Having a recent birthday, Danyella has wanted to spend every penny that she was given on anything and everything. She is the same way with any allowance we give her for doing her chores. Watching Danyella react to money this way to money was concerning because she needs to learn to save money along with spending her money in a smart way.
I am all for kids spending their money on something special that they want. Like, Danyella wants a bow of her own for archery plus new dance leotards. I am willing to help pay for things that she needs but when she wants something then she needs to learn to either earn the item or earn the money to purchase the item.
For years, I have seen the money challenges for adults. Usually saving $1 or $5 at week 1 and doubling that amount every week. That is too much for Danyella and she would get frustrated and give up. She has a new fascination with coins and would rather be given coins than bills.
This is why I came up with a Nickel challenge for Kids. A nickel increase a week is reasonable for a kid. Plus, a coin is so much more fun for a kid especially when they hear the clink of the coin going into the jar. The fun things is that you can start this anytime of the year. I did break it down for 52 weeks but left spaces to keep going. By the end of 52, a child will save $68.90! To Danyella, that is like a million dollars!
I purchased a $3 clear jar with a lid from Target (LOVE LOVE LOVE Target’s dollar section!) so that Danyella can see her savings grow. The jar will be kept on our Dining Room hutch so that she won’t be touching and taking any of the money out without our permission and knowledge. My goal is to let her save this money to use for spending money on our next vacation because then she can buy what she wants within her budget.
To print the downloadable PDF click this link: Kid’s Nickel Weekly Savings PDF