I absolutely love it

We will be contributing some, but we have not worked out all of the details yet. And, we have not yet established an allowance for the kids. We are working on figuring out the best way to do that so that we can establish financial responsibility with them.

What we have done is give him some spending money for a field trip at daycare and he gets to choose whether to spend it or save it. So, he has birthday money and he has a few dollars here and there from choosing to save. Of course, now that summer is over, so are the field trips.

Right now, his concept of money is quite immature. He has a bunch of coins and he thought that he’d have enough to buy a whole new video game. When we counted it, it was less than 2 dollars, but he still didn’t understand that it wasn’t enough. His birthday money was 20 dollars from the grandparents and he has about 6 dollars from the tooth fairy. Add that to a few dollars here and there and he does have some money. I just feel bad about asking him to pay for the whole thing.

So, I think that this idea might help him get the concept of what things actually cost. He does understand that we are trying to save money, but that’s about it.

The next obstacle is that he still believes in Santa. When we say that we are saving money so something is too expensive for Christmas, his solution is that he’ll ask Santa to get it for him.

Why not make a goal thermometer, such as the one attached, to chart his progress?

Matter of fact, I would find a picture of a DS and make my own chart out of the DS image with tick marks to denote his progress toward saving for a repair.

Is he to save up/cut out items for the entire amount? Or will there be some parental contribution of money versus in-kind contributions such as the money you didn’t spend on snacks at the grocery store? I ask because I would use different colors to denote where the money comes from. Red might be his birthday money contribution, Green might be a certain percentage of his allowance (I forget the word Dave Ramsey uses), Purple might be the money he saved by not buying snacks and blue might be the money mom and dad contributed because you want to see him progress toward his goals. He can tell by the percentage of color, where his money is coming from.

If he’s not paying for his snacks now, he won’t get the full concept of you not paying for the snacks unless you put the money in his hand so he can save it for the repair. I would probably take him to the grocery store, have cash on hand and when he doesn’t get an item he usually gets, put the cash for that item in his hand right in the grocery store. Then he can count up that money when he gets home, and color in his chart for that much money saved.