We have been teaching the boys about the importance of saving. They are participating in a month-long saving project, designed by Family Investments. They both fill out their Savings Planner each weekend at pocket money time.
You may click on the savings planner image above in order to download your own copy.
To summarise the boys spent all their money in week1 and then deliberately saved all their money in week2. And for those who are interested, yes son1 did earn his merit mark at school for his polished shoes.
They didn’t make any specific plans regarding this week, but they have actually saved all their money again this week. Not so much done on the job front although son2 is now well into the habit of putting his dishes into the dishwasher and he had helped Daddy to look for his missing keys. Son1 had offered to make me a drink just as we were going out shortly after pocket money was given last weekend. I don’t know if the timing was deliberate or not, but I asked him for a glass of water when we returned and he duly obliged. He also reset our clocks after a visiting electrician tested turning our power off, although managed to do both of them an hour out. Again I don’t know if that was a purposeful joke?
Based on this we were going to give son1 just an extra 75p and son2 an extra £1. However this had son1 in floods of tears, so Daddy suggested he could have another 25p for getting his school sports bag ready. But son2 pipped up that he had emptied his bag, so Daddy came up with another idea that son1 had put his school uniform in a tidy pile the other evening for the first time ever. They therefore both ended up with an extra £1.25 although I would prefer to avoid giving them money for school preparations. Along with toy tidying, I view these as things they should be doing anyhow.
Son2 also had some extra money this week from the tooth fairy. He lost his first milk tooth.
So they filled out their savings charts and put their money into the piggy bank. I showed son2 how close he is getting to his target, which we expect him to reach next weekend, so long as doesn’t over-spend. He was very excited at that prospect.
Afterwards once son1 was calmer again, I asked him why he had been so upset and it was because his saving target is a lot higher than son2’s. I explained there was no need to worry, because he has plenty of Christmas money which he can put towards his target too.
Disclosure – this post is an entry to Family Investments blogger competition. We received some free products in order to participate.
I wish I could teach my wee brother in law! He’ll end up as hopeless as me… great tips!
thanks, we’re trying to put a bit aside for them both too
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I love this, I had to learn the harsh way about savings (parents were severely in debt!) so I hope I can follow your example when I come to having my own children 🙂
yes i’ve been trying to explain to son2 how some people are not so fortunate as him – he has to take something to school for Food Bank tomorrow. And about saving when you can