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Kids and Money: Spend, Save, Share

June 30, 2009 by Kimberly Danger Leave a Comment

kids and allowance

 

Kids and Money:  Spend, Save, Share

For kids old enough for an allowance, dividing their money three ways is a method that enforces the value of saving and sharing, as well as the fun of spending. We’ve been using this method for many years, ever since our oldest child turned five (more here on how we determine allowance amount). We now use it with both kids. We divide not only their allowance money, but all money the receive in three jars, each with a different purpose. Here’s how it works:

1. The Spending Jar – This is the money they get to spend, no questions asked. Sometimes they make poor judgments, but they’re learning from their mistakes. As a parent, you need to bite your tongue and look the other way when you see them spending in ways you don’t agree with. It’s the best way for them to learn, and it’s better to learn those lessons now than when they’re out on their own.

2. The Saving Jar – This money is off-limits for spending and gets put in a savings account set up in the child’s name. This helps drive home the importance of automatic savings. It also helps get them involved with banking at an early age. Plus, kids love getting their statements in the mail and seeing their money grow.

3. The Sharing Jar – This is the money used for church offering, to purchase a gift for Santa anonymous at Christmas time, and to donate to school fundraisers that come up. It helps emphasize the importance of giving to those less fortunate.

Related Allowance Discussions:

  • How do you handle allowances?
  • Chores charts and allowances
  • Kids and allowances
  • Kids and money
  • Money talk and how to influence your kids
  • What do you want your kids to know about money?
  • Ways for Kids to Earn Money
  • What Can You Teach Your Toddler About Money?
  • Are Your Children Frugal?
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Filed Under: Parenting, Money Tagged With: kids, budgeting, money

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About Mommysavers

Kimberly Danger established Mommysavers.com in March 2000 as a way to channel her creative energy while raising her kids. Initially an online discussion board, the website evolved into a comprehensive platform offering money-saving tips, deals and budget-friendly recipes and tips for frugal moms. Read More…

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