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Had to share this ...

July 2nd, 2010 at 07:30 am

my kids are holding their own monetary literacy conference right now.

Two years ago my parents purchased something called the "Cash Cache" which is a handy-dandy self-contained money guide. It comes with a guidebook talking about giving every cent in a dollar a job: donate, invest, save, spend. It comes with worksheets (some more advanced for older kids), etc.
There are zippered compartments for putting your money in, and a handy dandy combination lock so your money is safe.

I've had to impovise for the youngest ones, who are quite happy to have copies of the checkbook ledger.

The girls are reading the book out loud to the boys, talking about goals and things.

My kids never have access to large amounts of money - $10 a month. I do lend the girls money on some purchases that go over what I want to spend, and they're good about paying it back.

The donation/charity event of the month is they are going to pool their funds at the end of the month and then shop for pet food for the Humane Society. They asked for me to keep my eyes open for coupons.

I might actually be doing something right (and the grandparents giving appropriate gifts, i.e. Cash Cache) in raising financially responsible kids who will value the dollar.

Happy dance.

3 Responses to “Had to share this ...”

  1. rob62521 Says:

    That is so cool! You are raising financially responsible kids who will value the dollar and understand finance! Way to go!

  2. Ima saver Says:

    That is so great the way you are teaching them!! Proud of you!!

  3. whitestripe Says:

    That's really awesome. My dad tried that with me, he set up a bank account and would give me all his change. i had to count it first, and then write down the things i wanted to do with the money (i had to have a long term and short term goal as well as personal spending money).
    but unfortunately this only happened when i was living with my dad, which was only about 8 weeks out of a year. then my mum would take all the money out of my bank to use for groceries, because she is not what you would call a good money manager... Frown eh. i think i'm doing alright now. my dad says i have surpassed him in terms of financial knowledge and i now teach him things Big Grin of course, my mum still has no idea. you win some, you lose some...

    i think a balanced approach is best, and it seems like that is what you are doing. and consistency! two main elements that work with just about EVERYTHING in life, methinks. all in all, i think you're doing great and definately getting your children off to a good start.

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