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Teaching Life and History
These are the jars. The jars have quickly become the highlight of our Sunday bedtime routine, and not just for A (our daughter). I love seeing her eyes light up when I walk in the room with the three quarters that go into these jars. Before we get too far ahead though, let's back up for a second. My wife and I agreed that A would be able to earn an allowance at a relatively early age. It's our hope that she'll take lessons learned during these early money making days and adapt them to work and money related situations at a later time in her life. We've selected the three labels on the jars very carefully in order to convey three important financial concepts. In the pink jar, A deposits twenty-five cents for saving. Specifically, we say that this money is set aside for school. While we realize that this small contribution might eventually cover lunch on her first day on campus (she's already got $3.00, which is pretty good for a three year old). Generally, we hope to help A understand the importance of putting a portion of money away regularly into a savings account. It's impossible to foresee everything coming your way this month, year, decade. Sometimes it's hard to know what's coming today. A well stocked savings account can help with these unpredictable moments. In the centre, the clear jar holds A's money for spending. This is A's favourite jar hands down. Now that I think about it, this jar may be my favourite one as well. The money is the spending jar can be used to buy whatever she wants. The challenge for A, and one of the lessons that she is starting to understand already, is the concept of 'delayed gratification.' Essentially, A could go out each week and put her quarter in a candy machine. She'd be spending the money, which is completely acceptable according to the rules of the jars, but the candy goes quick. The pleasure attached to this purchase is fleeting at best. If A is able to wait, she can save more money and we can go to the dollar store (our last trip there was fairly successful and the Disney Frozen microphone she bought was a favourite toy for a while). I'm hoping this lesson sticks. I'm hoping that A will know that just because the money is labelled 'spending' doesn't mean it has to be spent. This was a lesson her dad probably should have learned a bit better before getting married. The blue jar holds A's money for giving. I feel as if this is one aspect of finances that is often overlooked and I'm hoping that our message is clear in her mind. Giving to others is an important aspect of humanity. Selfishness and greed, though predominate at certain levels of society, can only take us so far. Now, as Christians, my wife, daughter, and I do give to our church (the money in the give jar is actually A's allowance contributions and 10% of dad's weekly tip money from work). That doesn't mean that you and your family need to find a church to give to if you don't already attend one weekly. There are many worthy causes and many people that could find a use for that money. If you haven't already worked giving in to your family's financial planning, I highly encourage it! These jars are super simple. I think it took me longer to find them than it did to write the labels on them. But what a way to teach our toddler about these three important financial concepts. As A grows, her allowance will grow. As she moves into the working world, loonies and toonies will be replaced by minimum wage. Jars will be trumped by bank accounts. These three concepts will stay the same though. Save, spend, and give. That's it. Until next time.
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AuthorMy name is Kevin. I'm a husband, a dad and a historian, in that order. Archives
April 2018
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