Online Tools

I recently came across an article geared toward investment advisors on the topic of teaching children financial skills (See "Teaching Financial Skills to Clients' Kids" from InvestmentNews, January 2012).  The article described several online tools that can be used to introduce or reinforce money management concepts and I thought they were worth sharing.  The tools included: kidworth.com, highscorehouse.com, allowancemanager.com, and hellowallet.com.  Perhaps you'll find one that fits you and your child(ren)!

Let the fun begin. 

The moon jar project is a great opportunity for kids to learn so many valuable lessons and I hope my kids are no exception.  The only catch is they can’t do it alone.  Yes it is vacation and they may baulk at the idea or you may even, but it’s your turn to take on the teaching role.  This could mean the difference between having junior liviing with you until he’s fifty or moving out and being independent.

Now that you are scared and I have your attention a little time now may save all of us time and money in the future.

So here are a few simple examples of what seems to work for us.

Do you need an actual moon jar container?   No, any containers will work.  Simple to elaborate based on your child’s creativity.  Sophie likes seeing the funds grow so clear containers (peanut butter jars, canning jars etc.) work best for her.  Michael has a strong understanding of money so just keeping a written log works well for him.

Now how much to put where?  Explaining fractions, this is based on age but I think by summer’s end Sophie will have a great understanding of percentages.  We started with 10 dimes which she divided repeatedly to understand how dividing the amount will affect the moon jar accounts.  Then she was able to pick what percentage will go into each account when she makes each of her entries.  Michael thinks she’s much too generous, and needs more in spending but more will be learned than he can comprehend I’m sure.

Once they each had their percentages figured out I wrote them down and let the saving begin.  Each time they earn or acquire money – Sophie found change in a parking lot- we record it.  Temptation to move money, or swipe some without recording will be a valuable lesson also, though I hope it doesn’t happen.

We do not give allowances yet so most funds have to be earned.  Mick and I have explained to the kids’ money spent this summer is their responsibility.  We advised this includes vacation souvenirs, concession stand spending and the like.  Mom and Dad will cover some items at times, but “oh can we stop at Wendy’s” is now met with “do you want to repay me when we get home or at weeks end?”  We haven’t stopped yet for some reason.  Packing snacks and water is coming much easier as well for each of them.

Our first trip to the bank will be this Friday.  I know it won’t be a great amount of interest but they will be watching their accounts grow.  I plan of having them record what they saved over the summer of 2011 and compare to 2012 deposits and interest gained.  This should make for another interesting dinner discussion I imagine.

Well those are some thoughts from our family.  I look forward to reading other ideas, as well as contacting Zoe to have my nails done!

Keep it fun and stress free and everyone will enjoy and come away with some great stories.

God Bless

And so it begins

Hoping to maintain the excitement generated by the Moonjar assembly (great job Student Council!), I have been asking Zoe what she plans to do for the Moonjar project.  The concept of Spend, Save, and Share is not entirely new to her.  We have had a similar type bank for a couple of years now - although only just this year have we really begun to use it and discuss how to earn money, what to save for, and who to share it with.  Her little sister has even gotten into it...and is proving to be quite the saver.  She is intent on "sharing" with her big sister though; not sure where that came from. :) 

After some discussion of lemonade or fruit stands, odd jobs (what's that?), etc. we came up with a list of things she could do.  Essentially, odd jobs and/or talents (painting nails) that she could offer as services.  And thus, a brochure was born.  "Things Zoe Can Do" was produced in a limited quantity due to mom's distribution limitations.

What are your plans for the Moonjar project?  Please share them with us!  You just might start something! 

Thought of the day

To whom much is given, much is expected.