Financial Peace UN
(for kids)
Thursday,
December 19, 2013
9:07 PM
This is a kit with a
short book to be read to kids with an example story of a boy who is using the
system.
He gets a commission
each week and saves 10%, shares 10% and spends the rest.
He is not allowed
"advances" b/c that promotes indebtedness...spending before you have
the money.
The saving/giving
amounts are minimums. Kids can do more.
They use envelopes
for each different category and have a special coin purse to take their money
to the store with.
They also have a
chart for chores...we would still do ours on the computer with our chore chart.
They have a chart
where a child can decide to buy something larger and then will keep a picture
of his goal in order to be able to save his money.
My thoughts: We're been using this system, just with
points instead of money b/c then the kids can buy extras like computer time or
such.
The downside is that
the kids aren't actually handling money. The upside is that kids aren't
actually handling money so the "fail" is pretty low. However the kids are ready for more.
I also think that
the time between payments might need to increase (see Mary Hunt) so that they
have to use more self control like they would in between pay checks.
Finally, I am going
to have reconsider what is going to be expected personally and family-wise for
work the kids do. After all, they get to live free in a house with all their
needs, and a lot of their wants met...and that's worth a lot so they can help.
We haven't done very
well will having the kids keep track of their money/points on paper...that
needs to change now that they are all old enough to read and do the math
associated with money.
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