How do you teach personal finance to boys who refuse to work, panic if they don’t have money, and spend every dime on gum and Pokemon cards?
Still trying to navigate this “parent” thing, I haven’t yet found a successful, positive method of assigning chores, paying allowance, or discipline. Once I do, I’ll be sure and share it. However, I have discovered a great way to help encourage the boys to save money.
Preteen Personal Finance
I don’t remember being so demanding about buying things or keeping up with the electronics and gadgets of my friends. As a kid, I shopped for clothes at thrift stores and wasn’t driven by fashion (at times to my parent’s chagrin). So, I’m not accustomed to the desperation to buy, buy, buy.
Maybe it’s just this generation, but my boys want everything they see. Toys. Games. Gear. The other day, Martin was begging me to buy him one of those ridiculous “Snuggies”. Really? For a preteen boy? For anyone, for that matter.
Anyhow…
We tried piggy banks. We tried locked chests. We tried keeping their “savings” in my wallet. Nothing worked. It was either too confusing to keep track of, or too easy to access. All we ended up with was angry boys and empty pockets.
Introducing… Bank of Mom
Then, I discovered the “Bank of Mom”. Conveniently located in my purse with “business” hours that work well for me, the Bank has been fabulous! Each boy has an “account” that tracks what they’ve saved and when they wasted their funds on “Hubba Bubba Max” or a “cool eraser”.
At first, it seemed like a great idea, but quickly the maintenance and hauling around of a spread sheet became a bit onerous. I was about to toss this latest method, when I discovered an iPhone app, “Balance”, that allows me to easily track their accounts.
Suddenly, the boys began to see their money grow and they became inspired to save. YEAH! MacGyver saved his allowance and bought a new skateboard and helmet.
As we look over the money trends of the boys, we quickly get a feel for the natural inclinations of the boys. MacGyver has saved his money and bought a new skateboard and helmet. Currently, his savings are now over $40 dollars, with entries showing money earned from mowing lawns, selling his beef jerky at school (so much for eating his lunch), and convincing Martin to pay him a dollar to carry his water bottle. He’s definitely an entrepreneur at heart.
Initially, Martin was thrilled when he added birthday money, bragging that he had “saved” the $50.00 and holding his wealth over the head of his brothers. Quickly, however, he succumbed to the burning of money in his pocket. The last entry shows that he withdrew his last $0.39 to buy one piece of candy. He pretty much floats along with a zero balance.
Mowgli, well… he hasn’t quite figured it out. He’s just happy with an occasional dinosaur sticker on his forehead.
I may not be even close to finding my groove in this parenting gig, but teaching boys to manage their money via the Bank of Mom… definitely Works For Me.
Thank you so much for sharing your stories. I also have a saver and a spender. It is really hard to get my youngest to understand the concept of saving his money for a big purchase instead of frittering his money away on candy and gum. His comment is “well I have the money and its mine to spend however I want.” Sometimes I have to be pretty firm with my “NO” and weather all the tears that come with that answer. He has thanked me later when he is able to get that higher priced item.
I love seeing MOwgli with huge stickers on his forehead … with his dark little eyes sticking out from underneath. And I think he’s smart enough to wait 3-4 days to remove the sticker so he can keep his eyebrows.
What is the socially acceptable amount of time for a sticker to remain on a child anyway? There must be a cut off where even the most accepting person says, “Eww, that’s just … it has to go!”
great post, Ellen!
Ellen, what a good post. hope your trip is going well