Bear Bank Budgeteering

An important part of Project Money for us has been teaching Carson all along the way how to manage money. Even though he’s only 5 years old, he certainly understands the value of a dollar. He has always had a bear bank to save up his coins and dollars that he finds and “earns” from friends and relatives. We’ve been pleasantly surprised at the joy he gets out of saving and seeing his account balance grow. When he had his birthday in October, we started an official chore chart for him. He has a few simple things to do around the house each day, and earns a play dollar if they all get done. Carson also earns bonus play dollars for doing extra chores or volunteering for things. At the end of the week, he gets to trade in the play dollars for real dollars.

Not only is it fun to see Carson’s enjoyment of saving, it’s just as exciting to see him start to understand the cost of things. If we’re out shopping and he sees an item of interest, he now asks the price instead of just asking if we can buy it. His reaction to certain prices is priceless…even strangers in the store have remarked on his comments at seemingly overpriced items. On a recent thrift store adventure, he found a book that seemed especially interesting to him, and he asked if he could use a bonus dollar to buy it, after deciding that it was a fair price of 80 cents. He was just as excited to put the leftover change in his bear bank! Carson learning smart money skills so soon – that’s something to be thankful for this week and always.

 

Comments

[Nick Mason]

That's great that your teaching Carson the value of saving already!! ...and I especially like that it's a bear bank. Is it orange and blue? ;)