My MIL gave both of my boys these cute piggy banks when they were born. Kenny loved his and, unfortunately, I broke it beyond repair a few months ago. Not even Super Glue could help the poor thing. Getting a replacement piggy bank at Nordstrom was on my to do list but before I got around to it, I read Nicole’s posts on her boys and allowance. You can read her post here, but the long and short of it is that her boys receive an allowance that equals half their age and the money that they receive is divided between spending, saving, donating and church. She even found this great piggy bank that seperates the money for you.
I’m not a huge fan of allowances for young kids b/c I’m one of those people who believes that they need to help out simply because they’re part of a family. But, I really like the way that with this system, kids not only learn to save their money but also to use their money to help others by donating it. I think that’s a great lesson for kids to learn. You know, we donate toys and needed items around Christmas time and give food to the needy children every week at our church but besides that, we’re kind of slacking.
Eric and I discussed it and decided we’d give it a try. We talked to Kenny beforehand and explained how it would work. In exchange for him doing all of his jobs (making his bed, cleaning up, feeding Mac and helping out when we asked him to) we would give him $2 per week. The $2 that he received would then be split up 3 ways between savings, spending and donating. We also went over the fact that it will take him a long time to save up money for him to spend so he would have to be patient. And he alone would decide where his donated money would go.
Kenny happily agreed so I went on-line and ordered the piggy bank, which arrived today. Kenny had a blast dividing up the change that was sitting in his drawer between the 3 categories (we’re not using the invest part of the piggy bank at this time).
I think Kenny’s really excited about it now and I’m hoping that excitement lasts. Even more so, I hope that he learns that you should always try help out others, even if it’s only fifty cents at a time.