They may only be 6 and 7, but they understand the importance of saving for things. Even my son, who has very severe ADHD, understands that he needs to save money if he wants something. We just started an allowance system that is a base amount (5 dollars) with chance to earn more for doing extra chores. Each week, they put one dollar into their long term savings piggy bank. The rest they can choose what to do with. They are also deciding to sell some of their toys that they don’t want anymore. My daughter wants an American Girl doll and she is saving for it. She already has 92 dollars saved. My son is saving for something electronic, like an i touch. They are choosing not to use their money for those impulse buys and I am so proud of them.
They say that the best thing a mom can do in life is to teach her children well. That is my goal for my kids and I think that they are getting the message with money. I really hope that they can avoid making my mistakes and we are on the right track. I am a very happy mom today.