Thrifty Kids

One of my “pet” topics is how to get our kids excited about thrift. If your kids receive a weekly allowance for small chores, that’s great…If not, that’s the first step…and it has to be tied to a “job” (age appropriate of course.) For the 5-7 year old, perhaps collecting the empty bottles & cans (those having a 5 cent deposit) to be returned to the store; put all toys /games where they belong; clean up the family room (any coins they find in the sofa cushions could be theirs to keep) For 8-10 year olds, household chores…dust, vacuum; sweep, trash removal, feed the pet….you get the picture. Most of all; they have to earn it…no-workee….no-money; none, zero.

Now watch out, things may start out well, but soon someone is going to give up…“It’s not worth it”. Stick to your guns; but now, sweeten the pot. In my home this was called the “At Home 401k Plan”. We offered to match dollars, saved by our child, on a monthly basis; for example, $ for $ for the first 5 dollars then 50 cents per $ for the next 5 dollars saved. Total contribution from the parent is $7.50 and the child $10 (of course their allowance may have already come from you) Adjust as needed and remember this money is to be set aside (SAVED) until parent and child agree on spending. Furthermore, money gifts like Birthday, Graduation and X-mas can also be included (age appropriate, you don’t want to break the bank.)

It can become infectious; even a game. My youngest caught on very quickly. He would take on odds jobs; additional chores for additional money….even hold back money he received as gifts till the following month so as to maximize the matching funds. “ He skinned me good” but I couldn’t be more proud.

You know, it’s our job to keep our kids healthy…but every kid should catch this “ bug”. So let them play with others already “infected” …. They’ll develop antibodies that will keep them “financially” healthy for life They will have learned a valuable lesson (Thrift) and never even know it!

….Cents maker