Saving Money for Toys
All the wonderful toys and other goodies our kids want can only be gotten with money. At what age do we begin to give them the idea that things don’t just materialize whenever they want them?
In our house, we try to remind our three-year-old that everything takes money. Mom and Dad work hard so that we can have nice food to eat, a nice home to live in, and nice things to enjoy. I hope a little bit of the message is getting through.
As he grows older, I’ll try to keep in mind these tips on imparting fiscal responsibility to children:
- Don’t teach, just talk.
- Get them a piggybank - or a spending account.
- Give them a goal.
- Monitor their user of plastic.
- Have a “Family Money” night.
- Tone down the consumerism.
- Use extracurricular activities.
- Turn them into investors and donors.
- Make them work for it.
More details at MSNBC, March 15, 2006.
Technorati Tags: money, finances, kids, children
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POSTED IN: General Play Library Goodies
2 opinions for Saving Money for Toys
Deb
Mar 16, 2006 at 5:51 pm
One of the local banks has a program where a child can start a savings account using their ‘Scout Bucks’ (reward certificates for Boy Scout fundraising. one Scout Buck = $1 USD. things like selling popcorn, for ‘x’ amount of popcorn sold, the Scout gets ‘x’ # of Scout Bucks.)
It might be the same bank, I forget, that also has a kids’ stock market program where they can learn about and invest money. It’s been a while since I read the info flyer, but I believe they can put as little as $20 or $25 into their investment portfolio, low-risk type stuff.
“brain no work-y” sorry if this doesn’t make sense.!
Lei
Mar 16, 2006 at 5:58 pm
Deb: LOL Yes, it makes sense. Bank of America came to our jr. high to start saving accounts for the students. Then they’d have a branch opening at the school on a weekly basis where students could volunteer. It was a real sense of achievement to have our passbooks updated regularly.
I must admit to being fiscally unresponsible when my parents footed my bills in college. I spent but never saw the statements. Ashamed to think of that even now.
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