Pocket money - Spending Saving Giving

My little girl is all grown up. Miss T seems so much older now she’s ready to wear her school uniform every day as she starts grade one next week.

At nearly six years old, Miss T has recently become interested in money. Wanting to know how much things cost, whether she can have a shiny coin and what “jobs” she can do to get more shiny coins. Mr TT wants to join in of course (he wants to do everything Miss T does). With another school year starting, Handy Hubby and I decided it’s time to introduce pocket money.

The tornadoes are going to have to earn it of course. I don’t want them growing up with every thing all about “me, me, me”. I’ve kept an idea in my memory bank for nearly 20 years and finally it’s going to get some use. I read in an issue of Money magazine in the 1990s about the concept of three money boxes for pocket money. One for spending, one for saving and one for giving. How fantastic is that? Not only teaching kids about saving but that they can also put their pocket money towards something they really want and also towards helping others.

I didn’t want to have to buy three money boxes for each tornado so we took a trip to our local Spotlight store and bought six cardboard money boxes for only a few dollars each. Then I put the tornadoes to work.

Strap yourselves in people, there’s some serious crafting ahead in these images.

Here’s the before photo of the cardboard money boxes…

Money boxes - before

The tornadoes attacked their boxes with paint…

Miss T painting

Mr TT - painting

And here’s the aftermath…

Painting - the aftermath

After the paint had dried, I had a chance to clean up and added paper towels to my next shopping list. Miss T then attacked her money boxes with glitter glue and Mr TT went all “bedazzler” on his boxes with sparkly foam stickers.  I added the final touch with Spending/Saving/Giving labels courtesy of my new toy (I’m a little bit in love with my labeller).

The final result…

Money boxes - spending saving and giving

Pocket money starts next week when school goes back. Their “jobs” will be centred around our wooden magnetic Chore Chips I bought from Perth maker Games To Go. These little wonders have been great at getting Miss T ready in the morning. Each day her chips start under the “I can get ready” magnet. As she does each chore she moves the chip to under the “I am done” magnet. It’s like a game. Now Mr TT gets to join in too.

Games to Go chore chips yellow

We’re starting with 5 x $1 coins each week. The tornadoes will have to put a coin in each box. How much they put in each box is up to them. Once the Saving box is full they can bank that money. Once the Giving box is full they can decide on which charity they want to donate it to. As for the Spending box? Who knows what they will decide to spend their money on. They have enough toys so my guess is lollies, chocolate or icy poles. Or a gift for me. That would be nice.

I’d love to know:

Do you do pocket money in your house?

How much each week? What jobs have to be done?

Do you take away pocket money as a form of discipline?