For a long time I Have been struggling to come up with how to teach my kids ( almost 6yrs and almost 3yrs) how money works and the concept of saving. They knew you have to have money to buy something and you cant just eat something in the shop without paying. Then my eldest started Primary school. And to instill their values at school ( Service, Persistance, Achievement, Responsibility & Knowledge) they have a value ticket system where each time they achieve one of the values they get a ticket which gets cashed in every second week for a reward. And so started my bright spark as I saw how eager my eldest was in getting her value tickets.
I started our chore ticket system. Our system is based on working for every Rand, no free hand outs. You have a daily chore ticket which has basic chores which amounts to R10 a week for my almost 6yr old and R5 for my almost 3 yr old.
Then over the weekend they can make extra money if they help me out without me asking. Like sweeping, dusting, help do laundry etc
This whole week they were so excited to do chores and yesterday ( Sunday) they could cash in their tickets.
After the Reward for each ticket was given they had to learn that every time they get money they have to save a portion. We set it to 10% of their earnings.
Lets hope the enthusiasm for doing their chores to earn pocket money lasts.