We often tell kids, “Money doesn’t grow on trees,” but we never teach them what…
We often tell kids, “Money doesn’t grow on trees,” but we never teach them what money is. Most children think money is just a plastic card that magically produces toys. Teaching them how to manage money from age 6 or 7 is the greatest financial gift you can give them.
1. The “Spend” Jar This jar is for their everyday wants—a chocolate bar, a small toy, or a sticker pack. It teaches them that once the money in this jar is gone, they have to wait until next week’s allowance.
2. The “Save” Jar This is for their big goals—a Lego set, a bicycle, or a video game. If they want something expensive, they have to put a portion of their allowance into this jar every week. It teaches Delayed Gratification.
3. The “Give” Jar This is for charity. Whether it’s helping a stray animal shelter or donating to a kid who needs school supplies, this teaches empathy.
The Golden Rule: Let them make mistakes. If they spend all their “Spend” money on useless candy and regret it the next day, do not refill their jar. That feeling is the most effective teacher they will ever have.
