spend, save, and give jars: managing money with kids

Money, money, money, mooooonnneyyy . . .

Money saving, money planning, money managing–I have to admit that I am only really good at money spending, but in these tough economic times–and with three young children–I’m trying to improve.

I am also now equipped with the determination to raise money-smart children, and this reminds me think before I buy, especially when I’m shopping with my little ones. However, when your children are the first grandchildren–and nieces and nephew–on both sides of the family, understanding money can be difficult.

A few years ago, I stumbled upon an article in one of my parenting magazines, and it was worth remembering. That’s where this Quick Trick originates.

Spend, Save, Give Jars: We picked up three jars each for Maddy and Owen–and then Cora after she was born–from Ikea, and they’ve been a part of their little lives ever since.

One jar is labeled give. . .

. . . one is labeled spend, and one is labeled save.

 

And that’s where the money in each jar goes–money for spending, money for saving, and money for giving to others. The article recommended to save 60%, spend 30%, and to give 10%, but our breakdown is loose at this point until they are older, can count money, and appreciate its worth.

What they do understand now is how good it feels to dump their “give” money into a bag and hand it to the Salvation Army volunteer at holiday time, put it in the donation box at church, or bring it to our relay team at Relay for Life.

They also have watched as I put their “save” money in the bank after birthdays or visits from Nanny and Pap or Grandma and Grandpa, and they love to grab a dollar or two from their “spend” jars and go for ice-cream a trip to the toy store.

It’s not perfect, and I’m sure there’s more we could–and should–be doing, but it’s a start. And it’s pretty cool to hear Maddy or Owen yell, Hey! A penny (even if it’s a quarter or a nickel)!! I have to put it in my save jar!!

Check out a few other posts that may help you develop strong and healthy habits for your family:

• wait time
• my day, your day
• frozen peas
• kids who rock the kitchen
• kids who rock the laundry
• rest time
• gem jars
• arm circles
• noticing kids
• homework routine