Smart Money, Smart Kids

In my last post, I talked a little bit about this book. It is one of my very favorites. I am going to share two concepts from this book. 

1. A chore Chart

I have small kids at home, so a chore chart isn't something I thought about to much. When I read that kids need to start learning about money between ages 3-4, I realized this applies to my family. I quickly turned to Pinterest for any ideas for a chore chart that included money. I couldn't find any that I liked or that would work for what I wanted. So I made my own.  I took from various ones to make up my own, custom made it for both my kids and laminated it. 

Kids earn a COMMISSION for the work they do not an ALLOWANCE! That is awesome. They do the work, they get the money. I found that a quarter can get my 3 year old to do what she is supposed to. Pick up toys, make her bed, put clothes away, etc. I pay her the quarter right away and she puts it in her jar. If she does a bigger job for me I pay her more. For example, she helped me and her dad clean out the garage. For her help, I paid her a dollar. Her face lit up when I handed it to her. She danced all the way to her jar. Which leads me to part 2.

2. The Jar

In Smart Money, Smart Kids they talk about an envelope system. One envelope for savings, one for spending and one for giving. For a 3 year old it is giving and spending. As they get older it changes. In our house we focus on putting it in a jar. 

I took her to the toy store, with some guidance, I had her pick out a toy. I taught her that everything has a price tag and costs money. She picked out a toy that is less than ten dollars. I took her picture with the toy of her choosing and put the picture next to her chore chart. She is reminded of what she is working towards. Her Jar is right next to the fridge with her name on it. Of course, little brother has to be apart of the action as well. Since he just turned 2, he loves putting nickels in his jar. 

I found that because of this money system in our house, I am not stressed out to get the kids do what they should be doing, and things are running much smoothly in our house. Both Colt and I there to help them do their chores but together we accomplish the goal.

Where to find Smart Money, Smart Kids click here.

Want the envelope system click here. 

*Not sponsored by products shown. Strictly giving my personal opinions.