An Invaluable Lesson

For Christmas Kameron secretly asked Santa for a lap top computer. Maybe it was the recession, maybe Santa knew her parents would never stand for a lavish purchase or maybe Santa wanted Kameron to learn fiscal responsibility, Santa bought Kameron a financial planning kit. As a budding entrepreneur, Kameron was ready for the tools to manage her money.

This kit isn't so she can save for college or a car. That will come in its own time. Right now, Kameron is saving for a bike. A blue bike made for a girl, which has hand brakes. She was very specific. Just like her plan.

For every dollar Kameron earns, 10% goes to a charity of Kameron’s choice, at least 45% goes towards her bike and up to 45% goes to spending money that she is free to spend as she wishes. Most recently, Kameron used her spending money to purchase items for Haiti. Kameron has learned very quickly the money that she does not spend can be placed into savings, and allow her to reach her goal of a new bike faster. As a part of her financial planning kit, she must track the money she earns, money she is “fined"*, and how long it will take her to reach her goal. This is to focus on “long term” planning instead of impulse buying.

John and I believe children should have responsibilities. Everyone in this house has household tasks, as everyone contributes to the success of this family. Even the boys are responsible for taking their plates to the sink and cleaning up their toys after play. Kameron has household responsibilities as well. We do not get paid for household responsibilities. While some children are rewarded for cleaning their rooms, it is Kameron's responsibility to put her things away and see her laundry makes it to her laundry basket, period.

Knowing this, Kameron has helped design a list of tasks that she would like to do in order to earn money for her bike. This includes washing walls, cleaning windows, bathing the dog, etc. Not to mention, Kameron has a growing house/dog sitting business and is the “owner” of the finest handmade card company, Letterpalooza. She has done it all without complaint.

We are VERY proud of Kameron. By the end of March she should have enough money to BUY her very own bicycle!! Check out her Blog tomorrow and learn about her shopping trip along with a picture!

We think Santa is pretty awesome too. To learn more about Kameron’s financial planning kit check out http://www.daveramsey.com/store/kids-teens/Kids-3-12/financial-peace-jr-for-kids-ages-3-12-/prod112.html


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*fines - If an adult makes a poor life choice, they are punished financially, be it through impulse buying, loss of a job, a ticket, etc. Kameron knows if she is dishonest, doesn’t follow directions or doesn’t complete tasks she is responsible for, she is fined.