Money seems to burn a hole in my son's pockets, so we require him to set goals: one long-term and one short-term. For his short-term savings, he might choose a LEGO set or novelty book.
When he has saved enough money, we take him to buy the item. However, we often find that by the time he has the cash, he no longer wants to spend it!
If he has the money but changes his mind, we don't allow him to spend it on something else. Instead, he puts the money into his long-term savings and works toward a new goal.
He's also saving 10 percent of his allowance for his "summer fund." He calculates how much money he can save, and then selects one item to buy on the last day of school. One year, he purchased an expensive radio-controlled vehicle. He knew he would not have achieved this if he hadn't worked at saving diligently all year.
This article appeared in the January/February 2012 issue of
Thriving Family magazine. Copyright © 2011 by Alexandra Lutz. Used by permission. ThrivingFamily.com.
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