Wednesday, May 13, 2009
Learning Financial Responsibility
After a recent post about what we do for chores, and at the suggestion of a friend, we decided to increase the girls' allowance from 1 rupee (about 2 cents) to 3 rupees (about a nickel). We didn't do this out of guilt that we were depriving our toddler and preschooler. We did it to teach them how to handle money.
I gathered six glass jars (I knew they would come in handy one day!), stickers, markers, and three different colors of construction paper. I cut two strips out of each color of construction paper and labeled them: Save, Save, Spend, Spend, Give, Give. (I color coded them for my pre-readers.) We taped the strips onto the glass jars and decorated them with the stickers.
Every morning after their chore (cleaning their room) is completed, I place one rupee in front of each jar and the girls put them in their respective container. I give them an opportunity to spend their rupees that are in the Spend Jar at our "store" each day. They really look forward to it each day! It gives them motivation to clean their room (occasionally even asking to do more chores) and teaches them financial responsibility.