The LearningCents Trio Bank -- Spending Tips
SPENDING teaches children to manage their own money and to become smart
consumers. They learn to wait to accumulate enough money to buy what they want
(no credit cards or borrowing allowed), make choices when they can't afford
everything and live with the consequences of their spending.
Money for NOW
The SPEND section of the LearningCents Bank has two purposes. First, it's your
children’s Discretionary Fund to spend as they choose (consistent with your family
values). Second, SPEND money may also be used to cover incidentals that you now
define as their responsibility (e.g., extra snacks like popcorn or ice cream at the
movies/ballgame, tokens at the arcade).
Get Rid of the “Gimmees”
If your children whine at you to buy something, you can calmly remind them that
they may use their SPEND money to buy it. You will be amazed at how often your
children will decide it’s something they can live without! Don’t give-in and buy extras!
Track What You Spend
Many children like to keep track of their money. Encourage them to use the
LearningCents Bank dry-erase pen and dry-erase lids to
Count how much money is in the SPEND compartment and write the dollar
amount on the lid. Update each week as they deposit and withdraw their
money.
Calculate how much more money is needed to reach a spending goal.
Print out our LearningCents™ Ledger for children to track deposits and withdrawals -
this is especially helpful for children who actively manage their money.
consumers. They learn to wait to accumulate enough money to buy what they want
(no credit cards or borrowing allowed), make choices when they can't afford
everything and live with the consequences of their spending.
Money for NOW
The SPEND section of the LearningCents Bank has two purposes. First, it's your
children’s Discretionary Fund to spend as they choose (consistent with your family
values). Second, SPEND money may also be used to cover incidentals that you now
define as their responsibility (e.g., extra snacks like popcorn or ice cream at the
movies/ballgame, tokens at the arcade).
Get Rid of the “Gimmees”
If your children whine at you to buy something, you can calmly remind them that
they may use their SPEND money to buy it. You will be amazed at how often your
children will decide it’s something they can live without! Don’t give-in and buy extras!
Track What You Spend
Many children like to keep track of their money. Encourage them to use the
LearningCents Bank dry-erase pen and dry-erase lids to
Count how much money is in the SPEND compartment and write the dollar
amount on the lid. Update each week as they deposit and withdraw their
money.
Calculate how much more money is needed to reach a spending goal.
Print out our LearningCents™ Ledger for children to track deposits and withdrawals -
this is especially helpful for children who actively manage their money.
