In the past I found their currency was games, apps and lollies but that is not going to work long term.
In 2015 I'm starting them on a savings plan using increments - I think 25c will be easier on my pocket and great maths for 8yr olds. The idea is to encourage them to save all year. Then I'll let them spend half and bank the rest...
25c = $344.50
50c = $689
$1 = 1378
One of the many 'tricky' decisions I've had to make as a parent is letting my kids write wish lists if I know that it might create disappointment because the
It feels mean to build up false hopes, so I do try to steer them in the right direction.
Sam and Joel just toe the line between cute and cheeky at the moment when asked to help clean up ! They love to help with some jobs not so other family chores. I don't think they should be paid for cleaning their rooms and that is one sticking point in my plan. They have to keep rooms clean.
Also, the number one reason I yell at my boys - would be for not tidily returning things to their proper PLACE when not in use. Then the pressure starts rising as they ignore me because of the TV or iThings.
Hopefully, there will be less of that.
This saving plan works for anything. Perfect - if the whole family needs an easy way to save an extra $1,378 in the 'bank' for Christmas 2015 or a summer holiday ? Or start an emergency fund.
If you decide to participate in the money saving's fun with us -let me know how you go. I'll post monthly updates.
Live as you live it has created templates in a range of increments in PDF - so easy to print out and paste them onto a jar!
Now I just need to to find two identical jars !
What is your child's currency ?
Have you used a savings plan that worked for you ?