My oldest daughter is almost 4. Can you guess what she is saving her money for?
What else, but an American Girl doll.
{She's pretty sure she wants Kit}
Why is she saving and I'm not buying? Because {besides being crazy expensive} I want to teach her about money and being thankful. Here's how I'm doing it...
No. 1: Earning
I'm not going to have her earn money just by doing chores {because that's her duty around this house}, but by going above and beyond her normal chores. So everyday once her chores are done, she has the option to do extra chores to earn money. Every day she has the opportunity to earn $1.
{Thanks to my friend Stephanie for this tip}
There are a few other ways we use for her to earn money, along with her saving her monetary gifts.
No. 2: Saving
It's a little hard to explain to a 3 year-old about how expensive this doll is and how she needs to save over $100 {she can't count there just yet}... so instead, I made a chart:
This has 120 squares on it so she can make X's every time she gets a dollar, and she can see how much she's saved. {And hopefully see that, "wow, this doll I want costs a lot"}
No. 3: Giving
I'm going to give her opportunities to give some of her money away, or use some of it to buy someone a gift. Such an important thing to teach children.
No. 4: Spending
When she has all her money saved up we will go to the American Girl store {too cute by the way} and buy her doll together. She will get to pay herself! How rewarding for her to go and buy what she's been saving and working for!
I'm really looking forward to seeing the difference in how she treats this doll compared to any other toy given to her. There's always so much satisfaction in, "I bought this myself."