If your child wants something expensive like a Scooter or bicycle, it is a good idea to have your child save for part of the cost. You can ask your child to pay as little as 10% or as much as you want. Once your child is paying part, they learn to think about the cost. For example, a name brand scooter is $60, and no name is $40. Say your child is paying half. They currently have $10 in allowance saved and they get $5 per week. In 2 weeks, they can have a no name brand scooter, but it will take 4 weeks to get the name brand. It is interesting to see what your child does. Notice that they are beginning to learn about making choices, evaluating alternatives, and that it may take time to get what they want. Stories like this are highlighted in Raising Financially Independent Teens (Chapter 2 “Foundational Concepts) and Raising Financially Independent Children (Chapters 3 -6 include stories and examples grouped by age).
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