Teaching My Five Year Old FI

So ten days after Christmas my five year old son tells me he wants to buy the Lego City Train set. Could he not had said this before the fat guy in a red suit took credit for all my hard work? Anyway, it looks amazing and I love playing/building Lego with him. However, this Lego set is $149.99 and we just bought him a few new toys for the Holidays. Let’s be honest though, it looks fun.

lego city

Time to raid his piggy bank and count those coins! My son has $45 in his coin bank, and his grandparents recently gave him $20 when they vosited. That’s $65. Time to introduce him to pocket money and teach him some patience. Mrs FI and I agreed to give him $1 a day if he is good. Together with my son, we put some older toys up for sale on local Facebook communities which earned us another $50. That’s $115. He has to be good, patient and collect $1 a day for the next 35 days to afford this set.

We also looked at craigslist, Facebook and the internet to shop around and see if we could find this cheaper. There was no such luck. Everyday I arrive back from work, I hand him $1, he updates his chart and is getting closer. (This is his chart he made by himself. I’m also teaching him how to use tally graphs).

I hope i’m teaching him that he has to work for what he wants and rewards are given with time. I also hope this method will help him appreciate it more when we go to the store. It will be him handing the cashier the coins/money and i’m sure he will be very proud when he is walking out with his hard earned Lego train!

What are some of the tasks you’ve used to teach your children about how money works?

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