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Feb 20 / Jenny

Our money, Our children, Ourselves

I thought the article bearing this title by Marcella Kanfer Rolnick in Sh’ma was very powerful and a great read. Perhaps, we can engage with and build on the important questions that she asks not only herself but her family as well!

http://www.shma.com/2012/02/our-money-our-children-ourselves/

Eager to hear what you think.

Warmest regards,
Karen

2 Comments

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  1. Rebecca B. / Feb 21 2012

    I found this idea intriguing, which I haven’t heard of before:

    “So I turned to a “Moonjar” moneybox: one part wallet (“spend”), one part piggy bank (“save”), and one part tzedakah box (“share”). Rather than judging what and when to buy non-essentials for our children or judging their purchases, we give them a relatively modest weekly allowance that they divide into the three compartments. They get to choose how to use the money within its allocated purpose. But the Moonjar can only teach so much.”

    Anyone have experience with Moonjars? For kids of what ages?

    • Julie S / Mar 7 2012

      I haven’t yet tried it with my kids, but I have read some WSJ articles about the idea. The ones I’ve seen recommend starting an allowance at around age 5 or 6 and doing the type of separation mentioned in the Moonjar. Though they add one piece, at a certain age – investing – for a 4th “compartment” in the jar. And many talk about not attaching allowance to chores or “punishments” – that it’s about teaching money values, so the kids get it each week no matter what else is going on.

      I know growing up, my parents required 1/2 of every paycheck (starting at age 14) to go to a “college” account and half was for me. It definitely gave me good saving skills. But I’m excited to do it w/ my kids including the tzedakah piece which was not prominent for me growing up.

      T just turned 5, so I think I may try it this summer for the first time. Though I’m not sure how much to give… I’d love to hear suggestions for that.

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