Tuesday, May 13, 2008

A boy and his money are soon parted.

I have been trying hard to get Peter to understand the concept of saving money instead of spending it. In the past, as soon as $1 made it into his hot little hands he insisted that he buy something. Immediately.

We all know that the only thing $1 will buy a little boy these days is a Hot Wheel and that's only if Mommy pays the sales tax.

But finally, finally, I got him to understand that the only way he would be able to get something a little more satisfying than a cheap toy car would be if he collects ("collect" is a good word to use...little boys seem to understand this a little faster than "save") his money until he has enough for say, a small Bionicle or perhaps even a medium sized Bionicle, depending on how much he has been helping his Grandpa in the shop.

For the past 6 weeks, he has been collecting his money and has finally decided that he wants to spend it. Last week, he asked me to get him a certain white Bionicle when I went to Walmart to do my weekly grocery shopping. I told him that I would be glad to do that but when he got home from preschool he would have to give me the same amount of money from his piggy bank that I spent on the Bionicle.

His expression soured as if he had just sucked on a lemon and he said, "I don't want to do that. That would be wasting my money!"

It would appear that I still have a little left to teach him about spending, saving and using Mommy as his personal shopper.

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14 comments:

Annikke said...

We are still working with our 7 year old on the saving and spending concept. He, too, wants to spend as soon as he gets it and if he doesn't have enough he thinks I should just pay for it!

BlondeMomBlog (Jamie) said...

I'm working with my 5-year-old on this saving concept. She's been doing some chores around the house and I pay her a whopping 10 cents per check mark. My mom and mother-in-law also recently paid her for helping pick up sticks in the yard. I told her I'd take her shopping when school is out next Thursday.

Before, she would get a dollar and want to go to the dollar store but I told her she could buy something nicer (like a Barbie or My Little Pony) if she actually saved her money. What a concept! ;)

Jaina said...

Haha, that's cute though. I don't know what banks you have around you, but one of our local banks has a savings plan for kids. My little brothers both have accounts there, and each time they go they get a little plastic piggy bank to fill with coins and other money they get. When the piggies are all full, they take them back to the bank and "smash" them open (because, smart, there are no other openings) and deposit their money to get new pigs. It's really a cute idea, and has really helped with teaching them how to save their money.

Family Adventure said...

On the contrary - I think he's got it all figured out!

Heidi :)

Brittany said...

hhahaha. That is so funny! :) We put Adam's money in the bank. He seems to think it's cool to take his couple of dollars, to the teller, and give them his money. He also likes to "borrow" money from it every so often.

Kids are so cute!

Nap Warden said...

Well, you are off to a good start!

Bonnie said...

Ah yes ! We are in this same stage with our 6 and 4 year old !! I'll be interested to hear the things you learn along the way ! I'm always interested in hearing how other people parent and stealing the ideas I like !! :)

Chelle' said...

Don't I know this.... my kids are 4-6-and 8... and if I don't have this conversation once daily- well then someone has lost their voice.

Furthermore our conversations extend out from toys into fast food, pizza, and well, Dairy Queen.

Motherhood for Dummies said...

I don't know if this helps, but Wellsfargo has free accounts and has free little books that can help you keep track adn will teach you all kinds of stuff, you might want to check that out :)

My Goodness said...

Oh, see, you made him TOO smart!! That's funny!

OHmommy said...

You are in trouble... the kid is super smart! ;)

Heather said...

Bionicles a waste of money? I know a couple of boys who would beg to differ. Your son sounds precious.

Christina said...

Smart kid. I really like the concept of collecting, I should try this. Maybe then my kids will learn how to save too.

Ann(ie) said...

That is so cute. My little guy has a bank account to keep his money safe. Right now he just thinks it's fun to eat it.