Teach Your Kids the Value of Earning and Saving Money

Teaching our children strong values and life skills are the best things we can so to set them up for life success. Lately we have been playing a great game with our kids that teaches them about money and the value of earning and saving.

Background – My almost 5 year old daughter wants to buy “stuff” and lots of it. Always. Anytime we are at a store she wants toys and trinkets she can bring home. We usually say no but we found a way she can have what she wants, if she wants it bad enough to work for it.

This is where the game comes in. The idea came from a Cameron Herold TEDx presentation earlier this year.
Here’s how it works.

My daughter looks for jobs to do around the house which my wife and I pay her to do. Depending on how well she does the job, we decide how much we will pay her – usually $0.50 or $1 for a big job. Half of the money must go to her savings piggy bank (we are opening a bank retirement savings account for her this month so she gets a head start on tax shelters) and half goes to her spending bank which she can use any way she likes.

This has been a lot of fun since my daughter looks for jobs to do and works hard to do them well. She loves getting paid and saving and she is empowered because she can elect to buy things if she wants. Sometimes she even competes to do chores with her younger sister so as not to miss out on payments. I am liking this a lot.

She can’t count money yet, so I expect it to get even more fun when she can and starts negotiating price in advance!

My other daughter who is 3 years old is paying attention too. She asked for a piggy bank so she could earn as well.

This is snowballing beyond my imagination. My dream is for my wife and I to never have to do any chores again. Kidding.

This is seriously fun to watch and a great way to teach your kids critical values.

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