Teach your child how to save…using a little bit of “Elbow Grease”?
Teach your kids to save money for future purchases with this idea!
Like most parents, you probably hear “Mom, I want a new Lego set” or, “Dad, can I have money to buy a new video game?” Daily, right? Instead of being nickeled and dimed by the kids wants, why not try the following chore idea? Your kids will learn the value of saving money for a purchase and you will get some extra help around the house! It’s a win-win! (**Note: Your child may already have chores assigned to them so they can contribute to the household (making his/her bed, cleaning up after dinner, etc.) or already earning an allowance for chores (mowing the lawn, vacuuming, etc.) This idea does not replace what you already have set for rules in your house, but to encourage your child to save money for future purchases and get extra help around the house.)
Here’s what you will need:
A package of 3/5 index cards
A large mailing envelope (9×12 with clasp) – Write “Money Makers” on the envelope
Large paper clip
On each index card, write the name of a chore that you need to be done (dusting, laundry etc.), or things you would love to accomplish yet, never have time to do (cleaning/organizing cabinets, dusting all the baseboards, etc.) and assign a price to each. Some easy projects may only earn .75 cents, some may pay as much as $5.00. It really depends on what you can afford to pay and how much YOU don’t want to do the chore – haha! On each card, write clear, step by step instructions on how to complete each task. This will avoid frustration if the little tyke doesn’t do the job how you want it done. Here’s a simple example:
Clean Living Room Windows and Door
1 – Lightly spray Windex on glass
2 – Wipe window with 1 paper towel until cleaner has disappeared and no streaks are visible
3 – Return Windex and paper towels to cabinet
Place the chore index cards in the envelope and post on the refrigerator. If the child wants to earn some extra money, have them pick a card and complete the chore. Once the child completes the task, have them put the date on the back of the card and their name. They can paperclip the completed tasks to the outside of the envelope. You can review the job he/she did, and pay the child nightly or weekly, whatever you set as a rule. Most importantly, open a savings account for your child and encourage them to make regular deposits!
At New Dimensions Federal Credit Union, we have the Monty Moose Account for young children and the Take Charge Account for older kids. Check out the perks of each here!