In light of the first Presidency's recent letter regarding finances, we decided it was time to get our children's finances in order, too. So they all opened an account at the Bank of Dad.
When given money, each child will give it to a parent, and in return they will be given Monopoly money to put in the proper slot (tithing, savings, and spending). Instead of getting an allowance, James will pay them interest on the money they keep in savings. Everything will be recored on an Excel spread sheet, and with fake money, we won't have cash lying around that could get lost or stolen.
They will be required to choose a portion of their money to put in savings, but they are at liberty to spend their spending money any time they wish. While they are so little, we will make those purchases for them. But when they are a little older, they will open real accounts and be responsible for their own purchases. They all know they are saving for college, missions, etc. (I can't believe the number of parents that feel they are responsible to take out a second mortgage on their homes in order to pay for their kid's college.)
Now I know some of you grandmas are concerned about birthday money going towards the college fund, and not the intended birthday gift. The kids will be allowed to spend all their birthday money. We are talking about random dollars in the mail, as well as money they earn from working for Mom and Dad.
Just another cute picture of Grace. Her new favorite meal: pizza!
Here is a little Easter treat the kids and I made yesterday.
7 comments:
I think the bank idea is fantastic! Right now our kids enjoy putting all their money in a piggy bank, and we're trying to teach them about tithing, but when they're a little older we might borrow your idea. You'll have to let us know how it works as you go along. Grace is too cute and I love the birds nest treats! I usually make them out of rice krispies, but the chow mein noodles look more realistic!
Grandma Lori says that she thinks it's a great idea. And she wants to make those treats because they look fun. And Grace is adorable!!
Your family is amazing!
Hey Allie
It is me Tonya Pierce(White)from the Ontario First Ward. Emily gave me the link to your blog and I have been checking it out. Your family is so cute! Please email or call me and we can catch up.
Lil1Nbigboots@yahoo.com 480-329-7066.
Great idea, James and Allie. I like that you're teaching your kids how to save and manage their money. As for getting our finances in order, this presidency message will help us push for that. Thanks for the idea.
-- Melissa
Hi Allie,
Went to the temple this morning with my parents and then out to lunch. Donn B and Me used to those little chicken nests for Easter Parties at Arroyo. Now they are Spring Break Parties. Gracie is totally adorable!
Great idea on the Bank of Dad. I will have to talk to Lance about doing something like that. Its hard to teach kids about finances. The treats are cute and so is Grace! Ezra's favorite food is pizza, too!!
Allie, Grandpa Jerry had a similar Bank of Dad. He kept it on his night stand for years.
Post a Comment