Cash is KING!!! "Save, Give, Spend"

Our 5 year old daughter received her first commission payment for doing chores around the home and she is BEYOND ecstatic! Now don't get me wrong, I personally believe that certain household chores should be expected at no cost from family members BUT that is not the point when you're trying to teach little ones about how money is earned and how it should be spent. We keep the chore list limited so there are still plenty of things to be done around the home WITHOUT pay.
Today my daughter and I found 3 jars from around the home and printed out labels for each jar. She will have a one dollar chore each day, Monday-Friday, and then Saturday is Pay Day. *When she turns 6 she will get paid $6 per week and chores will be more in depth. She will be putting $1 into Giving, $2 into Savings and $2 into Spending for the time being. I love the giving jar because it's important for her to understand the concept of giving her own money to others that are in need rather than handing over $ to donate by me. The savings jar is wonderful as she is starting at such a young age and this will be to buy her first NICE car in cash for her 16th birthday. The concept is clearly "Save to buy". The spending jar is JUST FUN as a reward to be able to spend some cash freely for all her hard work. In the end: If you want things in life you need money and in order to get money you must work. CA$H IS KING!!! Inspired by Dave Ramsey's Financial Peace University
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