He doesn’t get an allowance yet. (We started his older brother on an allowance at 1st grade). We don’t pay for household chores. My thought is no-one pays me to make dinner, why should I pay them to put away their laundry and get the table set before dinner? Household chores are just part of being a family! So at this point in the game if he has money in his wallet it isn’t from Mom.
Stepping up the plate is Grandma. You have to love Grandmas! Especially the ones my boys have. Twice a week my mother-in-law watches the boys so that I can have full days of uninterrupted work. Well once in awhile the boys come home with a bit of mullah for helping Grandma; whether it is from crushing cans, picking up pinecones in the yard, or organizing the corner cabinets that she has a harder time getting to. The coins and bills go right into their wallet and is saved for a rainy day.
Today was that rainy day! [Despite the very sunny, HOT, weather outside. :)] *C* had $5! At 5 years old he thought he was king of the store! We looked at the Pokémon cards. We talked about what he could afford. His brother had enough to get a larger set and was opting to spend money on them. *C* hemmed and hawed over it, as he had enough for a small single pack. He wasn’t sure if that was what he wanted. Then he saw them: Big Bouncy Balls! $2.67. He had enough; he was going for it! He bounced that ball all the way to the cashier.
This ball is better then any ball he has ever owned! Why? Because he bought it. He saved his money. He got to pick how to spend his hard earned dollars. And best of all he still has some money left in his wallet, and he knows it!
Learning to save and learning to manage your money is difficult. I am (ahem) over 35 and still learning to manage money. Every day seems to carry a new lesson. But I think starting to learn young is the way to go. He worked hard (by his definition) for that ball! When we work to save up for something, pay cash (in other words, not putting purchases on the credit card that we can’t afford to pay off), it makes the purchase that much more meaningful!
A great list of additional resources on “Money Management” can be found on MilitaryAvenue.com: MilitaryAvenue.com Resources: Money & The Military. Start saving today and maybe your next purchase will bring you as much delight as a Big Red Bouncy Ball!