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Money Management for Kids – FamilyMint
- This topic has 8 replies, 3 voices, and was last updated 11 years, 9 months ago by
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I just came across a great resource for helping teach kids how to manage their money and how to be responsible for it themselves.
It’s very easy to set up and very intuitive. I really like that I can set up the allowances to automatically split into our savings goal percentages. I also like that it is virtual money, leaving the money in my bank account but tracking it in their virtual accounts is so much easier than taking out cash and having them split it up into 4 categories. The kids can also set specific savings goals, which I like.
Here is an Allowance Contract that I typed up that makes use of Family Mint. I thought it might be useful to someone.
This isn’t meant to start a debate on allowances, but rather just to share one way of helping kids learn about the important topic.
Christie, this is great! Since meeting you over the past two years, our family changed our minds about allowances. We feel they are a great tool to teach money management. After all, how is a child to learn if they are never given the tools?
Anyway, thanks for sharing this!
You’re welcome! I introduced it to my oldest 3 today (5, 9, 12) and the 5 and 12 yos were thrilled. No more mommy is late or doesn’t have the right change for our 4 chambered piggy bank. DS9 was really, really upset. He wants that cold hard cash in his hand. After further explanation and letting him play on the site, he came around. He set a goal of saving $5000 for a car. Not bad for day 1. It will take him a while, but it is a great goal.
Allowance has been crucial to teaching money management to my kids. They do chores because they live here and I’m not about to dream up a complicated pay scale for different chores. Works for us!
Speaking of savings goals, ds9 has recently started saving his money for a $179 Nerf gun he saw somewhere–I have no clue where as we don’t have tv. Anyway, I don’t really care for my children to spend their hard-earned money on things of that nature. I’d rather he was saving it for a car or maybe some tools or something else that is going to be really useful to him. Any thoughts on how maybe to change his mind or redirect this goal?
I always encourage my kids to think on it for two weeks before buying it once they have the money. If in two weeks, they still want it, i let them buy it. Living with our choices is part of the learning process. Better a $180 mistake now than an $1800 or $18000 mistake later.
(I did veto my ds9 purchasing an ipod touch because of the tech aspect that I don’t want him sucked into. Same would apply for any gaming system. That’s a no-go.)
One thing I’ve found with my younger son especially is if he is saving for something that will take him a longer period of time, he will often change his mind by the time he actually gets close to saving that amount of money. We can kind of plant seeds in our kids heads about something that might be of better value or give them reasons why this or that is not such a good idea. Right now our boys are talking about going on another Disney Trip in a few years. We’ve told them that if they are willing to save their money for their own park tickets and spending cash, then that is far more likely to happen.
I do like the look of this program. Our nephews are just at the start of their adult years and they haven’t a clue how to manage money.
4myboys is right. So many times my kids and ds9 in particular change their own mind because of seeds of wisdom planted over time. I can’t tell you how many times ds has put something in the cart for which he has money, only to remove it before checkout. Other times, though, he’s plowed ahead and purchased something he later regretted. Both events are learning tools.
Lindsey, we have a nerf (& cap gun, rifle, airsoft, etc) arsenal at my house. Some were gifts from grandparents and others he bought. They get a lot of use here. I’m not sure I’d want my son to spend that huge amount on a nerf gun, but I’d personally rather that toy that will require active play than a similarly priced gaming system. Just my 2 cents.
I definitely agree, Christie. While I didn’t pay that much for some of my best kitchen appliances, I’d far rather he have a $180 Nerf gun than a Video game or something else. He has several Nerf products already, and they are perfectly harmless. I’m hoping he will change his mind during his process of saving, as 4myboys said. If not, he will have a $180 gun, but at least he will be using his imagination and running around!
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