Posted on November 1, 2012
Sharon Duke Ostroff wrote a recent article about a very interesting method to teach kids about the value of money. She discusses how most young children do not have the mental ability to understand that some things cost more than others, and that some are not worth buying. Ostroff developed a system called the Spend/Save/Tzedakah plan in order to teach her children, and others about money. With this plan, children set aside certain percentages of money for spending, saving and to give to tzedakah. They can use their own spending money for whatever toys they want, which teaches them about priorities and to look past instant gratification. This system also teaches children about helping others and makes giving to others a focus in their life.
What a beautiful and innovative way of raising our children. Not only does this teach children about giving, it also gives them philanthropic skills that they can use later in life. This is such an important tool that we can all implement to some degree in our own homes.