Rental Property Investor · Corona, CA · Member since 2015 · 16 posts · 7 votes
I want to teach my children the joy & power of saving money, as the first part to their financial education. They have piggy banks, but they can’t see how much money is inside, and half the money inside is paper bills like $5 or $10, so they can’t visualize what’s growing inside.
I had the idea of buying two big, 16 inch clear glass vases that they can put coins into, one for saving and one for spending. Then they will be able to see it growing, which might encourage/motivate them to grow it bigger & bigger. But if I give them $5 a week for pocket money, that’s twenty quarters each, every week. So I would have to get lots of rolls of quarters from a bank branch.
I grew up in Australia where there are $1 and $2 coins, which are a different color to the smaller coins, so I wish they had bigger denominations of coins here in the U.S.
Does anyone have any better ideas to encourage my daughters to save (by seeing their savings grow in front of their eyes) other than getting rolls of coins to slowly fill up their vases each week?
Maybe a poster on the wall they can color in incrementally, which has a big figure at the top they can work towards? That way we could keep giving $5 bills for pocket money each week (and Grandpa gives $20 when he sees them).
Developer · Member since 2020 · 4k+ posts · 4k+ votes
3y
As @Scott Mac said I would focus on spending more. We only had one son.. At a certain age when we had to buy something I would give him the money to go in to buy and I would wait in the car. Most time I gave him enough money sometimes not enough intentionally. Could be lunch, drinks, shovels, gloves or dinner.
For savings I cut the top of a gallon milk jug and left the handle on. I throw my pocket change every night into it. If he ever wanted something he would spread it out in the table and take out any extra stuff. Then we wold take it to the bank and have them count it and deposit it. Half a gallon is about $250 sometimes. Then he would withdraw how much money he needed.
Growing up I always told him we were poor. We have a great house 80 acres and Selfstorage. He always asked why we couldn’t have better things like the other people.
Can’t say he is real good or average with money. But he does understand it. He is 23 in the Navy overseas and taking care of his spending. Bought a car over there. Ready to move off base.
Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
3y
My 4 kids were all treated the same had bank accounts, were encouraged to save etc. Today one is exceptional, another is not bad, and the remaining two are pretty much beyond hope (said with a smile). All are now in their thirties and forties. I will be following this thread with interest.
I want to teach my children the joy & power of saving money, as the first part to their financial education. They have piggy banks, but they can’t see how much money is inside, and half the money inside is paper bills like $5 or $10, so they can’t visualize what’s growing inside.
I had the idea of buying two big, 16 inch clear glass vases that they can put coins into, one for saving and one for spending. Then they will be able to see it growing, which might encourage/motivate them to grow it bigger & bigger. But if I give them $5 a week for pocket money, that’s twenty quarters each, every week. So I would have to get lots of rolls of quarters from a bank branch.
I grew up in Australia where there are $1 and $2 coins, which are a different color to the smaller coins, so I wish they had bigger denominations of coins here in the U.S.
Does anyone have any better ideas to encourage my daughters to save (by seeing their savings grow in front of their eyes) other than getting rolls of coins to slowly fill up their vases each week?
Maybe a poster on the wall they can color in incrementally, which has a big figure at the top they can work towards? That way we could keep giving $5 bills for pocket money each week (and Grandpa gives $20 when he sees them).
Monitor the money they have availible to them--require 75% of it to be saved in the big jar (one for each child), the other 25% can go into SMALLER Ball Jars (one for each child) that lives in the kitchen food cupboard (next to the Campbell's soup (I assume you have that child favorite) with the lid on TIGHT.
All buying decisions must be made with the help of the parents, and a paper chit replacing the money in the jar showing what is spent (ie. $22.50 for new doll clothes March 1, 2023).
When a new purchase is wanted Butterfly Hair Barrets for $3.00, discuss it, and remind her of the other purchases she made, for how much and (How Often).
It''s not about saving as much as learning to spend thriftily, Mrs Dolly goes on sale before school starts--why not buy then.
Large jar = savings, small jar = spendables--with discussion--to get them to think before spending.
Teach them to grocery shop (boys too), one at a time, (take turns) make a grocery list with her for 3 days worth of meals for the family.
Teach them about sales on foods, and then go with her and let her pick and put in the cart as well as total up the costs on her phone as you go.
When it's time to pay, give her the cash and let her put all the items on the checkout roller, as well as keep the amount she saved as payment for shopping for the family. 3/4 into savings 1/4 into spendings.
Try to get them involved in prepping each of the meals they bought (one at a time) (boys too) so they can get a feel for (where the money goes).
Two or three times of this--and they will probably be an expert at (saving) on the food bill, as well as getting some eperiances and confidence in the kitchen (vs play cooking or just making cookies with a parent).
Developer · Member since 2020 · 4k+ posts · 4k+ votes
3y
As @Scott Mac said I would focus on spending more. We only had one son.. At a certain age when we had to buy something I would give him the money to go in to buy and I would wait in the car. Most time I gave him enough money sometimes not enough intentionally. Could be lunch, drinks, shovels, gloves or dinner.
For savings I cut the top of a gallon milk jug and left the handle on. I throw my pocket change every night into it. If he ever wanted something he would spread it out in the table and take out any extra stuff. Then we wold take it to the bank and have them count it and deposit it. Half a gallon is about $250 sometimes. Then he would withdraw how much money he needed.
Growing up I always told him we were poor. We have a great house 80 acres and Selfstorage. He always asked why we couldn’t have better things like the other people.
Can’t say he is real good or average with money. But he does understand it. He is 23 in the Navy overseas and taking care of his spending. Bought a car over there. Ready to move off base.
Los Angeles, CA · Member since 2021 · 584 posts · 738 votes
3y
@Vaughan Moody
There are many ways to skin a cat. But at the end of the day, just remember that they are not a clone of you. Just do your best and forget the rest.
A child will grow up to be their own person with their own loves and hates and dreams. There is no secret method and one way is not necessarily better than another. I have seen too many friends that have put their blood, sweat, and tears into raising the best kid possible. But in the end, they become who they will become. Just love them for who they are.
Any ways, enough of that. I make my kids run the laundry rooms at the apartments. They get to collect the coins an deposit into their accounts. I tax them.
I also speak openly about underwriting investments deals and criticize my wifes spending habits so they understand money. They get the necessities, eat well, and few, if any, toys. I raise them in a lower/middle class neighborhood. I plan to let them know the full truth in a few years. But for now, I concentrate on delayed gratification and push that idea, as well as snow balling investments.
Hope it works out. If not, oh well... I'll cash out and blow as much as I can. Hope the following generations can grow the portfolio.