Shopping with my kids

Ever since I opened an account for my daughter, she and her brother are both asking me to give them their baby money. They used to have an account back home, but I decided to close those accounts when we moved here. I have a list of their money [dates, occasion, from who and how much]. Now, they want it all back. So I put all the accounting in an excel sheet and showed it to them.

Patrick had his own savings account for 3 years now. And they both know that once the money is in their account, there's no withdrawing until they reached 18.

Yesterday, I decided to open another account for them through ING. They offer higher interest rate than the one they've got right now, so I plan to transfer their money to ING. It's a good thing both banks doesn't require any maintaining balance.

They decided that before I put all their money into their account, they wanted to buy something first. I normally put a limit on their purchases since I'm always paying for it. But now that they are using their own money, we didn’t talk about the limit. I wanted to see how much they are willing to spend before I put my foot down.

First stop is Future Shop. Before we stepped off the car, I told them to think once, twice and thrice before spending and to remember that they will be paying for it themselves. So as soon as we went in, I went to the Camera section while I left them to go to the game section. They wanted games for their DS and Wii. When I went to meet them, they had easily picked up 4 games. Price varies from $29.99 to $59.99. Patricia wanted just one game, Mario and Sonic @ the Olympic game, price $29.99. Patrick wanted 2 Pokemon DS game for DS [$34.99 each] that can be played in Wii [$59.90] too. But he will need to buy them separately. So when he added all those up, he put them all down. It’s a good thing he did that himself coz I don’t want to be a bad guy and say "no" to him.

They decided they wanted to shop around first. So we left Future shop empty handed. Next we went to Michael’s to buy some Origami papers. They both love making Origami and decided to share the cost. It’s $16.99 for 350 sheets.

PATRICK: "Patricia, you pay for the 1 cent."
PATRICIA: "No, Ahiya, you pay for it."
PATRICK: "Ok, Mommy will shoulder the 1 cent. [Making a mocking laugh]... Please mommy?"

Oh well...

Next stop, EB Games. The prices for "used" games are more expensive than the brand new one. So we left.

Next stop, Wal-mart. Patricia didn’t find the Mario game that she wanted so she’s a little disappointed. Patrick needed a stylus, and decided to buy a 20-in-1 DS package. Patricia bought the same thing. [There's more story to this part, but I will write a separate post on it.]

Patricia wanted to go back to Future shop to buy her game, so we did. Patrick decided not to buy any games for now.

At the end of the day, I told Patrick that his total was $27 and Patricia was $61. Patricia said "wow" – she can't believe she spent that much. But they are both happy and content with what they've got.


dianne - bunny trails said...

That's cool. It's fun to see them work through these life lessons.

Anonymous said...

I can't wait for my own kids to be as money-savvy as your kids right now. Thanks for this post. Now I have an idea how to go about teaching my kids how to spend wisely. Thanks also for your comment on my latest blog post. :)

JO said...

Hi Dianne and Tani,

d3nd3n said...

Great job Jo on teaching the kids about the value of money and spending this early. :)

Raquel said...

This is what I want to my children too. Teach them how to save money so that they will know how to budget.

JO said...

Hi Denden,
I hope I am doing the right thing.

Hi Raquel,
It's hard but they need to start somehow.