Let it Rain...

We have started an allowance for Gabriela this summer. It was getting about time, and I was spurred on by my financial course from Dave Ramsey. His idea (which I think is fairly similar to what my parents did) is that children will only learn how to use money if they have it. But they have to first learn that money only comes when you earn it and work for it. So we have begun to institute additional chores (though there are still many things you have to do in your family because you are part of the family...) and what she earns is put in three different areas: spending, saving and tithing. I'm still trying to figure out exactly what she should do with her saving money (Christmas gifts is one idea; others are welcome)

She spent the first couple weeks using her spending money to get gum and toys from the machines at the store, or a carnival ride there... but then she got fixated on having an umbrella. Well, perfect opportunity to teach saving with her spending money. So she did it!! And then she got a great lesson in waiting for a sale... what was originally over $7 was on sale for $3! (she had saved up for $5.50)



She's very happy with her first big purchase, but had to wait almost 2 weeks for a rain shower. We ran outside to use her umbrella... oh, for about 3 minutes :) In the meantime it has become part of her indoor play.