How to Teach Kids About Money

We are a family with four munchkins. Over the past year, my hubby and I have been teaching our kids about earning money. First we started out with earning rewards with a button system. This was a great starting point. The kids were motivated to do extra chores and help each other.

Now we have a twelve year old and an almost 11 year old. Both of these kids are more interested in earning a bit of moolah to either save for special purchases or fun activities. After some talk with my hubby, we agreed that it's time to start teaching the kids the difference between savings, spending money, and church tithing. Soon after this conversation, I left for my book tour. While I traveled, I found these awesome banks - which totally fit we want to teach our munchkins!

While the wording isn't exactly how I'd like it, it works really well. When I showed them to my kids, I told them the fun money is their spending money, tithing is for church, and the mission fund is their savings and can be used someday for college, wedding or church mission. The kids thought it was cool to have a bank with 3 sections, instead of just one big one.

Since then, we've revamped our chores system.  

I write down chores that need done on small Post-It strips, then put them under our calendar in the kitchen. The kids can choose any they want to do - but they can only take one strip at a time. That way no one can hog all the money. But if no one is interested in doing chores because they'd rather play the Wii (or whatever else is distracting them), then the munchkin who is helping can earn more moolah. Some days everyone takes chores, other days just a few do. It all works out.

When a chore is completed, then the munchkin brings me his strip and I go check to see if it was done the right way. Sometimes I need to give a little direction. When everything is done, then I get out the quarter stash. We pay 50 cents for each chore completed. Some chores we pay more - like raking the leaves or shoveling snow. Sometimes two kids decide to work together to complete a chore. Depending on how big the chore is, they either each get 50 cents or they each get a quarter. 

 

 Earned money goes into their baby food jars we used for the button system. Each week we count up their money and figure out tithing, savings, and spending.

We teach our kids that 10% goes to church, 10% to savings, then the remaining 80% is their spending money. For example, if one of the kids earned $5.00 the break down would be like this:

Tithing - 50 cents

Savings - 50 cents

Spending - $4.00

We've seen this system work well for others. One friend in particular had a mother who taught him this concept when he was young. He stuck with it all through his teen and college years. When he eventually married, he surprised his wife with an awesome 1st anniversary gift - their very first house PAID IN FULL. Now that's a gift his wife will never ever forget!

My husband and I use this same system with our finances and it's been a blessing. We hope our kids will grasp onto the concept, too. Next up, teaching our kids how to create a budget with all that spending money their saving.  =)

Budget Update & Wrap Sandwiches

It's officially been one pay period, and I'm here to give you an update on my progress.

Since my last budgeting blog, I went to the bank to get cash for my two-week budget. I separated the cash into different envelopes, which I labeled with categories (groceries, diapers, date night, babysitting, play money, etc). Then, the tracking began.

We had an unexpected birthday party invitation, which any other time would have messed up my budget. This time, I pulled some cash out of the Play Money envelope and took my four-year-old shopping for a gift. I told him how much he could spend, and he did a great job staying within those boundaries. There were a couple of times I worried, as he found neat presents that were too much. But when I'd tell him how much the item was, then I'd ask him if that was more or less than the amount he could spend. I was really impressed as he figured that out on his own and kept moving on to see other toys. He kept track of which items were okay to buy, then after finding several he chose which one he wanted to purchase for the birthday girl. Can I just say how very impressed I am with my four-year-old? He did a MUCH better job than me. I would have seen a neat toy and thought, "Well, it's not that much more . . . " I'm so proud of my little guy!

Before I left for Utah, I pulled out what we had left of our cash and made sure John knew where it was, just in case he needed something. Our new two-week budget started while I was out of town. When I got home, one of the first things I asked John was if he had used the money I left for him or if he had used the debit card. He still had the cash, and he hadn't used the card.

Score! We stayed in budget and still had $10 left over!!!

So, Monday after preschool, I took the $10 and a bit of the Play Money and made a McSonic run. Rob & Anna had McD's Happy Meals & I had a treat from Sonic. After-all, we all need little rewards, right?



I read an interesting article in my last Prevention magazine. I can't remember the article's name, or the author - and since my hubby did some cleaning while I was gone, I'm not sure where the magazine disappeared to.

The article talked about adding more whole grains into your diet, and also cutting your calories as you work to lose weight. One suggestion was to switch from using white bread to whole wheat or corn tortillas. Each of these as enough grains to count as two servings towards your daily grains. I know I don't ever come close to meeting my healthy whole grain servings, so I thought I'd give it a try.

I purchased Li'l Guy Whole Wheat Flour Tortillas (10 count) and Li'l Guy Thick Style Corn Tortillas (36 count) - each for about $2.50. I also purchased romaine lettuce, avocados, tomatoes, fat-free refried beans, Miracle Whip Light, and light cream cheese.

My first attempt at a wrap sandwich started with a wheat tortilla. I spread a little bit of the Miracle Whip Light on it. Next came the Romaine lettuce, some thinly sliced tomatoes, and about half of a ripe avocado. I rolled it all up . . . and it was soo yummy! Since enjoying that wrap, I've looked up a few other healthy recipes. Enjoy!

Li'l Guy Sauteed Chicken Wrap
4 Li'l Guy Whole Wheat Tortillas
1 lb. Diced Chicken Breasts or tenders
3 c. chopped iceberg lettuce
1 c. shredded cheese
1/2 c. diced onion
1/2 c. diced tomato
1 Tbs. olive or vegetable oil
salt & pepper

In a large skillet, heat oil on medium high heat. Add chicken and diced onion. Saute until chicken is browned and cooked all the way through. Add salt & pepper to taste.

Seperate into four even portions and set aside to cool for five minutes.

Heat tortillas in microwave or in skillet. Place chicken mixture on tortillas and garnish with lettuce, tomatoes, and cheese. Top with salsa, ranch dressing, or light mayo. Roll up each wrap and serve.



Tuna (or Chicken), Avocado, & Bacon Wrap

4 slices bacon
1 (6 ounce) can solid white tuna (or chicken) packed in water
1/2 teaspoon Dijon mustard
1/2 teaspoon prepared horseradish
1 tablespoon sweet pickle relish
1 tablespoon minced red onion
1/4 teaspoon paprika
black pepper to taste
1 avocado - peeled, pitted and sliced
1 tomato, sliced
2 slices provolone cheese
2 lettuce leaves
2-4 Wheat or Corn Tortillas

Cook bacon in the microwave on a paper towel-lined microwave safe plate until crispy, about 4 minutes.

Meanwhile, stir together tuna, Dijon mustard, horseradish, relish, and red onion. Season with paprika and pepper. Divide this mixture between the tortillas. On each tortilla, place 1/2 an avocado, 1/2 a tomato, 1 slice provolone cheese, 1 lettuce leaf, and 2 slices bacon. (If making four smaller corn tortillas, adjust measurements appropriately).



Turkey Vegetable Wrap

2/3 cup mayonnaise, light or regular
1/4 cup NAKANO® Seasoned Rice Vinegar - Red Pepper or Roasted Garlic
1/2 teaspoon ground cumin
1/4 teaspoon salt
6 (8 inch) flour tortillas, warmed
6 lettuce leaves, curly or red leaf
1/2 pound deli sliced turkey, plain or smoked
1 1/4 cups julienned jicama
3/4 cup julienned carrot
1 1/2 cups shredded Monterey Jack cheese
Alfalfa sprouts, chopped green onions or cilantro (optional)

In a small bowl, combine mayonnaise, rice vinegar, cumin and salt; mix well. Spread one tablespoon dressing over each tortilla; top with a lettuce leaf. Divide turkey, jicama, carrots, cheese and sprouts evenly among tortillas. Drizzle additional dressing over ingredients on each tortilla. Fold bottom of tortilla over filling; roll up burrito style.

The Grocery Dilemma

With all the price hikes in gas, I've seen quite an increase in the price of my groceries, too. It's more common every week to get through the check-out stand, see the total, and just cringe. My poor pocketbook.

I tried to keep it all balanced, but found as I was using my debit card that instead of keeping a better track of how much I spent while shopping, I'd end up over-spending and killing my weekly budget. My hubby and I finally sat down, went through our spending for the last few months, and came up with a few solutions to try.

First, we switched to using cash for our grocery budget. I used to budget with cash when we lived in Utah. After moving to Kansas, we chose to keep our bank accounts with our totally awesome credit union back in Utah and only open a savings account locally. So it's a little tricky, but we've got a system worked out that seems like it will work. When I previously used the cash system for groceries, I was much better at keeping to my grocery list and adding up my purchases as I shopped. This helped me to make better choices before splurging for that bag of Oreos and also nixed any unpleasant surprises at the check-out stand.

(Although, I think it's really sad when you hand money over to the teenager manning the register, and they get wide-eyed because you actually carry cash. Do kids even learn how to handle cash anymore? So maybe my budgeting system will keep our kids from going totally techno-crazy. Probably not, but it's a slight possibility.)

Second, we canceled our Dream Dinners appointment. This was really sad for me, cause not only do I love the Dream Dinners meals, but the owner is just so much fun. She's one of those people who really takes the time to get to know her customers. Anytime she saw me outside of Dream Dinners, she knew my name and asked about various activities we had talked about at my last session. But alas, it was an expense I needed to cut out. Sigh. I'm really going to miss visiting with her each month.

Third, we decided to start making meals that would be easy to double, then freeze the extra portion for a meal later in the month. This past Sunday, we made a nice size turkey, mashed potatoes, and stuffing for dinner. Then we took the left over turkey, divided it up into three bags (about 1-1/2 lbs each), and put them in the freezer. Later this month, I'm planning to use one of those bags to make Turkey Vegetable Soup (see recipe below). Another bag will be for a simple Turkey, Rice, and Veggie Stir-Fry. Monday night, we had meatloaf for dinner. I bought enough hamburger to make two, then put the extra in a disposable tin pan, and into the freezer it went to be pulled out later this month. I've already seen good results from doing this. Even though I bought more meat than I usually do, I watched for sales and was able to purchase the meat I needed, and still have budget left over. And since those meals were doubled, I have less I need to purchase from my next budget check. Which makes my money go further and I feel less cramped. Which always makes me a happy girl. :)

Turkey Vegetable Soup (crock pot)

1 lb Turkey, cooked & cut up
1 can (14 1/2 oz) diced tomatoes, with liquid
2 cups of chicken broth
2 potatoes, cut up into cubes
3/4 to 1 c. dried minced onion
15 baby carrots, cut into thirds
1 can (15 oz) green beans, with liquid
1 can (15 oz) corn, with liquid
1/2 tsp basil
1/2 tsp oregano
1 tsp salt
1/4 tsp pepper

Combine all ingredients into a greased crock pot (I like to use the crock pot liners so the clean up is easier.) Cover and cook on high for 3-4 hours or on low 6-8 hours. Serve with rolls or corn bread muffins.

I have a really hard time coming up with recipes that work well to double, then freeze. I purchased a book last summer that teaches you how to do all your meals for the month over a weekend. Of course, then you freeze the meals and pull them out during the week. It's called Girlfriends on the Go by Suzie Roberts. I got mine in the Cedar Fort Online Outlet.

I also asked some of my girlfriends for recipes and their wise-shopping tips.

My friend, Amy, had a great tip. When her grocery budget got squishy, she went on the prowl for good deals on meat. She discovered that two of the local food chains put their meat that is close to the "sell by" date out early each morning in a special section. You have to get to the store early - like 8:30/9:00 am, but you can find some really great deals. I asked Amy to show me the ropes, and I found a whole cut-up chicken for $1.25. I kid you not! Is that like a FABULOUS deal or what?

My sister had another great tip. She does some of her shopping through Angel Food Ministries. "With a heart to help others and a generous spirit, Joe and Linda Wingo founded Angel Food Ministries in 1994 to provide food for friends and neighbors who were struggling financially. Today, they are still doing the same thing. The Angel Food program now is helping provide food relief to more than 500,000 families each month."

Basically, how it works is you place your order and pay up-front. Then, because the food is ordered in bulk, you get incredible discounts. For example, this month's menu Regular Package includes:

1.5 lb Top Sirloin Strip Steaks

2 lb. Boneless Skinless Chicken Breast

3 lb. Breaded Chicken Chunks

1.5 lb Boneless Pork Fillet

20 oz. Supreme Pizza

1 lb. Ground Turkey

1 lb. Cheddar Cheese Bratwurst Sausage

1 lb. Green Beans

1 lb. Stir Fry Vegetables (Broccoli & Bell Peppers)

35 oz. Crinkle-cut Fries

32 oz. Borden 2% Reduced Fat Shelf Stable Milk

7.5 oz Macaroni & Cheese

15 oz. Pork & Beans

7 oz. Chicken-Flavored Rice & Vermicelli

1 lb. Pinto Beans

One Dozen Eggs

One Dessert Item

This package is supposed to be enough to feed a family of four for one week. You get all of this for the low price of $30. After purchasing the Regular Package, you can also add on other packages for $20 each. For more information or to see if there's a ministry near you, check out the link above.

So, my friends, here's to my first month of trying to be a budgeting queen. (Don't choke on that candy bar! I'm really going to try!) I know, it's going to be hard for a spender like me. But hopefully with these new strategies and tips, it will work out well. I hope some of this info has been helpful for you as well. Happy grocery shopping, one and all!