So we had a run over a year ago at teaching thing 1 about money. How to save it, having pocket money, how to spend it. It didn’t go that well. For one, we as adults don’t keep cash around. So giving her a cash money allowance was reliant on us having cash. We gave her some and she immediately wanted to go out and spend it. She also didn’t quite make the connection on how much she had vs how much items cost. But lately she’s been making noise about wanting to buy some specific things. So I thought we’d take another run at this whole pocket money thing. Except the ‘we don’t really keep cash around’ thing came up again. Actually I have a small stash I use for paying for school things since they haven’t implemented online payments and for a while I got out extra money when grocery shopping (which I’d often forget and it was a pain) to pay Karate, but basically we don’t do cash.
Anyhow. My brilliant, if I do say so myself, idea was to give her fake money. I considered play dollar store coins or some kind of Monopoly or other play money, but I ended up printing out some clip art coins, letting them colour the coins in, cutting them out and laminating them. Mainly as it didn’t involve leaving the house and if one of the other kids eats them or something I can make more.
Right now I have some variable value coupon coins and some set value coupon coins. Thing 1 will earn a variable value coin every day regardless. At the end of the week she can redeem them for an agreed upon amount. Right now it’s probably $5. I reserve the right to bump it up to $6 (her age) if things go well. Or she can continue to save for a higher value item. Then we have some $0.10, $0.20 and $0.50 coins that she can earn by doing chores above and beyond her usual chores. She’s quite excited about the idea and has already earned $0.50 for picking up the lounge. I played with the idea of being able to fine her coupon coins as punishment, but not yet, not until money is firmly entrenched and if we can’t find other things that get through.
Here’s the setup:
And the finished product all coloured in, laminated and cut out:
Excuse me while I sprain my arm patting myself on the back.