The Money Mustache Community
General Discussion => Welcome and General Discussion => Topic started by: APowers on November 29, 2014, 04:59:18 PM
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The kids are having a blast transferring our loose change collection from glass jars into plastic jars. Daughter finds a pair of $20 bills in the jar.
Her: "OOooohh! Money!"
Me: "Let me see it."
*she hands them to me*
Me [to wife]: "Hey, what do you wanna do with 40 bucks?"
Daughter: "Wanna do wid dorty buts!?"
Wife: *says nothing, looks at me like dude-really?-what-would-we-spend-it-on-anyway?*
....
Daughter: *finds more paper money and exclaims over it*
Me: "Show me what you got!"
Her: *hands me $10, $20, and a couple $2 bills*
I have her put the twos back and then I'm sitting here with $70....and neither I nor my wife have any kind of motivation to spend it frivolously.
I think our spend-ers are probably broken. We've got $70, but what would we spend it on?
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Maybe start a savings account for the little one? She'll feel involved, since she "found" the money!
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What's all that loose change doing sitting around not earning more workers?
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What is change? I can't even remember the last time I held actual money... I wonder if my kids have seen actual cash in their lives... hmmm.
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What's all that loose change doing sitting around not earning more workers?
I deliver pizza, and I put all the coins that I collect in a cup in my car, and then the kids help me count it and put it in a big jar. They think it's great fun and don't realize that they're learning counting/sorting/dexterity skills (they're ages 2 and 3), and when they get older, I intend to use it as a reward system for schoolwork (in which they'll also "inadvertently" learn denominations, how to make change, etc.).
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What's all that loose change doing sitting around not earning more workers?
I deliver pizza, and I put all the coins that I collect in a cup in my car, and then the kids help me count it and put it in a big jar. They think it's great fun and don't realize that they're learning counting/sorting/dexterity skills (they're ages 2 and 3), and when they get older, I intend to use it as a reward system for schoolwork (in which they'll also "inadvertently" learn denominations, how to make change, etc.).
A part of me likes your idea, and a part of me prefers how my parents did it - they never gave external rewards for hw or good grades. They told me that I should be proud of myself and that hard work is its own reward. At the time I was like AGH!!! But now, I appreciate the lesson.
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@LibraryJoy If that kind of stuff interests you, you might want to check out Carol Dweck's research on intrinsic/extrinsic motivation in education. (Spoiler alert: intrinsic wins.)
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I second the notion that you should use the money to create an account for the children and use it as an opportunity to teach them about saving. I wish my parents had done something like that with me when I was a child. It would have saved me a lot of heartache and struggle as I grew up.
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Sounds to me like you are starting on the right path. Teaching your kids about money. I second the idea of starting an account for each child to add to as they grow. There will be gifts of money.
Also, don't think that kids should get money for household chores except an allowance. They live in your house and should be responsible for helping to keep it nice.
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I second the notion that you should use the money to create an account for the children and use it as an opportunity to teach them about saving. I wish my parents had done something like that with me when I was a child. It would have saved me a lot of heartache and struggle as I grew up.
I figure that once they've got the money, I'll then use it again as a tool to teach income/savings/frugality/etc... I plan on making it a fun thing all around, more than a major component of "school".
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oh, I love this! it's great when you get to that place! You are free..congrats!!!!
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That's a place past frugal to contentment.
Way to go.
Stick the money into whatever your AA/IPS says and forget about it.