Getting kids interested in money

We use star charts to reward the kind of behaviour we value at home and usually the kids choose a small treat when they complete a chart of 35 stars.

TIP – the star chart itself is simply an old calendar page. They usually have a grid with 5 rows and 7 columns. #reuse #recycle #repurpose 🙂

A treat is a small something in the region of R30, very occasionally R40. In the past, Kendra has chosen a pair of earrings, Connor has chosen stationery, but they have mostly settled on getting taken on a date with a parent for a milkshake, muffin and tea, or a breakfast.

Savings accounts for kids | www.OrganisingQueen.com

It’s very important to me to train the kids to be responsible financially.

They already tithe on any money they receive, and saving was the next step so this year I had a good idea to encourage them to save. I told them they could either have a treat, or they could have R50 in their savings account (which we had yet to open).

Both kids decided to bank 3 star charts’ worth of treats that I owed them.

TIP – keep track of when they start and complete a start chart, and when/ how it was redeemed. You might not have this situation but I have a boy who negotiates so hard that I’m left wondering if he is actually correct and I still owe him more treats!

Savings accounts for kids | www.OrganisingQueen.com

So off we went to my bank and I opened the accounts. That very afternoon, I transferred the R150 each plus whatever they had in their wallets. Let me just say, I think I have a natural saver/ hoarder of money and a spender 🙂

Hopefully this is the start of really good financial habits for my kids.

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In other news, I’m about 15% into Smart Money, Smart Kids, a book Dave Ramsey (The Total Money Makeover) wrote with his daughter, Rachel Cruze.

Who knows? I might abandon my star charts in favour of his commission system soon 🙂

How are you teaching your kids about money?

Share your tips!

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