What I'm Teaching My 8-Year-Old About Money

Zeke turned 8 this summer, and I feel like we’re entering a whole new stage. He’s taller, faster, and somehow already negotiating with me like a mini attorney. Also, here’s Wyatt ( 3), not learning a whole lot about money, but too cute not to share!

He still earns allowance for extra chores and gets a little birthday and holiday money, but now we’ve added some savings goals. Before, he’d show up at the store ready to empty his wallet and bank to buy whatever he wanted. Now, he has a few big spending goals.

Earlier this summer, when Zeke saw a Dude Perfect video of an RC car driving across a pond, he decided he had to have it. The problem is that it’s about $100, and his only steady income is $5 a week for pooper scooping the backyard, plus occasional $20 gifts for his birthday. At that rate, it’s going to take a while. But instead of blowing his current savings on smaller toys to get something right now, he’s thinking about the RC car. As of now, he’s saved $67 (we counted it up this week), so he’s getting close.

Of course, Wyatt (3) has his own financial philosophy…everything in the house belongs to him, regardless of ownership.

For more reading, see previous posts -

 “What I’m Teaching My 4-Year-Old About Money.”

“What I’m Teaching My 5-Year-Old About Money.”

“What I’m Teaching My 6-Year-Old About Money.”

 “What I’m Teaching My 7-Year-Old About Money.”

Happy Planning,

Alex

This blog post is not advice. Please read disclaimers.