Friday, August 1, 2008

Learning the value of money

Thursday night was an exciting night for Jonah. He made his very first big purchase with money he has saved up. The big purchase was a Nintendo DS.
Last Christmas Jonah had wanted to get this DS, but we felt he was too young. Same with his birthday that was 2 months later. He also went thru a phase where he was taking advantage of money - not that we have any! He wanted to go out for dinner, buy the DS, so we told him, we dont have money that we can always do what we want. So when he asked to go out for dinner, we said we can do that once in awhile, but not all the time. So he offered to pay! We said OK! We thought this would be a good learning experience as he is seeing the money come out of his piggy bank. Now it was no where fabulous, just the local Subway. Cost about $22. He seemed fine with it. So we made a deal. If he can earn enough money to buy the DS, he can! So he started saving. Any money he received as a gift, went in his piggy bank. He would do jobs around the house to "earn an allowance", all the money went in the piggy bank.

We told him he needed to save $150 and then we would go to the store to buy it. We counted it a week or so ago and here we are, 6 months later......
First, we had to decide on the colour - he chose blue of course.

Then he paid at the register with the cash.

And here is the happy customer:


Lee said...

FANTASTIC! What a great gift you've given Jonah. I always struggle with holding back even if we can afford to buy the kids what they want. Sometimes, well MOSTtimes it's best that they EARN it. Good for you!! Good for Jonah!!

CloverGirl said...

What a wonderful learning experience!! I have found that my kids take extra special care of the things they buy with their own money.