Parenting

When I enter and am in the “Parenting and Raising Money Smart and Philanthropically Inclined Children” phase of life, I have learned several methods I would like to implement. One of the methods I really enjoy is the save, spend, give cups. I think this is a great teaching mechanism for children because it is very visual and keeps them involved in their money process. I think a great way of using this method most effectively is to reward them a weekly allowance for helping out around the house, or simply just keeping their room clean and getting their homework done daily. I think an allowance would work great because it’s a constant thing rather than just birthday or Christmas money that they receive rarely; whereas an allowance they continuously have to ration their money into the three cups. It’s important to start kids at a young age with being involved in handling their money because that’s a skill they will use the rest of their lives. As well, it’s important to raise philanthropically inclined children because they need to understand from a young age the importance of giving back.

 

Goals:

• "Save, spend, give" cups

• Start a bank account for my children 

• Give my kids a weekly allowance

• Be a stay at home mom until all of my kids are in Elementary school

• Have a college savings plan

• Live in a family friendly neighborhood