Money Concepts

Miles has started earning his own money. He gets 25 cents for folding laundry, taking out the garbage or helping me unload the dishwasher (all his other "chores" are just because he's part of the family). I'm amazed at his willingness to do these things. It's not often that he says no to any of them, and he's great at these jobs, even pulling out the heavy garbage to the curb all by himself.

Last week we counted the money in his bank and he earned $3.75 and with a $10 Target gift card from Grandma Janet that we've been saving since Christmas he had enough to go to Target and pick out a new toy (it was another Iron Man toy, big surprise). The lady at the check out was really patient while we counted out the quarters so Miles could see how this process worked. It was a great experience and I felt like I was being a good parent and teaching my son a valuable lesson. I'm thinking, yay he's understanding the concept.

Then, yesterday he wanted to buy something and I told him he didn't have enough money. He told me to drive to the bank and get some. I said to Miles, "Money isn't free from the bank, you have to work hard and earn it and then you take it to the bank."

"No you don't", he said, " It comes from Grammy and Grandpa in the mail every time they send a package or a card. Let's call Grammy and tell her to send us some more free money."

I just started laughing because that's mostly true right now. I guess the next money concept I will be teaching him is about loans and having to pay them back after dad graduates and gets a job.

Mom and Dad, please do not send a check to Miles after reading this:)