Comments: More Ways to Save Money on Kids

I posted a couple times last week on kid-related money saving ideas. My first post was Seven Ways to Raise Kids Who Can Hold onto Money where Philip commented:

I motivate my daughter to save by matching her savings once she reaches a set amount. Right now she is 9, and every time she saves $100 I match her another $100 if she will put the $200 in the bank. She gets $5 a week in allowance, so it takes some sacrifice on her part. She buys a lot less "stuff" now because she realizes it cuts into her goals.

I have also opened up an Emigrant Direct account for her so she can see the interest every month.

The only thing not on the list that I would add is to teach kids about giving. My daughter gives 10% to church every week. I have to remind her sometimes, but often she does it on her own - warms a dad's heart!

This spurred a comment on my second post, Saving Money on Kids, where Dus10 added:

I really like the idea of matching savings... really make it like a true vesting program, as well.

We go to the zoo a lot in the summer time. For a family of five, it is about 70% of an annual pass for just one visit. So, we get the pass in the middle of the summer, and use it as much as we can that summer and the warm portion of the fall. Then, when spring rolls around, we use it as much as we can again. We are thinking of skipping a year, as we will be able to use the pass in two summers, as we purchase it half way through. This would cut the cost in half, again.

I like the matching savings idea as well. We certainly encourage saving and giving, but this takes it to a whole new level. I like it!

We also use the idea Dustin suggests, but for us, it's a "gardens" instead of a zoo.

We go there 6-8 times per year as a family (they have all sorts of seasonal events, activities and shows) and then another 3-4 with just my wife and kids and their friends. We love the place! If we paid each time to get in, we'd probably spend twice as much as our annual membership costs.

Finally, Duane commented on another idea I had suggested -- to save money by playing board games instead of going out. His thoughts:

I recently played the board game "Life" with some friends and their 5 year-old son and was pleasantly surprised at how many money lessons are taught in the game. I've never played Kioyosaki's "Cash Flow" but I've heard good things about it as well, but I believe that games can be useful to model real-world lessons.

We talked about getting Life the other day. I'm going to have to really check it out now. I love games where the kids can both have fun and learn something to boot!

Comments

[Her]

If your kids are old enough (around 10) you can do some great free field trips in your own neighborhood. Help them make a map of your neighborhood - you can make a typical map of streets or a map of which houses have flowers in the yard. Or borrow a library book that teaches sketching skills and plunk the kids down in front of an interesting neighborhood building. They could even create a whole sketchbook of neighborhood images. These kind of activities help kids "see" things they never noticed in their own neighborhood. You don't have to go someplace new to see something new!