One thing I’ve always loved and wanted to implement with the kids was the idea of Spend, Save & Give Jars. My kiddos are at the age now where they may not want to do chores but they want money so they can buy more video game downloads for their iPad. And I am OK with that. Listening to the theme song for geometry dash on repeat is getting old. We need new games people but not at the expense of the “bank of mom and dad”.
But here the thing, we haven’t yet played the “allowance game” with our younger three and now that they are getting older this is a great opportunity for us to use own spend, save and give jars to teach them about money.
For starters, my kids need to be given an amount of money that is age- appropriate and that allows them to make real choices- and real mistakes- so they can feel how much it hurts. We want to use their allowance to teach them that when they work hard they are going to be rewarded because this will be true all their life. So how much allowance is enough?
“Average Allowances by Age. The averageAmerican family pays approximately 50 cents per week for each year of a child’s age. For example, a 10-year-old would get $5 per week. Another often-quoted allowance figure is $1 per week for each year of the child’s age, so an 8-year-old would receive $8 per week.” read more here
They will need to work hard so we are going to be referencing an chore chart and “price” out how much each job will earn them. Below is one of the better ones that I have seen. I’m sure you have seen it too!
Age-Appropriate Chores for Children (the chore chart that’s been all over Facebook and Pinterest) from The Flanders Family Website. This free printable is available in English, Spanish, and Italian.
Age Appropriate Chores for Kids (Image from The Happy Housewife)
If they don’t do the work then they won’t get the money!
The most important part is what we are going to do next. It is so important to teach them what to do with their money. We are going to start with very simple guidelines and create their own set of spend, save, give jars and use them as a visual teaching tool.
I whipped up these cute little labels that are big enough to fit nicely on the lid of a pint mason jars. I also added the “fine print” to remind them what they are doing this for.
Make your own spend, save & give jars
Since we are new at the “allowance game” we are still in the process of mapping out exactly how we are going to do this. I know that this won’t be perfect and I am sure we are going to find out real fast what works and what doesn’t.
Have you made a spend, save, give jar with your kids? Did you find that it helped them learn how to control their money instead of the other way around? I would love to hear about it in the comments below.
Besides a spend,save & give jar what techniques have you used?