Child Project: My Money Jar Project

Goal: Teach budgeting, saving, and giving through hands-on practice.

Materials Needed:

Three jars or envelopes labeled “Save,” “Spend,” and “Give” (let your child decorate these to personalize them)
Markers, stickers, and any other decorations
Small weekly allowance or a set amount of money each week
A simple notebook for tracking or spreadsheet

Weekly Schedule and Activities

Week 1: Introduction and Setup

Day 1 (Your Role):

Explain the project and introduce the concept of managing money.
Explain each jar’s purpose:
- Save: Money for future use or a specific long-term goal (e.g., saving up for a new toy).
- Spend: Money to use for small purchases or treats.
- Give: Money for charity or helping someone in need.
Help your child decorate each jar to make it fun and engaging.

Days 2-4 (Both Roles):

Your Responsibility: Show examples of things you save for, spend on, and donate to. Explain why each decision matters.
His Responsibility: Come up with a goal for each jar. For example, what does he want to save for? Does he have something he’d like to buy or donate to?

Day 5: First Allowance Division

Give him his first weekly allowance (even if it’s a small amount).
His Responsibility: Help him divide his allowance into each jar based on his goals. He decides how much goes into “Save,” “Spend,” and “Give.”

Weekend Activity:

Take him to the store or show online options for his “Save” goal. This helps him visualize what he’s working toward, making it real and motivating.

Week 2: Budget Planning and Tracking Progress

Day 1:

Discuss the importance of tracking his progress and record his amounts in each jar on paper or in a notebook.
Set a weekly goal for each jar (e.g., adding $1 to “Save” this week).

Days 2-4:

Your Role: Discuss real-life budgeting examples (like groceries or household expenses) to connect the project with real life.
His Role: Check his jars and decide if he wants to adjust how much he’s saving, spending, or giving this week.

Day 5: Allowance Day

Give him his weekly allowance. He can divide it again based on his goals.
His Responsibility: Record the amounts in each jar and think about his decisions (e.g., why he may want to save a little more this week).

Weekend Activity:

Visit a local charity or browse charity options online, discussing the importance of the “Give” jar.

Week 3: Spending Decisions and Reflection

Day 1:

Review his goals for each jar and discuss if he feels on track.
Talk about his “Spend” jar and whether he wants to make a small purchase this week.

Days 2-4:

Your Role: Help him make a shopping list with his “Spend” jar budget in mind if he wants to buy something.
His Responsibility: Plan his spending and decide if he’d rather keep saving for a larger item. This teaches impulse control and delayed gratification.

Day 5: Allowance Day

Give him his allowance. Let him divide it as before, adjusting based on his current goals.

Weekend Activity:

Go on a small shopping trip together if he’s ready to spend from his “Spend” jar, reinforcing smart spending choices.

Week 4: Reflection, Celebration, and Giving

Day 1:

Reflect on his goals: Is he close to his “Save” goal? Did he achieve his “Spend” goal? What about “Give”?
Write down a summary of his progress for the month. Discuss what he’s learned about money and making choices.

Days 2-4:

Your Role: Help him choose a charity for the “Give” jar, if he hasn’t already. Discuss how donations make a difference.
His Responsibility: Contribute the money in his “Give” jar to a chosen cause, whether by donation or purchasing supplies for a cause he cares about.

Day 5: Final Allowance Day of the Month

Let him divide this final allowance for November based on his ongoing goals for “Save,” “Spend,” and “Give.” If he has reached his “Save” goal, celebrate his achievement!

Weekend Celebration:

Celebrate his month of learning with a small reward or activity he loves (maybe something from the “Spend” jar).
Reflection Together: Ask what he liked best, what he learned, and any goals he wants to set for next month.

Your Responsibilities vs. His Responsibilities

Your Responsibilities:

Set up and explain the project, and introduce basic budgeting concepts.
Give consistent weekly allowance and guide decision-making.
Provide examples of budgeting and saving in daily life to reinforce the lessons.
Assist in tracking and recording amounts.
Plan engaging weekend activities that reinforce each jar’s purpose (e.g., visiting a charity, small shopping trips).

His Responsibilities:

Decorate the jars and set personal goals for “Save,” “Spend,” and “Give.”
Make weekly decisions on how to divide his allowance.
Track his own savings in a notebook with your guidance.
Practice patience and responsibility as he builds his jars.
Participate in weekend activities to learn about real-world applications.

Learning Outcomes

At the end of the month, he should have learned:

Budgeting Basics: Allocating funds to different goals and seeing the impact of his choices.
Financial Goal Setting: Setting and working toward a goal, experiencing the satisfaction of achievement.
Charity and Compassion: Understanding the importance of giving back and making a positive impact.
Delayed Gratification: Realizing that saving over time can lead to bigger rewards than spending impulsively.

This project not only builds financial literacy but also introduces lifelong skills such as planning, responsibility, and the joy of helping others.