Teaching kids about money is one of the most important things we can do as parents. Not just about how to make it (or spend it!), but the value of a dollar, hard work, saving, and being responsible. It’s easy to say, “Mom or dad work and make money”, but explaining to kids how it all really works can help them prepare for the day when they have to start supporting themselves. Lynn Brooks gets it, and her system for teaching her daughter about financial responsibility is so brilliant, you’re going to want to adopt it for your own kids.
Lynn Brooks shared the system she uses on Facebook, and parents everywhere are blown away.
I’m pretty sure everyone I know went a little crazy the first time they had to figure out their paycheck and how to budget. They don’t teach that in school! And it’s an invaluable skill, and one that can save you a lot of heartache and ramen noodles for dinner every night. Lynn borrowed the idea for her system from another mom on Facebook, and shared how she makes it work for her daughter, Londyn.
First, there’s the matter of Londyn’s paycheck. She gets $1 a day during the week, and double time on weekends. She also gets bonuses for good grades. For her daily rate, Londyn is expected to complete a list of jobs and chores.
On her door in her room as a reminder. Will update to a personal calendar for her. https://www.facebook.com/YourSecretShopper2016/posts/1011643875652709
Shows how she works on my side. Bonuses are for when she does great in school.Update: The MLPN letters are the grading…
I love the bonus section. Sure, we expect our kids to perform well in school. But a little incentive goes a long way.
And you see that other little section down there, “Bills”? YEP. Nobody lives there for free! So let’s say Londyn does all her chores for the week, and gets good marks in school. Her weekly take-home will be $15. But she owes $3 back to the man for power, water, and internet. Such a great lesson! Londyn gets a weekly paycheck, which she is responsible for managing.
Pay check this week. We only did this one day And pay days are Friday’s so one day in the whole (lol).https://www.facebook.com/YourSecretShopper2016/posts/1011643875652709
She also has a little market that Londyn can shop at every week. She can buy little snacks and treats.
But, says Lynn, she’s never allowed to buy more than she can consume each day. Londyn is also allowed to use her money to treat herself on occasion, like shopping or getting her nails done.
Marley Mart. So she can buy the extra things that she likes.Update: This will update every week. She uses her money…
One of the coolest parts of the system is the bank, where Londyn can make deposits to save her money. She even writes out little deposit slips, and does the adding and subtracting herself. Saving money and learning math, brilliant!
Where the deposits are kept in case she wants to get something. The Vault.https://www.facebook.com/YourSecretShopper2016/posts/1011643875652709
Writing her deposit sliphttps://www.facebook.com/YourSecretShopper2016/posts/1011643875652709
I seriously LOVE this system, and I’m going to start something similar with my own kids. They’re never too young to learn the value of earning money, and how to manage it. Thanks for sharing, Lynn Brooks! Londyn is off to an amazing start.
(Image: Facebook/Lynn Brooks)