Money can be a good avenue for teaching children about compassion and giving. Often, it is during the winter holidays is when we tend to do this. But why not make it a year long process?
So today, I sat down with Boogie and said, "Hey, honey, do you want to go through your banks and make some new ones?" "Yeah!" he replied quite happily. I got out 3 labels- Save, Spend, and Donate. Then I placed one each bank. He read them aloud and said, "Well, I will put the dollars and cool coins, you know the ones that are really different in the Save one." Good idea, honey. Then he wasn't sure about the others. So I suggested to put the pennies into the DONATE container. "Oh that is good mommy because they are all brown and just one cent." Yes, I told him, but all of those pennies will add up to make someone very happy, like when we counted 20,000 pennies for the A Wish Come True. "Then we can put the nickels and dimes into the SPEND bank." Sure, I think that is a good idea too. "And when I want to buy a new Beyblade I will take out these." Yup. Boy you are smart. Coincidentally, he had just finished his chapter in math which was about money and coin identification, so it really meant something to him.
Boog was incredibly proud of himself after separating his money, and quickly showed Kyle and Mudget his new banks. It made me feel good, too, knowing that I am instilling a sense of responsibility, compassion, and money management early on so that he can make this a part of his everyday life. And of course reap some of the benefits of earnings from his Responsibility Chart or the occasional birthday card. So if you want to try to work on the spirit of giving, coin identification, or chore rewards, having 3 separate banks may help with these skills to build a money smart kid.
Let us not be satisfied with just giving money. Money is not enough, money can be got, but they need your hearts to love them. So, spread your love everywhere you go. ~ Mother Teresa