Monday, July 28, 2008

Kids + Money = Teaching Moment

We have been trying decide how to teach our kids about the value of money for a while now. I have read so many different ideas and talked to other moms about what they do and I just couldn't find anything that worked well for us. I really liked the idea of having jars to divide the money into 4 categories (tithe, save, others, spend). The downside is having 4 jars x 4 kids is just too much stuff and takes up way too much room.

So, we were talking through this again the other day and my husband came up with a brilliant idea! He suggested that we use folders and zipper pockets for each kid to divide up their money. All money that they earn would be divided evenly between the 4 pockets. The only pocket they can choose to put less money in is the "spend" pocket. This is definitely translating into building the character of putting others first. I am very excited about the teaching opportunities this is going to bring.

Well, I already had 20 1" binders from the back to school sale at Staples a couple weeks ago. Then, Jess told me that Target had those zipper pouches for $.69/each. So, we got the pouches and put the folders together last night. Here is what they look like:
Tithe is the first pocket
(I want them to learn that is the first thing we do with any money we earn)

Save is the second pocket
(this is for long term - once they get $10 in this pocket, I will deposit it into their bank savings account)
Others is #3
(this is for buying birthday presents and things like that)
Spend is last
(again, I want them to focus on what they get last)
This is my favorite part. I love how compactly they are put away.
So far, my oldest 2 earn money from their grandpa by cleaning his paint brushes and helping clean their house. So, Sydney and Jordan don't really have any money to speak of. I guess the question now is, "Do we start allowance?" and "How?". I feel another brilliant idea from my husband coming :)


Kelly said...

I am loving this idea!! Let me know how it works! Right now, I am trying to talk mine through the process of saving money and not using "their" money right away!

Jen said...

Here is an idea for tying this in with your lessons on money: You could have your older kiddos keep a check register to monitor their money. It is a great way to practice adding & subtracting money. It would also be neat for them to look back years later and see how they have managed their money.

Andrea said...



Cassie - Homeschooling Four said...


That is a great idea! I actually was talking about that exact idea last night. I think I am going to do that with the older 2. Thanks.


Anonymous said...

Yes I have been LOVING these great sales that all of the office supply stores are having. I have spent around $50 so far, but I have an entire closet full of office supplies for my classroom. That amount includes the stuff I bought for my kids school supplies.

Great way to utilize what you already had in the house!


Tammy said...

That's a great idea! My daughter is 14 and she's really good at saving her money, but it wasn't always like that.

Lisa said...

Great idea! I have been working on our school preparations all day today. Can you say tired!

Lisa Q

Hadias said...

What a coincidence. I jus posted on the very same topic. We have a very similar method as well. Where they store thier money is not as important as how they steward their money. What a great post. Here is a link to mine which include pictures of some cool piggy banks.

Carrie Thompson said...

I really like that. I too have trouble coming up with something that works for us, I've bought or "tried" a bunch of methods! this looks great. i also love the "others" section. I have never seen that before! It is a really good addition to how we have our kids divid their money. I know one person who had spending and neccesasities as different sections. I thought that was neat too.
Thanks for sharing!

Carrie Thompson said...
This comment has been removed by the author.
Anonymous said...

I love the folders!! I have jars for Addison, but haven't done anything for Bryce yet. The folders definitely take up less room! We need to open up the checking account next! Christie

Amy said...

I showed my boys this blog last night and asked if they wanted to do something like this with thier allowance.
They recieve weekly allowance in the amount of thier age.
Darius "the saver" said he want to start with two section - "the god one" and the save
Aj "the spender" picked two because his brother did - "the god one and the spend.

I guess my kids dont care much about others (or they know I will pay for this )
I'm proud they both chose "the god one" though!