Do your kids get an allowance, money for birthday gifts, hold toy sales to earn money? Only for you the mom to discover they have lost or misplaced their money?
I know with 5 kids we have had many lost money episodes, searching and digging, looking for the money a child has lost. Then there is the guilty mom who desires to teach her kids money management, to save, tithe and track their spending, but have not followed through as faithfully as I would like to.
I’ve tried buying wallets for each child, piggy banks, even using a folder system on my desk. None of these solutions have completely solved the challenge of lost money along with teaching my kids to save, tithemone1 and keep track of their spending habits.
This week I discovered a new idea that I’m willing to try out and see if it will solve the two dilemmas – lost money and teaching my kids money management. Maybe you are looking for a new system and want to try this one out as well.
The mom over at Remarkable Home came up with a system using a binder system ( oh, how I love binders) along with binder pouches.
To use this system you will need a big three ring binder, 3 or more binder pouches for each child. Label each of the pouches according to what the money will be for. Such as tithe, savings, spending etc. Next, Place a ledger in each pouch (create your own or use the free one below from Remarkable Home). The ledger is used to keep track of the money as it goes in and out of the pouch. Your kids can keep track of where it came from, what they spent it on, keeping track of each transaction with a running balance (practical math lesson).
To begin sit your kids down and share this new idea with them then teach them how to use it, why we manage our money and whatever else you feel will inspire them to better money management.