reason so many of us are in debt is because of a lack of discipline and plain gluttony, so it's hard to learn new habits and face the truth about your finances!!
But it's revolutionary when you follow his recommendations.
This book has taught us HOW we can live within one income without toting debt and credit cards and financial pressures.
It hasn't made us "rich" because we are trying hard to live within our means even when unexpected things happen......i.e. the tsunami of life!

Anyway, these resources have helped shaped my ideas of what and how I wanted to teach my children about learning to earn money, and then what the Bible says about how we should use it.

But then I was back to wondering HOW I was going to do this in a practical, visual, hands-on way that would be fun for our children.
I loved the ideas pictured above, but just couldn't afford 6 of each.
So I thought and thought, and then learned about Pinterest!
I found this idea right away, and remembered when we had made our own set similar to this with paper oatmeal containers, and smaller pringles cans.



But I only needed to make 2 back then.
SIX of those puppies sitting around takes up more room than I have.






Again, these are ALL lovely ideas, but that many jars {6 X 3= 18 !!}
sitting around is way too impractical in my tiny house.

So I went back to the drawing board and thought some more about it.....and here's what I came up with!










For my older girls {who are 14 and almost 12}, we made these envelopes to fit in their wallets.
The envelope system is wonderful, and I use these myself as well!!



For the tutorial on how we made these, click here!!

It has been pure JOY watching how excited my youngest ones are when on Sunday morning they get to open their little jar and take their money to church for Jesus!!  They are so careful not to lose it, and are really learning that that money is not meant for them to spend on themselves, but for giving.  This has been one of our best tools yet!!

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