Good Saving Habits

My 13 year old is babysitting occasionally my 3 year old (his sister of course) and I pay him a salary for it.


Do you think its a good idea if we match him 25% of everything he saves....to teach him good saving habits?



or does anyone else have a good idea that has worked for them?

Sounds like a great idea . . .i wish my parents would have done that for me lol

Quoting elainasmylove♥:" Sounds like a great idea . . .i wish my parents would have done that for me lol"

 


I just want him to A) be able to EARN the things he gets..he seems to take stuff for granted sometimes

and B) to learn the value of earning money by working for it.

Quoting ♥ßlondetourage:"   I just want him to A) be able to EARN the things he gets..he seems to take stuff for granted sometimes and B) to learn the value of earning money by working for it. "

yup i think that would work!!

Quoting ♥ßlondetourage:" My 13 year old is babysitting occasionally my 3 year old (his sister of course) and I pay him a salary ... [snip!] ... of everything he saves....to teach him good saving habits? or does anyone else have a good idea that has worked for them?"

I hate money, I use it...but I also hated my smurf car years ago and used it. I like to reward with letting my son choose a family activity. We do points. Last time he helped with his sister and did his chores he chose for me and him to watch Star wars III and have corn dogs and popcorn.

I want to point out..that I think you have a great plan/idea. I hope my own opinion and expression didn't make you feel like you were wrong.I very well could be. I think you have a good system. I think you are doing a great job.

Quoting McLeary:" I want to point out..that I think you have a great plan/idea. I hope my own opinion and expression didn't ... [snip!] ... make you feel like you were wrong.I very well could be. I think you have a good system. I think you are doing a great job."

thank you!!

Im really smurffy at saving money! lol and I want him to be better at it and start him off early

Quoting ♥ßlondetourage:" thank you!! Im really smurffy at saving money! lol and I want him to be better at it and start him off early"

  good plan, and you are welcome my dear.

With my kids, my oldest is 10, she does her weekly chores and is given $50.00 a week and it goes into her bank account. She has a Savings that she has been building up for a while now, and just reached 2500 in it the other day. lol

Then she has her normal spending account which has 1100 in it at the moment and that is her free spending money on whatever and whenever she wants to spend it.

She does lawn mowing in the summer snow shoveling in the winter and rakes the leaves in the fall for our elderly neighbors who pay her $200.00 for the total year. Then any extra's when they feel like it or she does extra yard work for them.

She also babysits as well, when she watches her 4.5 yr old sister I pay her $50.00 bucks for 5 hours, which is the max a 10 yr old can watch a sibling over the age of 3 yrs old.

My 4.5 yr old earnd the same amount weekly for her chores as well, and we just put it into her savings account and well its $25.00 savings and $25.00 in her regular account to spend. And use whenever as well.

I found the best way to teach my oldest about spending was letting her spend all her money at once on useless stuff, and having nothing to show for it. Then when she wanted something and I told her to use her own money and she didnt have it, she realzied that not saving it like I told her too, and spend spend spend was not a good idea at all. lol

So now she decides herself how much she wants to save away and how much she wants as her free money. And she is really good at saving up money. lol