MoneymoneymoneyMONEY

For FHE last night (family night) we discussed finances. We taught our boys about debt: when it is okay to go into debt (to purchase a house or for schooling) and when it isn't okay (to purchase more and more Bakugans). We asked them if it is okay to spend more than you make (NOOOOO! they both said). We talked about budgeting, and how we keep track of everything we spend so we can stay within our budget.

Then we talked about saving. We told them that we have a checking account that we use to pay our bills, and we have a savings account that we put any extra money into for the future. We asked them what we might be saving for (Aidan had some classic answers - toys? A tv?). Then I pulled out a savings account booklet for each of them. Last week, I opened a savings account for each of them and put $10.00 in it. They were SO excited to hear that they each had $10.00 in an account in their name. They're RICH! (At ages 7 and 5, $10.00 does sound pretty rich.)

Then we told them that any money they choose to save will be doubled by us. This immediately got their brains going. Aidan said, "I have two dollars. If I put that in my savings, it will be... four dollars!" They were both giddy. Each boy had two dollars that they wanted to put into their account, so they each gave me their two dollars, and then we got online and I transferred four dollars for each from my checking account to their savings account. When they saw $14.00 in their accounts, they were doing the happy dance.

Then Christian pulled out the big guns. He said, "If your grandparents give you $5.00 for your birthday, and you choose to save it..." Ethan said, "It will become $10.00!!" Then Ethan said, "If they give us $25.00, it will become $50.00! And if they give us a million dollars..."

I said, "If your grandparents give you a million dollars, then YOU will be giving US money."

(Come on, grandparents, pony up. Where's the million dollars you have been hiding??)

After FHE, I took the boys to Wal-Mart to purchase Valentines. After choosing the perfect Valentines, we headed to the toy section. They each salivated over the Bakugans, and in fact Ethan was chomping at the bit because the Battle Gear were on clearance. But I didn't hear any gimmes, or I needs, or whining because they didn't have money to purchase them.

Yesterday pretty much rocked.