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Thursday, June 17, 2010

Children + Money Management = Life Lesson


Years ago, my cousin Nathan Burkholder told us something his parents was doing with him. They gave him a certain amount of money on a regular basis and told him it was to cover his necessities. You know, things like clothing, toothpaste, etc... The past few years I wanted to do this with my daughter but felt she was not responsible enough at the time. My husband and I talked about this again just a week ago. Allysha is now 11 years old and is much more responsible. So, we wrote down everything we spend on her per year from what we could remember, divided that up monthly and started giving her the money to use on her own.

One person said "Wow, that's a lot of responsibility for one little girl". I politely let them know that she is very mature for her age and we feel like she's ready. When I mentioned this to my husband he said "What are we supposed to do? Wait till she's 16, has a car and a job and let her figure it out on her own?" I totally agree.

Now, while some kids need to wait a couple more years or some can start even earlier, we feel this is a good age for our daughter. She is already showing herself very responsible with her money. She shops just like her mama does. Goodwill, Dollar Tree, free clothing closets and more are her fun places to shop. One thing that excited me to no end was that she said she needed more shampoo. She asked if we could stop at the local health food store. Another score! While shopping in Goodwill, she ran all over the place on her own and was so excited about it! She even tried on clothing while the boys and I were shopping. She said it felt very good to be able to shop all on her own. I think this is the bit of freedom she needs at this time.

So, there you have it. Below I'll post the things we know she regularly needs. We put a price next to them of what we usually spend. I encourage you to do the same when your child is mature enough. I can't thank Denny and Becky Burkholder enough for this idea. I bet they have no idea while doing this with their son that years later, I'd be doing this with my children. Thanks guys!

8 pairs pants per year
5 pairs shorts per year
5 skirts per year
10 shirts per year
10 panties per year
12 socks per year
5 bras per year
shampoo - 3 bottles per year
toothpaste - 3 per year
soap - 4 per year
toothbrushes - 6 per year
shoes per year - 1 pair tennis shoes
sandals per year
dress shoes per year - spring and winter pair
bathing suit per year
winter coat

I do need to add, I will be purchasing her Easter and Christmas dresses still. That's something this mama doesn't want to give up.

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