Friday, August 7, 2009

Saving

About a year ago I got a little tired of the "buy me" whine. We decided that Princess would get an allowance and she could use that money to save for things she wanted.

Since starting this, other than books and a Wii game we all want, she has been in charge of her money (counting it, exchanging it, saving it, spending it). She has done quite an impressive job saving her money.

So far she has saved for and purchased:

Kit Kittredge with her accessories, hair brush and dog

Barbie Mermaid Falls Playset and an extra mermaid Barbie and baby mermaid to go with it.

Most recently she was saving for Barbie the dog owner with bathtub, but her desire for Lego Star Wars Wii was much stronger. Barbie the dog owner is on hold because she absolutely had to have this game.

I am rather impressed at her diligence in saving for the things she'd like to have. I hope that she is learning something in the process. Nobody ever taught me anything about money and I had to find out the hard way. This is just our first step, but I think it's a good one.

How do you handle the "buy me" whine?

3 comments:

Sherry said...

We do the exact same thing and it works great! :)

He's bought several playmobil items and his skateboard. Now he's saving for a Groovy Girl mermaid. ;)

Zayna said...

I think you nailed it. As soon as the "buy me" whine starts, it's time to start thinking allowance.

And once they get old enough for, "But I can't afford that on my allowance" or "I'd have to save MONTHS for that" then it's time for...

"Well, I'll pay you $2.00 to help me fold the laundry or sweep the floors or dig weeds out of the garden."

After that, I'm afraid it's the old stand-by, "Get a job!"

Hehe.

Seriously, kudos. The earlier they learn that money is limited and it needs to be managed the better off they'll be...trust me.

Shady Lady said...

Go Gerrick! I think he and Princess are around the same age. I guess this is a good time to start. I'm glad to hear that it's working well for you.

Zayna, we do pay extra for helping out around the house. Our point of the allowance is to learn about money. If Princess helps with the laundry (she's started to help with folding), empties the silverware from the dishwasher, cleans up her playroom, etc. she get extra allowance. Then there is also the wish list for birthdays and gift giving holidays.