Thursday, May 22, 2008

Financial Peace Jr. for C

Yesterday, the Financial Peace Jr. kit that I'd ordered for C arrived in the mail. There's not a lot to it, but the items are very pretty. We listened to the CD together and filled in some of the spaces on the dry erase chore chart with chores and their dollar value (clean bedroom--$1, clean living room--$1, one page of workbook--$.20, help move trash containers on trash days--$.25). C can earn money for tidying and doing workbooks every day of the week but Saturday, so theoretically she could clean us out, and it sounds like she fully intends to once school is out, but she's only earned $17 this month. There's a dry erase board where you clip a picture of a large item you are saving for and calculate how long it will take you to purchase. We wrote in that C is saving for the $10 flower fairy scratch-off, but C wasn't sure how long it would take. That was easy. The key to the Dave Ramsey system for kids is the three envelopes (give, save, and spend) where you put all the money you get. So far, almost all of C's spending has been in the "save" category. The issue there is that she tends to go for cheap items that she wants less, when the thing she really wants will require her to save up for a few more days. Hopefully, keeping her goals on the fridge will be helpful. The "give" category will probably be the most controversial, especially since C will be getting her money a dollar at a time and it will be a pain to split it at that point. My plan is to make charity a sort of sales tax on her spending, so I've told her that to buy the flower fairy scratch-off, she'll need $11, $10 for the scratch-off and $1 for her giving envelope (and I'm going to need to monitor the contents of that envelope). C is more accepting of the idea of giving than I expected. I've asked her if she wants to give to our parish or to poor children. C says she wants to give to poor children so their parents can buy them new toys. I suppose that means we should save up until Christmas and then participate in one of those giving tree programs. That will be a lot more satisfactory than mommy taking her money and writing a check. I also showed C our budget for May, impressing her with the idea that mommy and daddy have a lot of things we have to spend money on.

I don't know how far to go with this since I don't want to accidentally spawn a little child miser (a very unattractive and common type), but broke parasitic young adults are if anything less appealing.

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