It's been seven months since we put our financial plan in place for the kids and since I wrote about it in The Entitlement Trap.
The biggest issue we were facing was greed. Gimme, gimme, gimme, without any regards to what it takes to actually earn it. Jack is a little young, but he is already understanding the concept. It's done wonders for Justice. He is very careful with how he spends his money, and he never asks us for anything anymore. He used his own spending money on vacation and was very careful with it. He has had a great opportunity to learn because of his bracelet business. His sales are fairly regular and he has been able to save a considerable amount of money while still paying his tithing and having enough spending money to buy things that he needs or wants.
There have been a few specific incidents that have led me to believe it's working. Specifically, he loves Nike sneakers. Expensive Nike sneakers. When we shopped for new sneakers recently, he actually bargain shopped. He said, and I quote "I'm not paying 85 dollars for a pair of sneakers." He has indeed learned the value of the dollar. Thank goodness! He also takes very good care of everything that he has purchased for himself and with his own money. It has been a very positive experience all the way around.
And today, I got even more proof that this plan is indeed working. I found this note while I was cleaning the craft room.
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I couldn't help but laugh, the kid has indeed become quite stingy with his money. And I am really glad!
If you are looking for a proven and tested plan to introduce your kids to money and responsibility, I highly recommend you check this book out. I can honestly say that it's working well and has done wonders for our kids.
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