Money, Money, Money

The time has come for Thumper to make his own money cans.  At our house we do the 10/50/40 plan for the money that comes in.

10% Tithing (a church donation learn more HERE)

50% Savings (This is put away into a bank to pay for college or a mission down the road)

40% Spending (A chance for the munchkins to learn about money and budgeting)

Thumper has had a piggy bank for awhile.  He however has reached the age where he realizes his siblings have something MORE.

The time had come to create his own money cans.

Supplies:moneycans2

  • Old canisters (baking Soda, baby food etc)
  • A few pieces of scrapbook paper
  • Double sided adhesive
  • stickers

Instructions:

1.  Measure canisters and cut paper accordingly

2.  Place tape on each edge of backside of paper (Thumper LOVED getting to slide his finger down the tape to help it stick!)

moneycans3

3.  Apply paper to cans.

moneycans4

4.  Add stickers labeling what the jars are for.

moneycans

5.  START saving those pennies!

For my older munchkins I recently introduced this Register as a way for them to keep track of their money.  A skill I think will be important down the road.  This is the system we came up with:

money

Here is what it might look like filled in:

Check Registers_practice

If anyone happens to be interested in a copy of our register I am happy to send the pdf just leave me a comment.

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This entry was posted in Crafts, Educational, FHE, Kids, Traditions. Bookmark the permalink.

2 Responses to Money, Money, Money

  1. Sarah says:

    How do you deal with spending money? Do they have to wait until a certain time to spend it? Are they able to spend it on whatever they want to or do you have to approve what they want to buy?

    • Fantastic questions! I had to do some thinking. We don’t currently have hard fast rules. In general I discourage buying food or disposable items however I wouldn’t say they can’t. I don’t have to approve what they want to spend their money on. At allowance time the discussion general turns to what could they do with their money. At that point we discuss things they are interested in and they usually set goals for what they want to save up for. Then when we are at stores and they want something it is easy for me to say for example “Do you want the dollar store item more than your bike bell?” So far they have always chosen to stick with their goals with the exception of the school book fairs. 😉

      Another thing we point out is upcoming vacations we have planned because they use their money to purchase souvenirs on the trips. We try to encourage forward planning in the way they spend the money but they are able to spend how they want.

      As to when they spend it. If we know how much they have in spending for certain and they see something they want I will get it at the store and they pay me back. If we aren’t sure on how much money they have then we go home and check and then wait until the next time we are at that store to make their purchase. If they have saved for it then we plan a time to take them shopping so they can pay at the store themselves.

      How do you guys handle spending money?

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