Helping kids save

Nathan is 9 years old. His parents want to teach him good savings habits. Nathan has started pestering them for a $165 Gameboy. Mum and Dad decide that now is their chance to get him into the habit of saving.

Nathan already has about $40 saved from his birthday when his grandma & grandpa gave him money. His parents sit down with him to talk about ways he could earn some more money doing odd jobs around the house. They agree to pay him for the jobs he does, and to pay him a bonus $5 every time he saves another $30.

They write out the plan with him, and they all sign it. Nathan feels good because not only are his parents taking him seriously, but he can also see how he’s going to get his Gameboy.