While in Orlando this week, our kids had a chance to turn their loose change into dollars that they were saving for vacation. They each had $22. They gave us $2 for tithes (priority in our home), then handed us $5 to save in their bank account. So they each had $15 to spend however they wanted.
Deyshaun (13 and a super saver) chose not to spend his so he could buy a particular pair of sneakers later.
Jada (10 and ready to spend lol) within 10 minutes purchased a nerf gun. She was left with $2 and was upset she couldn’t purchase her Disney shirt.
Kayla (7 and impulsive) in 30 minutes purchased a bracelet and hand sanitizer for $15. She handed the cashier her money and realized that she wasn’t getting any money back and began crying and wanted to return the items. 😩😂
We wanted to teach them that it’s important to work within your budget. The most effective way to teach kids to start managing money is to give them some. If they quickly spend their earned money on a new Bracelet or sanitizer and don’t have enough left for a shirt they really want, that’s actually a good thing. They learn the importance of delayed gratification and budgeting for what’s important.