Friday, January 29, 2010

A financially savvy giveaway for your child!

Edited to add: Lucky number 14, Sarah, is the winner! Congrats, Sarah!

Every day as a parent, you learn something new. Or, you re-learn things you should have learned in the first place. Like basic math skills. Or the value of a dollar. These are two areas that need major improvement in my life. Amazingly, the two sort of go hand-in-hand!

I am a shopaholic. I spend way too much money on things I don't need, and on things my children don't need. They have it all. I can't say no, most of the time. I am learning, however, to say to them: "You can buy only one thing - so what do you want?" if we're out shopping now. So far, so good. (And yes, even that makes me feel a bit guilty, but we'll talk about therapy for me in a later post!)

As a parent, we want to teach our children well. We want them to learn from our mistakes, and we want to learn with them. I want my boys to grow up to understand the value of a dollar. I want them to realize that things are not going to be handed to them on a silver platter forever. I want them to feel proud about saving money they earned.

I recently stumbled upon a great way to teach my children - especially my 4 year old - how to start making smart financial decisions, thanks to Canadian author, Jeanette Ramnarine, who has written the award-winning children book The 4 Little Pigs . The 4 Little Pigs comes with four colourful piggy banks - each one called: Spending, Saving, Sharing and Schooling.



The book talks about how a child can start putting their allowance, and other money they come across, into each of these piggy banks. The book won a Mom's Choice Award, as well as a Moonbean Children's Book Award. What I liked the most about the book was the list on the last page, showing how much money should go into each piggy bank, per week, according to the child's age. It was an eye-opener for me! If only I could follow the saving/spending ratio, then I'd be way better off!

Jeanette kindly gave me a kit and book to review and keep, so I can teach my children about the importance of saving. She has also generously given me a kit and book to give away to one of my readers!

I showed my 4 year old the four piggy banks, and he said, excitedly,

"I am going to put money in my 'savings' piggy bank so we can go back to Florida again soon!"

And when we were talking about his 'sharing' piggy bank, he said he could use the money in it to help "the people who had that big earthquake."

This conversation took place during breakfast - clearly he's an eager learner, and along the way, I'm sure I'll learn a thing or two about saving, as well!

If you want to win the four piggy banks and The 4 Piggies children's book, leave me a comment telling me ways you help teach your children the value of a dollar. Do you give your children an allowance?

This giveaway is open to both U.S. and Canadian residents. I'll pick a winner randomly on February 5th.

Good Luck!

28 comments:

Chandra said...

I give my children a small allowance and if there is something small that my children need or are desperate to have I make them save up to buy it. It's the best way to teach them that money doesn't grow on tree's and you have to earn it to buy it! (that's not to say that we don't buy them things..cause WE DO! We just try to buy them things for special occasions like loosing a tooth, or good grades or helping out above and beyond what is asked of them)
Such a cute giveaway...;)

girlaboutOtown said...

Before my daughter and I talked about the value of money, we started with a discussion on source. She needed to know where it came from first. Anyway, it was an important first step, and made value a much easier concept to explain.

Maria @BOREDmommy said...

Very Cute giveaway!! I do not give the kids an allowance at this point, although I'm not against it in any way. Haven't really decided either way yet. I'm always trying to teach them the value of a dollar, although my son only truly gets it if I ask him to use his "own money" to pay for something. We're still learning.

BeachMama said...

What a great book and piggy bank set. And so perfect as we are starting to teach J the value of the dollar. We don't do the allowance thing just yet, but he does get money from all sorts of areas (including daddy's pocket sometimes) and we are now starting to tell him he has to use his own money for things.

Two examples of this was at Christmas time we had a Holiday Bazaar at school and he used his own money to purchase presents for Hubby and I and his brother and sister. After Christmas he really wanted a Lego figurine so we made him buy one on eBay using his own money. We need to work on his saving skills now ;)

Crystal D said...

My girls do not have allowances yet, but when they do I think they will have to earn it through chores. They have all received money as gifts and there has been no real structure on how we require them to spend it. I think these piggy banks are perfect. They provide a great physical and visual way to guide little ones. Great idea!!

MommaLionessMichele said...

Hi - this is a really cute giveaway! We work on teaching our almost-3 year old about the value of money by reminding him that we must pay for items at the store before we open and play with them (since it's usually a toy he's asking to open) and show him in cash how much the toy costs. Don't know what's sinking in but it's a start :).
Thanks for the chance to win!

Lady Mama said...

I love this! I never understood the value of money as a child, so it's even more important now for me to teach my sons. Though we're not at the allowance stage, I'm trying to teach my son boundaries when we're at the store by telling him he can choose one small thing only. I imagine it's going to be an ongoing learning process for a very long time!

Chantal said...

Those are great. I bought my oldest a Moonjar for his birthday but my middle boy (I just typed youngest and had to change it, I am so not used to him being the middle boy :) ) could use something like this.

Kelly said...

Such a cute giveaway! We give our child a weekly allowance. At least half has to go into the piggy bank for "saving" for a big prize (whether it be a toy, vacation, etc). The other half he can do what he wants with (a small toy, movie ticket, charity, etc).

T Rex Mom said...

My little one puts any space change he gets or finds in his "potato" bank. We just reinforce every time he does so that he is "saving". I think he is a little young to understand too much but some day it will click.

Finance said...

All those are great suggestions. You can also read my books to your kids. They are available at finance4kidz dot com.
Prakash
Father, Author & Professor of Finance
Finance for Kidz Series
finance4kidz dot com

shopannies said...

I allow them to work for their allowance doing chores that are not personal chores such as keeping room clean etc... I then teach them that 10% of this is the Lords, 10% is to save and then the rest his to do with.
shopannies@Yahoo.com

For the Love of Naps - Sarah said...

We haven't done too much in the area of money management...but my oldest (5) knows that he has a bank account and he is saving his money. We also have discussion when wants or needs come up...and we talk about how much it costs for something and whether that is a want or need.

No allowance yet.

Sarah said...

What a great way to teach children the value of saving! My husband will go CRAZY over this if we win! My boys are very young, but when I take my oldest out shopping, I have him choose one thing from 2-3 that he can have. We will give them an allowance when they are older and I am hoping to get them to donate some each week to charity.

Sarah said...

I'm not so great with money and do spend a lot of money on useless things, as well. I have seen these, though, and think they are a great idea! I think I would like to invest in them when my little one gets a but older!

Muthering Heights said...

My kids are too young to discuss money with {the oldest just turned 3}...but this is such a cute system! :)

Miss Mommy said...

This is a really cute way to teach money management. My oldest is 3 years old and really I haven't even started talking to her about money. I have thought about it a lot and how to start.... I need some guidance. This would be awesome!

Kim said...

My kiddo is still really little, but we plan to do an age-appropriate allowance when he's old enough.

Julie said...

the jellybean hasn't starting getting an allowance yet, but he will. and he will have to do small chores around the house to get it. that's how i grew up and i have a very good understanding of the value of a dollar and that if i want to get something, i have to save up for it.

coffeewithjulie said...

We have yet to do an allowance, but it is something we've been thinking about for a long time. We'll establish a certain amount each week and then forget to pay it or whatever. For one reason or another, it's never really "taken" yet.

And perhaps that is because we don't have to deal with nagging or whining for things ... to date, we've been fortunate, I guess. She has no interest in clothes, shoes, dolls or most anything except for fairly inexpensive Pokemon toys.

To date, our DD has been made aware of the value of a dollar in a comparative sense. To for instance, you know that Pokemon pack of cards? I can buy 2 loaves of bread for the same price. Today, Mom and Dad are spending their money on groceries, kinda thing.

She does diligently check the price on everything and if there is something that she wants she somehow manages to "save" the money from bdays and her dad's change left around the house.

We do need to do better at this. I think these piggy banks are a fantastic idea!

Shooting Stars Mag said...

I don't have kids yet, but when I grew up, I didnt' really get an allowance. Every now and then I'd do stuff around the house to get money for something but we just weren't really able too. I think when I do have kids, I'll do something similar for a small allowance just so they can learn to save.

-Lauren
lauren51990 AT aol DOT com

Heather said...

Yes my kiddos get an allowance, but we also play family store, where we set up little things from around the house and use play money to buy and sell things, we love it it's super fun!

Christine said...

My son is saving for a dirt bike (I know, I'm not happy about it). The kicker is, he's three. Whenever you ask what the money in his piggy bank is for, this is what he says. Everyone fuels his fire by giving him change to add. He refuses to spend it, and puts it all religiously away. I won't be able to deny if ever he reaches his goal, how could I? We've started to give him an allowance, he has jobs to do around the house, little jobs to help him feel important. We track it on a chart and he gets $1 a week.

Josée said...

My daughter is three, and we're debating on when to start giving her an allowance. When we're out shopping and she asks for something, I'll tell her "Wait a sec, I have to check the budget to see if we can buy that this week..." and then I consult my list. I don't want her to think you can buy anything you want, anytime you want...
Great giveaway, please enter me in the draw!

Shelly said...

I talk to my 4 year old about prices - she will ask 'is that a good price?' Trying to decide on when to start an allowance and the connection (or not) to chores

Winning Readings said...

When my 2.5yo is asking for everything in the story, sometimes I will give her a small amount of money and tell her she can buy whatever she wants with it, but that is all the money she'll get. So she's learning to make choices that way - I'll walk her through what it will buy.

She's already started telling me she'll "earn it" when she asks for something!

janemaritz at yahoo dot com

Annette said...

I don't teach about money yet except in my own habits/discussion. We have taken the kids to the bank to deposit, but our oldest is 3. I think this is the perfect way to introduce an allowance when she turns 4!

Anonymous said...

We don't do an allowance yet. Right now we are teaching our son by playing grocery store and restaurant.

Wendy
ebeandebe at gmail dot com

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