Teach Kids About Money: My wife and I have been on and off the Dave Ramsey bandwagon for 5 years now. The Dave Ramsey Baby Steps have really changed how we manage our money. (Be on the lookout for my Dave Ramsey post in the near future!) The way you manage your money will be the financial foundation for your kids. Believe it or not, your kids are watching you and how you manage your money. Talk about the credit card? Use the credit card? Your kids will believe that credit cards are good and OK to use. Use coupons? Always looking for a bargain. Your kids will learn how to be thrifty as well.
A few years ago, I implemented savings jars for my daughters. I bought some mason jars from Amazon, cut a small opening in the lids for the coin slot, found some “girly” labels from Pinterest, and before you know it, we had our own Give Save Spend jars.
Teach Kids About Money: Brainwashed
I’ll be honest with you. This, in theory, is great, but as kids are brainwashed about money these days, my girls literally want to spend the money as soon as they get it. There are times where its really a fight to get them to save. BUT to their credit, they love giving. We have taken their give money to the Salvation Army at Christmas, the local needy Baby and Mommy support group. I’m really proud of them for love to give. But saving… it’s a struggle. They are 13 and 10 and they really love to shop and spend spend spend. While some parents really push a certain percentage goes into each category; I’m happy with whatever the money goes into the savings jar.
I give credit where credit is due, threelittlemonkeystudios.com has a great write up on the jar concept along with the labels I used.
How have you taught your kids about saving and giving? Any tips?