A few months ago I stumbled across a post at MeckMom.com. It described a Family Bank in which you could keep all your children’s money together without it getting mixed up.
We gave it a try and have found it to be a great success. My kids are quite young (6 and 3) so it works well for us at this stage. I would like them to take care of their own money in the future. This as a training period, so they will know how to take care of their money when the time comes.
A basic 3-ring binder holds a zippered pouch for each child and one extra pouch (I’ll explain in a moment):
The zippered pouches were $1 each at Wal-mart.
Each child's pouch has their name written with permanent marker on the top (I took these photos before writing the names, since they are top secret !)
The personal pouch contains all money they wish to keep in the bank. It is OK for them to keep a little in their piggy bank, but I’m not responsible for it if it is lost :)
The extra pouch contains one small calculator, a pen, and an envelope for each child. The envelopes are labeled with the child’s name and the money they are giving to the Lord’s work is kept in it. We are teaching them to give at least 10%. On Sunday the money goes with them to church and they put it in the plate (I have been very lax in remembering to take the money on Sunday’s so this is a good reminder for me. It means more if they give it from their own stash than if mom gives them some money from her purse).
The front inside pocket of the binder holds a register, similar to a checkbook register.
Whenever a withdrawal or deposit is made we record the amount. We also jot down what the withdrawal was for or the source of the deposit (i.e. From Grandma).
When deposits are made, 10% is put into the envelope in the extra pouch. If we are heading to the store and there is something my daughter would like, we take a few dollars out and jot down "spending." If there is something specific to be purchased we write that down instead. For example: colored paper.
We have been writing this information under the amount, however I plan to make a separate place for it next time I print out a register.
This is very simple and works well for us. To see other Works For Me Wednesday posts, click here.
To find great frugal tips, visit Biblicalwomanhood.com
To read the original Family Bank post from Meck Mom click here
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