This summer
has gone by way to fast. In just a few days, school starts back up for my two
girls. I can’t believe it. This summer, I wanted to teach my kids ages 6 and 7,
the value of money and what it costs to buy items they want.
The girls have
been collecting money in their piggy banks since they have been little. They receive
money from friends and family for special holidays including their birthday.
They also get money for losing their teeth, good grades, reading books and
chores.
I decided to take
them to the bank to open their own savings account. At most banks it is free
for kids to open a savings account and they don’t have to keep a minimum in the
account.
We brought
their coins and dollars to the bank. The bank tellers were very nice in making
sure the girls were involved in the process of opening the accounts and
depositing their money.
Well, within a
few days of opening the accounts, the girls wanted to take their money out of
the bank to buy a big ticket item.
They both wanted
to get an iPod touch 4th generation. They had wanted an iPod touch
for quite some time. Their cousins had them so they knew what the iPods could
do.
One reason
they wanted the iPod 4 was to make movies with the Littlest Pet Shop
Collectables. There is a fantastic free app you can download to make
movies. The other reason was they wanted
to call each other on Face Time. Face Time is a free app that does video calls
to other iPods or iPhones for free. Incredible if you ask me. The nice thing
about iPods is you don’t pay any service fees once you buy it. So you can talk
and text for free. The only drawback is you have to be where there is wireless
internet service or Wi-Fi.
We have rules
on the iPods because as you can imagine kids would be on the iPods all the
time. There is so much an iPod can do. You can have email, watch movies, play
games, text, search and do just about anything. My daughters know they have to
ask for any apps they want amd they have to ask to use Face Time to talk to
their cousins. We limit the time of being on the device to two hours a day and
they need to be off and turned in to me by seven at night. The girls are also
very careful with their iPods because they paid for them. (I did pay for
insurance on the iPods because I know how easy it is for the screen to crack.
Big tip, make sure you get the insurance for a cracked screen. Walmart offers
insurance for $17 and covers the cracked screen. Target is the same price for
insurance, but doesn’t include a cracked screen.) I think after this summer the
girls are learning a little bit more about the value of money.
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