Saturday, July 9, 2016

Budgeting Project: Teaching My Son About Money

Yup, at 2 1/2 years old I'm starting to teach my son about money. If you've been following my blog, I have been working the Dave Ramsey plan in my Budgeting Project. I'll be adding a "Kid" component to my blog.

Every since I was laid off in March, I've been pretty dedicated to getting out of debt. Not only that, but making sure I teach my kids about money. I don't want my kids to ever be in a position where they're drowning in debt like me. I want to teach them a way to manage their money and provide tools to be successful when they're adults. What they do then, will be up to them!

I decided to read the Dave Ramsey/Rachel Cruze Smart Money, Smart Kids book. I've finished lesson #1 and decided to implement some of their suggestions for 3-5 year olds with my son. 

I picked out a few chores he could do to earn "commission": 
  1. Help feed the dog, water + food 
  2. Help fold hand towels 
  3. Help dust/clean 
  4. Help empty small trashcans 
I do want to add that my son does a lot of house chores that I consider "part of the family" chores and not something I'm ever planning on paying for: 
  • Putting clothes in hamper
  • Making his bed 
  • Cleaning up his toys 
  • Setting the table 
  • Putting his dishes in the dishwasher 
  • Putting his dishes and cups away (after washed) 
  • Putting his shoes away 
I bought a clear jar for him to put his money into, following the suggestions in the book. Made a big deal about him helping and presented him with a dollar each time. 


We went to Walmart and he picked out 2 cars that were $0.94 each. He even gave the cashier his money. 

Not sure if he's "getting" it, since it's just one day we've done this!  Will keep doing this and see how it goes. So far, I'm liking it and I think it'll teach him. It's more about me being intentional about it. 

Here's to trying to make positive changes to our family tree where money is concerned! 

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