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Financial Peace Jr arrived ;)

1490 Views 5 Replies 5 Participants Last post by  MrMom
Wife and I have been piecing together the DR plan from the library (no official FPU classes attended) and our 10 yr old has been asking questions and hearing our talks and even has been a part of our decisions envelope wise for food entertainment etc.

I checked into the FPU jr thing and found it on for about $13 i think with shipping and tax it was $16 total, ordered it up for her and it came yesterday.

Wife and I went thru it last night (after we paid off 2 credit cards and made a few more budget adjustments!) and are excited about putting this into action with her.

We had her watch the dvd where DR had his kids explain their roles in saving and whatnot and she's actually pretty good about saving already, she has $141 in her savings acct, and that's decent vs most kids getting $30 for a birthday or something and just blowing it...

She isn't saving for anything in particular at this moment, and she does do some basic chores everyday, but we are going to start that commissions chart for her and give her some goals to work for there (having that on the fridge should be motivating).

And she can feel more part of this whole process we are all learning just on her scale, so by the time she is 18 hopefully she will be a lot smarter than us!

If you have experience with the FPU jr. class with your kids I would love to hear about it!

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We have always stressed saving with our kids, from their birth on. We have always put their money in their own savings accounts from birth on. When they start earning allowance, then we start dividing up their gift money and allowances into 10% tithe, 50% savings, and 40% spending. (I personally think that at their ages 40% spending is WAY too much - my oldest is only 8, though. LOL) My oldest has about $1500 or so in her savings account, plus quite a bit of spending money she hasn't spent yet. The other 3 kids have less than her in savings, according to their ages compared to her. I *think* they understand why we do it this way, and I try to show them how I divide it (although sometimes I just have to do it myself because we're in a hurry - bank is 45 min. away - long story). I do need to get better at that... ;)
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