We recently started a ledger project. Gavin has been insisting on taking money out of his piggy bank so that he can buy cheap crappy toys from the grocery store. The kind of toys that get lost or broken within 24 hours of purchase. The kind of toys that junk up our home and backyard.
At first he was taking out .50, then $1, then $2, and then $3. Well, you can see where this was headed. I finally put my foot down when he decided he needed to take $12 out in order to buy a plastic bow and arrow set. Mind you, we've been through several plastic bow and arrow sets already. We now make our own bow and arrows with our imagination and tree limbs and sticks from the backyard. Interestingly, the DIY weaponry actually lasts much longer.
After G insisted on needing $12, I told him no. Before he would be allowed to spend any of his money he would need to empty his piggy bank and count what he already has. Then, I will help him create a ledger on our computer and we will begin keeping track of his expenditures and deposits.
As any parent of a very active 5 year old boy can imagine, this project is taking us DAYS to complete. It only keeps his attention for about 15-20 minutes at a time. But we are determined and I am tapping into unexplored reservoirs of patience. Hopefully this project results in the beginnings of responsible money management. I was recently told by a kindergarten teacher friend of mine, that financial responsibility is introduced as early as kinder. We're off to a good start!