My oldest son is 4YO and we’re at the stage in our lives and his that we feel I needs to start earning his money. We want him to understand that money isn’t free; it’s a trade! I’ll pay you for your time and labor if you complete the task. Money isn’t free so we don’t believe in just giving kids money; they have to earn it. My husband and I don’t get free money, every penny is earned.
As parents where do we begin? Our first thought was a responsibility chart. We made one on the back of our art easel on the dry erase board, but we were having problems since everything can be erased so easily – good for the end of the week when it’s payment time, but not good for mid-week when we’re trying to keep track.
During this time of wonder and questioning between me and my husband, I was approached by Prosperity 4 Kids to try out some of their products. Here’s what I got and what I think:
“It’s only a dollar … until you add to it!” The Prosperity 4 Kids Allowance Chart is GREAT TOOL!!! It has parenting money tips directly inside the cover. It opens like a calendar and really is a calendar of only one week; each day is split into morning and afternoon. In the back is a sheet of cling stickers with chores and/or reminders of the day’s duties. Then there are cling stickers of money from 5¢ through $5. There is also a dry erase marker for removable notes on pages. This is a much better product for readers (my 4YO is starting to memorize the works and phrases so he can read each day) as there aren’t any PECS (Picture Exchange Communication System) of the expected responsibilities. This will help your child realize their actions and work earn money; this is my FAVORITE element to this chart as each chore can have its earnings directly next to it; feed the dog and get a 25¢ next to that item. This product is for ages 4+ due to the chart being words only. At the end of the day (depending on the math skills of your child), they could total up what they’ve earned.
The Money Mama Smart Piggy Bank
Not just a cute little piggy bank. This mama has three little pigs to teach your child about spending, giving, investing, and saving. Once your child earns money from their allowance chart where will the money go? Help them understand their money and its power. Mama pig gets 70% while each pig is given 10%. For my 4YO we’ve been allowing him to choose what goes where and reading the Money Mama & The Three Little Pigs book is helping him understand the difficult concepts of spending on valuable things and not junk, giving is not buying something for your brother, and about investing and saving. Investing and saving are very still sticky for him as he can’t understand what’s happening to the money yet. I believe this bank will help my son understand better about dividing up his money and help him transfer this learning to his life. I think this is an “it’s hard to teach an old dog new tricks” bank; teach your young children and it’s a lifestyle but any later and it won’t be natural and possibly difficult.
This book is a partner for the Money Mama Smart Piggy Bank. Each pig is described and lets children know what their money can do. The illustration help children understand some concepts they might not get such as deforestation and animals no longer having a home. Money Mama & The Three Little Pigs isn’t a onetime read; this is repeat to learn fun “text” and winner of the iParenting Media Award. And if you don’t have the time to read it to your child today, then pop in the included CD so your child can enjoy the book solo. Both of my sons, 4YO and 23MO, like me to read the money book, and I’m glad they’re taking interested because managing money is one of the most important life skills.
If your children are older or younger than mine this is a great investment in their further as your child will love learning about and earning money.
I also think this is a great tool for continuing summertime math skills for children who have learned about money in school already. Allow your child to total up their daily and weekly earnings by converting change into higher denominations. Children can then divide their money into the 70/10/10/10 for spending, giving, investing, and saving.
Need more money help? Check out the Prosperity 4 Kids website. You can find tidbits on Lori Mackey’s (Owner/Founder/Mom) blog. Connect with Prosperity 4 Kids on Facebook] and Twitter @LoriMackey] too. You can also catch Lori Mackey and her financial tips on Money Mama. Prosperity 4 Kids can be reached via phone at 1-866-PIGGY-4-U.
Summer is the President of our Local MOMS Club chapter, she is the mother of two adorable active boys, and is always thinking of ways to help others. She is a friend, a wife, and always busy as all mommies are. She is very active on Facebook, addicted to Geocaching and very interested in organic and green living while cooking up a storm.