I firmly believe in the Shop, Save, Share philosophy that I described in an earlier post and I have the accompanying book listed in my favorites. When dear daughter became old enough to receive a weekly allowance I didn't want her to develop the attitude that all money that came her way was for her spending pleasure. So, we decided to teach her that we are all stewards of God's gift of money, that we needed to save for future needs and we need to share our money with our church and other organizations that help people/animals in need.
Dear husband and I did some research on children and how much allowance they should receive. We decided that dear daughter would receive a weekly allowance in the same dollar amount as her age. She currently receives $10 a week.
She gets to spend $6, $3 goes into savings and $1 is shared. We needed a visual way for her to save this money; rather than having it put away for her, without her actually seeing where it is going. The best bank I found for this is the Moonjar Moneybox. It is divided into three compartments labeled with spend, save and share. The one we have is metal with durable, removable plastic tops. It fits nicely on dear daughter's headboard.
Recently dear daughter had accumulated $53 in share money. She research charities and decided to donate it to Southeastern Guide Dogs. Of course, we had taken a trip to the Southeastern Guide Dogs facility to pet the puppies, walk a guide dog in training and see where her money would be used.
This is a good way to teach young children about managing money, but let us not forget that the best way to teach is through example.