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.