Sep 14

Financial Peace Junior

As a birthday gift when Kingston turned three, he received Dave Ramsey’s Financial Peace Junior kit. Though he is on the low end of the age range for this kit (3 – 12 year olds), he loves using it.

Together we picked out chores he could earn 25 cents for if he completed them and added them to his chore chart. Each day if he completes a task, he gets a mark on his chart for that day, then at the end of the week we tally up all his marks and he gets his “paycheck”. We then divide all that week’s earning into three piles, one for savings, one for spending, and one for giving.  The giving pile goes into his Give envelope and he takes that to church. The other two piles go into Save and Spend piggy banks. The Save eventually gets transferred to his bank savings account, and every now and then the Spend gets put in his wallet and taken to the store to buy a fun treat. I think the directions say something like 10%, 10%, 80%, but that’s a little over his head and it’s just easier if we make three even piles at this age. And even that isn’t something we strictly enforce, sometimes he wants to put more in the Save piggy, and sometimes he wants to put more in the Give envelope, and I let him. We’re not caught up in the numbers part right now, so much as just introducing him to the idea of working to earn money and being generous.

In addition to the kit, there is also a book set or audio books with stories that teach lessons about money in an engaging way. The audio books are in our car and we listen to them often as we drive. We also have the books (which are the same stories as the audio books) that we read through at home too.

Overall we have loved using this set and it has been an easy and fun way for us to teach Kingston about how to earn and spend money wisely. If you need a birthday gift for a kid in the age range of 3 – 12 I would recommend this!

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One comment

  1. That sounds great! I’ll definitely keep that in mind when Liam turns 3 or even other kids around that age. Thanks for sharing about it.

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