Money Jars: The Kid-Proof System for Saving and Spending Money: Part 5

It’s time to have some fun!!! Today is Part 5 in our money management for kids’ series and the topic of discussion is the Play Jar.

As a mom, I often find it difficult to “treat myself.” I’m guilty of always putting everyone else ahead of myself. Even going to the spa for a massage is a big deal for me. I’m constantly working the concept of “Rewarding Myself.”

You Are Worthy

This lesson is just important for parents as it is for kids. You are deserving of having nice things. You are deserving of going to nice places. After you have been so responsible managing your money, you can let loose and pay for things just for pure enjoyment.

The same principle goes for your kids. After carefully allocating their money to pay for living expenses, savings, donating and education, it’s time to relax and enjoy themselves. It may be toys, games, a trip to the movies or the skating rink. Whatever they consider fun and pleasurable, that’s what the money in this jar is used for.

The Fun Rule

There is a fun rule that is associated with the Play Jar. Your child MUST spend ALL of the money in this jar each month. Think of it in terms of rollover minutes. In this case the minutes are dollars and our contract doesn’t allow rollovers.

It’s important for your children to be disciplined with their money. It’s also just as important to relax and HAVE FUN! If you often feel guilt around spending money on yourself to have a good time, it’s especially important that you teach your kids to use the Play Jar. They can learn early that they deserve to treat themselves to nice things.

It’s all about balance. The more serious money matters are just as important as the fun stuff. Using the jar creates a system of checks and balances so that one area is not emphasized any more than the other.

Remember to have your child allocate 10% of his or her earnings to the Play Jar.

Please join the conversation and let me know your thoughts below. Feel free to comment, share, and ask questions.

To You and Your Kids’ Wealth,

Melanie Jane