My son loves money and getting new things. So for a reward system we started doing things for nickels, dimes, and quarters. It has worked really well for good behavior rewards, money management, picking up his stuff, and getting away from him asking for everything when we are at the store.

What we have done is We have this chart that we put in a sheet protector and a dry erase markers to mark it. Then as he does stuff the first time asked he get money. We also have behavior things on there and anything we are working on. We also have extra things that he can do like chores for $.25 each. Every night we tally it up and give him the total.

With that money he can get things at the store or new toys and such. We have even taken it as far as getting a tote to put his toys in that get taken away or are not put away when asked. He then has to buy them back for .25. It has helped so much with him keeping his toys put away. We also have gotten $5 gift cards from his fav stores that he buy and keep in my wallet. So when we go to that store he has his money to spend. He now is realizing how much work even $5 is. We do let him borrow money but we have put a limit on that of 2.00. That way he is not do far in the whole. we have also set up that if it is a larger item we can pay for a part of it. That way he does not give up because it cost so much. We have set savings goals and worked on choices with money. It is amazing how much pride he has in his stuff when he has worked really hard to get it.

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This is a site that we came across having to do with teaching kids about using a visa and money management. It would be great for older kids and working with them.

www.payjr.com

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1. I totally missed this as a topic on my blog where I discussed college. I could totally do an entire series on the evils of impulsivity and credit cards, impulsivity and dating dangerous women, etc.

2. I highly recommend the "Rich dad, Poor dad" Series. Start with the book, then look at their other products, which includes "Cashflow for kids." a board game that teaches real money skills.

the whole premise of the "rich dad" series is how people don't formally learn financial IQ stuff. So, you either benefit from parents that are financially literate, or you fall into your parents same mistakes and shortcomings.

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