Money Matters

Date: Wednesday November 25, 2009
Posted in: Family, Parenting

Matthew and I entered this parenting gig with great ideas and aspirations. Not only have many of those pre-conceived notions been blown completely out of the water, there have been so many issues that have come up that weren’t in the baby books.

Apparently, you need to register your kids for school many months before they start Kindergarten. Somehow the school has absolutely no idea that your child exists, or that they may want to start their academic career. How do they not intuitively know about your precious babies? Don’t they read your blog?

It seems as though the older your kids get, the more questions that arise.

Who do you invite to your child’s birthday party? The entire class, or just his close friends? What sports should you be signing them up for? Baseball? Soccer? Hockey? Swimming? All of them? Why do kids ask so many questions? Is it because they LEARNED FROM YOU?

Heck, I’m so far behind in my parenting that Graham is *just* potty trained, and he’ll be seven next month. I’M KIDDING. Not about the turning seven (WHAT THE HECK?) but about the potty training. Though there is still the rare occasion where he will bend over to show me his sphincter and ask me if it is all clean. You are welcome for that visual.

Giving the kids an allowance is another topic that we’ve been delinquent in instituting. I know that some people are opposed, or have negative feelings toward them and, well, BULLY FOR YOU. I grew up with an allowance that was dependent upon me doing set chores. When I got to my teen years I had to use that allowance to buy personal items (Clothes, music, etc.) and I know for a fact that it taught me how to budget. I want my kids to learn the value of money and the consequences of what happens if you spend it too quickly.

I’ve been keeping my eye out for piggy banks to buy them, but when the only place you have time to shop at apart from the grocery store is a place that rhymes with “Ball Fart”, I’ve not succeeded in my quest. I want to get them something cool that they can keep for years to come. I had a globe piggy bank that looked just like this. I have no idea whatever happened to it but I kind of wish I still had it.

Not only do I want their bank to be memorable, I want it to be unbreakable. Kids are notoriously clumsy (At least mine are – they come by it honestly) and I don’t want something that can smash into a billion pieces. I threw the question out on Twitter and Facebook and had suggestions such as Target and Bed, Bath and Beyond. Not only do we not have those chains in Canada, they won’t ship to us either. Jerks. I had a few suggestions that do exist in Canada (Michael’s being one of them) but they are of porcelain banks. Yeah, no. Schmutzie sent me this Etsy link which made me laugh…but it might be more appropriate for Matthew.

I think I’ll need to spend some time browsing shops or surfing online. If you have any suggestions of cool options, I’d love to hear them.

The kids have found some change in their travels, which is why the topic came up this week. They were carrying their nickles and dimes around in plastic cups or in their pockets and that just won’t do. Until I find the Piggy Banks Of Awesome, we needed something else. I grabbed some mason jars out of my cold room, went out into Matthew’s shop, grabbed a hammer and chisel and made slots in the lid. I brought the kids up to my craft room and had them pick out ribbon that they liked so we would know which jar belonged to which kid.

Jars

These will suffice while I continue my hunt for the best! Piggy banks! Ever!

The only thing we now need to decide on is how much the allowance will be. We’re thinking of giving them one dollar a week. Is that too little? Or too much? They’re only three, five and (almost) seven (I still don’t believe that last one). I’d love to hear thoughts on it from any one who has ever given or received an allowance.



29 Comments

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What about something along the lines of “Ten Thousand Villages” Hunter was given one from there and.. trust me, it won’t break. Also, it’s a turtle.
Also? “Ball fart”… *Snork*. Oh, pardon me… I snorked.
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Comment by Elizabeth on November 25th, 2009 @ 12:58 am

We haven’t started giving regular pocket money yet … still can’t decide exactly HOW to go about it (I remember posting on my blog almost A YEAR AGO about this … gee, you’d have thought we’d have made a decision by now!!)
Anyway, I’ve heard of people doing $1 per year of age, which I think is HEAPS. But whatever works for you. If they are anything like my kids, they think getting ANY money is awesome, no matter how much it is!
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Comment by Hannah on November 25th, 2009 @ 2:43 am

My brother and I were given 10 times our age in pennies (in the UK) from the age of 4. I don’t know how that translates into your currency, but I think tying it to age is a good way of keeping it fair in a way that kids understand (when we turned 13 it went up and we had more things we had to buy)

Comment by Annabel on November 25th, 2009 @ 2:49 am

Thanks, now I will be calling Wal-mart “ball fart”! It’s bad enough we call Hannaford supermarket “Hannafart”

You are too funny!

Comment by Eric's Mommy on November 25th, 2009 @ 6:04 am

I have two children who get their age in dollars each month. 10 year old gets $10 per month, 7 gets $7. It’s easy to remember and they get a raise every year! We give it out in small bills and change so it’s easy to put 10% in savings and tithe 10%. Here are a couple cool banks: http://deseretbook.com/item/5007476/Tithing_Mission_Fun_Bank_with_Lock_and_Key and http://www.getrichslowly.org/blog/2007/06/06/the-money-savvy-pig-a-piggy-bank-for-the-21st-century/

Comment by Kate on November 25th, 2009 @ 6:18 am

I too, had an allowance which tied to chores around the house. It was a whopping $4 a month. I don’t know when it started – maybe around 7 or 8? I do know it ended when I got at job at age 16. Losing that $4 a month really cramped my style! I could also sometimes earn extra money for doing additional (nasty) chores, like de-cobwebing the basement or rubbing my dads feet (ew!). The “bonus” was usually 25 or 50 cents. I was rolling in dough.

Anyway, M has a bank like this (which I got at Target because it was so dang cute) http://www.amazon.com/Silver-Metal-CHROME-PIGGY-money/dp/B000N6MHZC
It’s metal and pretty sturdy. But it most likely will not stand the test of time style-wise.
My brother had one like this that I always coveted because he could lock it:
http://www.amazon.com/Metal-Safe-with-Combination-Lock/dp/B000ID32JK/ref=pd_sbs_t_1

Comment by kakaty on November 25th, 2009 @ 6:40 am

I have to say, I think that mason jar piggy banks are darling! They’re surely suffice until you can find something more durable. When I was younger I had a square bank with a dial-lock that looked like a little 7 by 7 inch safe. It was made of thin metal and it worked great. You could twist the lock on the front and the door would open and you could retrieve your money. The slit was on top like normal. For the life of me, I can’t remember where my parents bought it, but I’d assume it was not spendy. [Frugal family! :) ] The black ones at the bottom of this page http://www.pigsandpiggybanks.com/metalpiggybanks/ are similiar, I think.

Good luck in your search! And I think that allowances are an invaluable way of teaching kids about money. I’m in my mid twenties and I can absolutely see the different between me [who learned about money, the value of it, how to budget it] and those who were handed everything. Big difference!!
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Comment by Laura on November 25th, 2009 @ 7:27 am

First of all, I love the jars, and I love that Matthew has a shop.

Now, in terms of the amount… I think it’s kind of arbitrary, but you may want to consider giving more to the older ones? Mine always increased with age and it was always a proud moment for me that I was older and therefore considered more responsible with money and more independent. So maybe you implement an age schedule so Graham gets $3 now, Nathan gets $2, Emily gets $1, and everyone’s increases by 50 cents on each birthday? Or something?
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Comment by Jess on November 25th, 2009 @ 7:48 am

There is a Bed Bath and Beyond in Calgary now, so I see they have a Canadian website too. So at least that option is now an option.

Comment by Celia on November 25th, 2009 @ 8:06 am

This is where I confess that I have a Hello Kitty piggy bank that I use. It’s breakable though so I have to be careful. I used to have a big pig one from Target but I dropped it and it broke. So yeah I get why you want ones that don’t break. Perhaps some of your American friends can help you out if you find ones that won’t ship to you. Or you could use rubbermaid food storage containers, glue the lids on, and cut slits in the top like you did with the jars. And then the kids could paint them so you can tell them apart.

Comment by Carrisa on November 25th, 2009 @ 8:31 am

Good luck in your search for a good piggy bank!

I had an allowance for most of my growing up, and I can’t remember exactly how much it was when I was a little kid, but I remember it being pretty miniscule. It was also contingent on us doing our chores and homework, etc. I do remember that when I was a teenager, it was $5 a week. It seemed like a lot back then. If I saved up for 3 weeks, I could afford to go out for a nice dinner and a movie with my friends.
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Comment by Sharon on November 25th, 2009 @ 9:03 am

both of my girls get $10 a week, but I do like the dollar for every year you are. Also its an all or nothing-if you do your chores each day you get it, if you skip out you get nothing.
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Comment by Domestic Extraordinaire on November 25th, 2009 @ 9:34 am

I think this is a great idea for teaching kids about money: http://www.thesimpledollar.com/2009/11/17/starting-a-lifetime-savings-journey/

I agree that an allowance is a good way to teach kids about money. I wish the schools concentrated more on the subject too. Our kids’ allowance has always been based on chores and I consider it another step in making them into independent adults (one day!).

Procrastamom Reply:

Gee, I wish I knew what I was doing when it comes to html. That was SUPPOSED to link.

Comment by Procrastamom on November 25th, 2009 @ 10:15 am

If you find a bank you love at a place that will only ship to the U.S., you can use my address (or I could go, y’know, buy it at an actual store) and I’ll ship them to you. :-)
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Comment by bethany actually on November 25th, 2009 @ 10:35 am

We used to have regular piggy banks but eventually traded them in for some cool plastic jars from the dollar store. They’re unbreakable, have neat decorations on them and it is much easier to see and access the money. Piggy banks were a pain in the butt for that.

And, I would give them at least a twoonie a week. But that’s me.
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Comment by Danica on November 25th, 2009 @ 11:17 am

Yes, piggy banks are a hard thing to find now a days, aren’t they? The jars are cute!
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Comment by Kami's Khlopchyk on November 25th, 2009 @ 11:39 am

All I can think about now is GRAHAM WILL BE SEVEN, HOW THE HECK IS THAT POSSIBLE?
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Comment by She Likes Purple on November 25th, 2009 @ 1:26 pm

Do you have Home Depot in Canada? (Stop looking at me like that! I don’t know what is in Canada! You don’t even have Cookie Crisp!)

I say that because at Home Depot here, in the US of A, they have these little workshops the first Saturday of every month. And the kids get to build things, like jewelry boxes and bird houses. And my niece and nephew got to paint piggy banks! So that is an idea.

Although, those jars are cute too!

I have a large Budweiser bottle, but I’m guessing you’re looking for something a little more kid friends.
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Comment by Kristabella on November 25th, 2009 @ 1:50 pm

I had an empty peanut butter jar for a piggy bank. It was cute though – it was shaped like a teddy bear head. I, uh, still use it as a place to put loose change.
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Comment by hillary on November 25th, 2009 @ 2:10 pm

Loved reading through all the comments with pocket money ideas and tips. I’m not near that part of parenting yet but I like to take in good parenting tips all the time.
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Comment by Mama in the City on November 25th, 2009 @ 4:40 pm

wait. you have a craft room? you craft?

Comment by Isabel Kallman @AlphaMom on November 25th, 2009 @ 6:14 pm

we’ve done a dollar for every year but since you have 3, maybe a quarter for every year. You just assembled the best piggy banks, those are awesome! We have used empty beer growlers and also those banks that count the coins as you push them thru the slot are neat. BUT i’m a stickler for making sure they’ve done their chores to get their cash. IE: make bed, pick clothes up off the floor, hang up towels after bath, etc. The younger the kid the more responsive they are to chores and actually being motivated, in my opinion. I have 7 and 13 yr old boys.

Comment by steff on November 25th, 2009 @ 6:45 pm

I used to have one of those metal globe banks too. And just like you I have no idea what happened to it. Strange how things just disappear over the years. I but a lot of things from eBay and did a search for “metal globe piggy bank” – a whole pile of them came up and they start at $1!!

I don’t know if that link will work or not since searching eBay is a real time thing.

As for the allowance someone I know gives their 9-yr-old $10 and it’s not related to chores. That seems super high to me. I think I would probably start with $2 a week. That gives the kids enough money to but a cheap treat if they want but is small enough that they have to save a little while to buy something big.
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Comment by Marilyn on November 25th, 2009 @ 7:20 pm


I think an allowance is a great idea. I think I got a buck a week til I was about 12, then it went to 2, except for when my parents were unemployed, when it was reduced to zero. I also had to buy my own things, except for my bus pass to get to school. So i learned quickly not to just buy a chocolate bar every week!
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Comment by Meg on November 25th, 2009 @ 7:21 pm

I thought this piggy bank was pretty cool, especially since it has a donating compartment.

http://www.banksbanksbanks.com/item_SY8092_educating.children.ages.7.13.html

They ship to Canada too.

Comment by Lesley Ord on November 26th, 2009 @ 2:34 am

Just to add my two cents…no pun intended. :D
http://www.chapters.indigo.ca/toys/Paint-Biggy-Piggy-Bank-4M/4893156045171-item.html
Chapters has decorate your own banks made of polyresin…and you’d qualify for free shipping! :)

Comment by Amanda on November 27th, 2009 @ 7:29 am



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