Thursday, May 6
Our Little Banker: Frannie's Moonjar Moneybox
At first I thought the easiest route was to teach her to divide by three, so I gave her three of the same coins at a time, and she distributed them equally. I have to be honest, though: in real life, my charitable donations, while existent, do not equal my savings. And they certainly do not come close to the amount I need (choose?) to spend each month. I'm thinking of giving her an allowance of $1.50 - the loonie for spending, and the quarters for the "save" and "share" compartments.
Check out Moonjar's website for more information on their products or for great ideas about teaching money-sense to your children. They also have great classroom programs, which I will be exploring in the future as well.
Frannie certainly recognizes the importance of money. We donate to our church each week, and Frannie loves to drop the envelope in the basket as it goes by, but we never realized that she was unaware of the contents of the envelope. That is, until one week we forgot the envelope and just got her to deposit the cash in the basket. As soon as the collector was past the pew, she shouted "Hey! I want my money back!" I guess we need to work on the "share" thing.
So, what's your stand on allowances? My brother and I always got a standard, no-questions-asked amount of money, dependent on our ages, and we were expected to make all of our own non-essential purchases. As I got older, I earned additional money by doing extra housework or bigger jobs, but the basic allowance was not related to our daily chores, which were just expected of all family members.
And how much is the right amount? Some of you might think giving a four year-old an allowance is ridiculous, but she is still at the phase where she asks for something in every store we visit, (even though I use the standard "Put it on your Christmas/birthday list" line, and have absolutely never given in and purchased anything more expensive than a bag of cheesies.) I think having some of her own money to spend would be good for her, and I love the share/save components of her moneybox as well.