The
"Save, Share, Spend" piggy bank |
Kids attending a money management seminar last month were
given an unusual "piggy bank" as a gift. This one had three
money slots, not just one.
One slot was for savings, one for sharing and one for spending.
Dozens of kids and their parents attended a "Teach Your
Kids to Share Day" at the City Museum in downtown St. Louis.
In a venue like the City Museum, you can be sure there was
time for fun along with learning about managing money.
About money, the kids were given a formula for using their
money as well as their time. The piggy bank helps them keep
track.
About 10 per cent of their money should go into savings.
Another 10 per cent was to be used to share with others.
That left them 80 per cent to spend on themselves and their
families.
One other special thing they learned in this management
class was that their time is often as valuable, if not more
so, than their money.
On this last point, the six kids in the Wollbrinck family
of Beaufort, MO, already have a head start. (Beaufort
is west of Union, MO. in Franklin County).
The
Wollbrinck kids: (second row, lacob, to r) Matthew
and Noah; (front row, l to r) Jacob, Lily, Nathan
and Johanna |
The kids who attended the seminar were Nathan, 15; twins
Jacob and Noah, 13; Johanna, 12, Matthew, 10, and Lily,
7.
Father Tim said, "My wife and I, along with the older
kids, come into St. Louis every other Wednesday to help
feed the homeless."
Nathan said he also helps serve and clean up after meals
at their church. He said each of the kids contributes to
the offering at church as a part of their "sharing."
About money savings, Nathan said each of the kids has a
savings account in the local bank back home.
Andrew
Bohnert |
Eleven-year-old Andrew Bohnert of Frohna, MO, (south
in Perry County near the Mississippi River) said he
already has much of his savings invested in mutual funds.
He keeps the account with his mother, Tammy, who is a financial
associate with Thrivent Financial for Lutherans.
That financial services company was the principal sponsor
of the City Museum outing. Besides the savings and sharing
instruction, the kids and their families got a chance to
try out the many amusement attractions of the unique museum.
Sam
Boxdorfer |
This was a big time for Andrew and his finances. Since
he turned 11, he's starting to get a weekly allowance. He'll
get $11 a week (one dollar for each year of age)
and then get an extra dollar a week every time he has another
birthday.
At the money management with Andrew and his mother, Tammy,
was a cousin, 7-year-old Sam Boxdorfer of Waterloo, IL.
Sam said he's got lots of piggy banks and he got $10 more
recently for his birthday.
Jordan
Rolf |
Six-year-old Jordan Rolf of St. Peters, MO, said she now
has two piggy banks, including the one she got at the seminar.
She said most of her savings have come from money for birthdays
and Valentine's Day. She said she doesn't get an allowance
yet.
Jordan said she likes to spend her savings on clothes.
But, she said she also gives $1 a week at church and likes
to share things with her 3-year-old sister.
Thirteen-year-old Sara Wallace and her sister, 9-year-old
Cora, of Florissant, MO, were at the seminar. They said
both of them have bank savings accounts.
Cora
and Sara Wallace |
Cora said most of her savings come from birthday presents
because she doesn't get an allowance. Recently, she took
some money out to buy a Webkinz stuffed animal.
But, she said she's now saving to give an older sister
a present on her 16th birthday. She said she'd like to buy
her a car but admits that's probably beyond her means.
Sara said she mostly likes to put money into her savings
account. But, she's thinking about saving for an iPod.
As for sharing, she said she buys noon meals for her friends
at school. But, she admits that's often a trade-off because
they also buy her noon lunches.
At the start of the seminar, the kids got together with
some instructors to discuss the three different stages of
money management, saving, sharing and spending.
The kids had all sorts of ideas on what they'd like to
buy. The suggestions included CDs, Lego building blocks,
a dog and a Wii.
But, they also had lots of ways they share with others.
One told of helping at a store where foster-care kids
shop. Another said she was an artist who worked at a nursing
home.
Another girl said she danced to piano music at a nursing
home.
Among the ideas for sharing that involved spending money
on friends. One kid bought a book for another kid and another
bought a friend a birthday present.
Parents were given 6 tips on how to help their kids learn
to save, share and spend in a reasoned way:
