MONEY SAVVY KID

I’m not sure what it is that my 6 year old nephew has discovered about money that my other nieces and nephews haven’t. He made the decision to buy his own pair of sneakers. In a previous blog I mentioned how he wanted that new shiny toy. His mom refused to buy it for him so he decided to wait for Christmas to get it. Of course there is more to the story which is in the blog

.Money Savvy Kid

I was perplexed and surprised why he didn’t just ask for them. It wasn’t as though he didn’t need them. He sometimes receives hand-me-down clothes and shoes. As any child he can be rough on his clothes but he does appreciate all that he receives.  

I had his mom ask him why didn’t ask for new sneakers. His response was very simple. “I hadn’t been good so I thought you would say no.” From there he made the decision to buy his own shoes and plan to earn the money buy them.

  1. Sharing of Information – My nephew and one of his classmates were discussing sneakers. His classmate said sneakers only cost $15. This seemed like a reasonable financial savings goal for my nephew.
  2. Savings Habit – My nephew already had money saved but not $15. He calculated how much more money he needed to EARN in order to reach his $15 goal.
  3. Set Goals – My nephew discussed his decision to buy sneakers on his own with his mom. She explained to him the sneakers were more than $15. His mom negotiated that he would need to earn and save $20. Then she would pay the other half.
  4. Developing A Plan – My nephew’s plan was to earn money to buy his sneakers. He told his mom he would do extra chores at home and at his aunt’s house for money. This is some of the chore pricing:

Dusting – $1 per room

Washing dishes – $2

Folding clothes – $1 

  1. Reflection – My nephew realized he doesn’t get the things he wants if he is misbehaving. However, he knew if he earned the money himself, he would probably get what he wanted and needed. Lastly, he didn’t decide to CHANGE his behavior from bad to good and ask for the shoes. LOL This decision I really have to talk to him about…kids!

What will you modify in your life to have more money to buy the things you want and need?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s