The 5 Most Important Things of Finance

So you’ve read through your Workstars Family Economy System, you’re excited to

get started but you’re not quite sure what rewards in your family store will be

the best to motivate your kids?

Well, we’ve scoured the web and found some great ideas for you to use or to at

least get your thought process going.? Because you know your child better than

anyone and what will motivate them the most.

Here are a few ideas:

1) MoneyJars

Give, Spend, Save Jar Box

Money is everyone’s favorite right?!? If your child is old enough to understand

money and gets excited about money, then this is our #1 recommendation.? We think

there are so many life lessons that can be taught at a young age with money.

In my post “The 5 Most Important Things to Teach Your Kids About Money”, I

relate a story about my first grader explaining to me that we actually did have

money for expensive Pokemon cards because I had my Visa card.? We think it’s

important for kids to handle money, to understand how it works, and most

importantly to learn that work = money, not credit cards = money.

So, come up with some sort of exchange rate between stars and money and give them

money.? As a rule of thumb, we recommend 3 stars = $0.25 for young children and a

little higher rate for older kids but you come up with the rate you think will

work best.

Use piggy banks similar to those shown above to teach your child to give, spend

and save.? If you belong to a church that tithes, this is an excellent way to

begin teaching your child those principles.

2) ToysFamily Basket

Basket of Toys

Toys work very well with the Workstars system.? Toys are especially effective for

younger kids who may not be ready for cash.? Find some of their favorite toys and

place a star value on them.? This is also our secret to “Never having a Tantrum

in the Store Again“.

One idea that has worked well with us is to have mystery packs.? Our son loves

Pokemon cards.? We found some used bundles in our local classifieds, and put 5

random cards in a mystery pack.? He loves opening the packs almost more than

getting the actual cards.? You could do this with a number of small toys for your

child.

3) Activities

coupons reward

Activity Cards

Some of the best rewards don’t have to be “things” or cost a lot of money.?

Assign some stars to activities your kids love.? Some ideas are 1) date night

with mom/dad; 2) back massage from mom for 30 minutes; 3) game night with the

family; 4) stay up late with mom and dad; 5) extra 30 minutes of video game time;

6) trip to the local amusement park, etc.? We are currently planning a trip to

Disneyland and our kids are putting a few stars each week towards that trip.? We

feel they will appreciate the trip that much more if they feel they have earned

it.

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