Money, money money!

One of the things we have tried to get the boys to learn is how to be responsible with money. We have made some mistakes with money and as Dave Ramsey would say, we have paid our fair share of “Stupid Tax” We are in the process of cleaning it all up and are making good headway with it.

Earlier this year we started the boys on a new plan for their allowance. They get an amount each Friday based on their age. But once a month they have to put some into savings and some into giving. With the giving we have started donating some to K-Love and to Compassion International. The boys got to pick what to do with their savings. They can’t touch their savings until it reaches a set amount and then they can do what they want. That was actually an increase in their allowance and with that came new chores to do around the house.

Well I wanted to challenge Colby so I tossed this out there. Why not save until you have enough to buy a Google Nexus 7 tablet. He has always wanted to be able to play games like Angry Birds and Cut the Rope. He kept saying he wanted a phone just for that. So instead of a phone, I tossed that out to him and he decided to go for it.

For about 2 months, he put all of his allowance into savings and his birthday was coming up fast. He told everyone that he just wanted money for his birthday so he could add it to his savings. He even turned down a birthday party at a hotel and a pool and just took the money. He wanted that tablet.

Well after about 2 months, he already had a start in his savings, and his birthday, he had enough. So the day after his birthday, we took off in search of a Nexus 7. We finally found 1 in Richmond.

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Colby and his Nexus 7

 

I am super proud of him. He was able to put all of his money into savings each week in order to reach his goal. He was able to put off smaller instant gratification to work towards a bigger goal. He did good. In fact so good that Zach is now talking about saving up for his own tablet. That will be interesting as he usually spends every dime he has by Friday evening or Saturday.

Now only one question remains. Will Colby let me borrow his? 🙂

 

  • Nice! One of the best gifts my parents bestowed on me was financial sense. You are doing your kids one of the greatest services ever by teaching them these hard financial lessons. The best thing about it- your boy is able to enjoy his stuff much more now that he is disciplined in what he buys. Otherwise, he would have just wasted it on stupid stuff that doesn’t mean anything. Good going.

    • admin

      Thanks Dave and I agree. Misty and I have made some stupid mistakes and we want to make sure they don’t repeat what we did and come out of college in much better financial shape than we did.