Are your kids excited about managing their resources and planning for the future? Well, our kids aren’t wild about it, so I’ll guess your's aren’t either.
But, financial planning is real important for their long-term happiness! They need to understand this stuff. So we’ve come up with a fun and easy 2-step plan:
Step 1: Show your child how important it is to plan for the future and the consequences of not planning ahead
Easier said than done! So we’ve written a a data-toggle="modal" data-target="#portfolioModal2" href="#">short story which shows your child exactly why they should plan ahead and what can happen to you if you don’t - it’s OK, it’s not gruesome (unless you’re a fly).To read 'Elli the Ant' for FREE Click here
Download this delightful and engaging free children’s ebook ‘Elli the Ant’ and read it with your child. Appropriate for 6-11 years of age. See column on right and get your free copy now. When you are sure they have understood the simple concept in the book, then move on to step 2:
Step 2: Put Planning into Practise
OK. You’ve read the book and your child understands the importance of planning ahead. So how do you put this into practice? Here’s the simplest and coolest Savings Plan you’ll find anywhere. Guaranteed.
Just take three jars. Can be tins, boxes, buckets or whatever, but there needs to be three of them. Now write a label for each container as follows:
GIVING (this money is saved towards a charity or to help someone else in need)
SAVING (money that is kept for a long time, maybe for a car or other large expense in the future. It would be a great idea to open a Bank Account to transfer this money in to as the jar fills up)
SPENDING (this is our favorite jar ;-) This goes on toys, candy etc. Kids don't usually need this explaining!)
Now you might have seen a plan like this before, but we’re calling this simpler version the ‘123 Savings Plan’ because it’s as easy as 1, 2, 3 and you share the money in those proportions.
For example: If you give your child $6 then he or she puts $1 in the GIVING jar, $2 in the SAVING jar and $3 in the SPENDING jar. 123. Easy.
You can make it into a project by having yours kids decorate each jar with a picture which gives them something to aim for.
That’s it! It’s as simple as that.
Is 2 steps enough? Do you think this should be a 3 step plan? Most people have a 3-step plan...
Ok, let’s have a step 3:
Step 3: Keeping it going
Every plan only works if you keep going. So, how about you celebrate each time the SAVING jar is filled. Maybe a small treat like trip to the Playpark or a something special like a visit to their favorite restaurant. The SAVING jar is probably the most important, so it makes sense to ensure that it gets filled consistently!
So there you have it. The 3-step 2-step plan. Only at HumanBean.com!
Thank you, David