Comments on: Teaching Children about Money with The Moonjar http://www.milliondollarjourney.com/teaching-children-about-money-with-the-moonjar.htm Building Wealth through Saving and Investing Sat, 21 Nov 2009 03:00:37 -0500 http://wordpress.org/?v=abc hourly 1 By: DAvid http://www.milliondollarjourney.com/teaching-children-about-money-with-the-moonjar.htm/comment-page-1#comment-65273 DAvid Tue, 23 Dec 2008 15:17:13 +0000 http://www.milliondollarjourney.com/?p=711#comment-65273 Brad Davis, Banks do. It's called a 'savings account', and the other side of the equation, which you maintain is called a 'ledger'. This is where you truly have the opportunity to teach your children about budgeting. The Moonjar allows them to understand different segments in one bank, and you the parent, get to explore the idea of budgeting a large amount into smaller expenditures with your children. Credit Unions often have programs directed towards children that are more sophisticated than bank programs. You might want to have a look. We all should learn this financial exercise, so we can appropriately apply it. However, many don't, and the success of Mvelopes the envelope method of budgeting, would seem to indicate that many are still focused on little pots of money, rather than a stream with many tributaries. DAvid Brad Davis,
Banks do. It’s called a ’savings account’, and the other side of the equation, which you maintain is called a ‘ledger’. This is where you truly have the opportunity to teach your children about budgeting. The Moonjar allows them to understand different segments in one bank, and you the parent, get to explore the idea of budgeting a large amount into smaller expenditures with your children.

Credit Unions often have programs directed towards children that are more sophisticated than bank programs. You might want to have a look.

We all should learn this financial exercise, so we can appropriately apply it. However, many don’t, and the success of Mvelopes the envelope method of budgeting, would seem to indicate that many are still focused on little pots of money, rather than a stream with many tributaries.

DAvid

]]> By: Brad Davis http://www.milliondollarjourney.com/teaching-children-about-money-with-the-moonjar.htm/comment-page-1#comment-65247 Brad Davis Tue, 23 Dec 2008 03:44:51 +0000 http://www.milliondollarjourney.com/?p=711#comment-65247 I've often wondered why banks don't offer a similar product. That is, why not allow the consumer to set some percentage values and then for every deposit the money is allocated to the main account and the attached savings account. Everyone talks about how good a strategy is, why don't the banks support it? Or do they? I’ve often wondered why banks don’t offer a similar product. That is, why not allow the consumer to set some percentage values and then for every deposit the money is allocated to the main account and the attached savings account. Everyone talks about how good a strategy is, why don’t the banks support it? Or do they?

]]> By: J. Powers http://www.milliondollarjourney.com/teaching-children-about-money-with-the-moonjar.htm/comment-page-1#comment-64703 J. Powers Wed, 17 Dec 2008 15:02:18 +0000 http://www.milliondollarjourney.com/?p=711#comment-64703 These kinds of products seem like the fruit of good thinking about how to engage kids about money. I just hope no one thinks they're a substitute for including kids in the real family conversation about money--where it comes from and where it goes. Like many others, I imagine, I grew up in a household where money was never discussed. I had an allowance and was responsible for managing it, but I had precious little guidance in doing so. I never did--and still don't--understand why the subject was so hush-hush. Kids learn through imitation and (limited, guided) participation. These kinds of products seem like the fruit of good thinking about how to engage kids about money. I just hope no one thinks they’re a substitute for including kids in the real family conversation about money–where it comes from and where it goes. Like many others, I imagine, I grew up in a household where money was never discussed. I had an allowance and was responsible for managing it, but I had precious little guidance in doing so. I never did–and still don’t–understand why the subject was so hush-hush. Kids learn through imitation and (limited, guided) participation.

]]> By: HP http://www.milliondollarjourney.com/teaching-children-about-money-with-the-moonjar.htm/comment-page-1#comment-64604 HP Wed, 17 Dec 2008 03:40:58 +0000 http://www.milliondollarjourney.com/?p=711#comment-64604 We have a similar product with (I think) cooler packaging called the Money Savvy Pig. Take a look if you are interested: http://www.msgen.com/assembled/money_savvy_pig.html We have a similar product with (I think) cooler packaging called the Money Savvy Pig. Take a look if you are interested:
http://www.msgen.com/assembled/money_savvy_pig.html

]]> By: nobleea http://www.milliondollarjourney.com/teaching-children-about-money-with-the-moonjar.htm/comment-page-1#comment-62468 nobleea Sun, 30 Nov 2008 13:15:33 +0000 http://www.milliondollarjourney.com/?p=711#comment-62468 Its nice to teach kids to save while they are still young. Its nice to teach kids to save while they are still young.

]]> By: eazypz http://www.milliondollarjourney.com/teaching-children-about-money-with-the-moonjar.htm/comment-page-1#comment-62108 eazypz Thu, 27 Nov 2008 16:26:13 +0000 http://www.milliondollarjourney.com/?p=711#comment-62108 I'm with Al on this one. It's the kind of product that makes me immediately think of copying the idea at home. Simple to do, saves money (i.e., the whole point), and the kids can decorate their own divided piggy banks themselves. The book is necessary to make the divided piggy bank seem special enough that people wouldn't just make their own. Except that making one's own is special. I’m with Al on this one. It’s the kind of product that makes me immediately think of copying the idea at home. Simple to do, saves money (i.e., the whole point), and the kids can decorate their own divided piggy banks themselves. The book is necessary to make the divided piggy bank seem special enough that people wouldn’t just make their own. Except that making one’s own is special.

]]> By: Andy @ Retire at 40 http://www.milliondollarjourney.com/teaching-children-about-money-with-the-moonjar.htm/comment-page-1#comment-62041 Andy @ Retire at 40 Thu, 27 Nov 2008 10:31:50 +0000 http://www.milliondollarjourney.com/?p=711#comment-62041 I think that looks like a great little device for both education and for helping the littl'uns save some money. I love the fact that there is a sharing compartment too. I think that looks like a great little device for both education and for helping the littl’uns save some money. I love the fact that there is a sharing compartment too.

]]> By: FrugalTrader http://www.milliondollarjourney.com/teaching-children-about-money-with-the-moonjar.htm/comment-page-1#comment-62008 FrugalTrader Thu, 27 Nov 2008 00:30:39 +0000 http://www.milliondollarjourney.com/?p=711#comment-62008 Brad - I think the family should decide how much to put in each compartment. The kit also comes with a notepad that can help track the savings/charity/spending. DividendGrowthInvestor - Although CC and I write about similar topics, we aren't the same person. :) MGL, the story book is actually really cute. It's a great childrens story about how the moonjar came about. Sounds like you may need a moonjar for yourself. :) Cannon - That's some dry humor brother... but I admit, I did laugh out loud. I think the sharing portion can be used for charity, or simply giving for the greater good. Brad – I think the family should decide how much to put in each compartment. The kit also comes with a notepad that can help track the savings/charity/spending.

DividendGrowthInvestor – Although CC and I write about similar topics, we aren’t the same person. :)

MGL, the story book is actually really cute. It’s a great childrens story about how the moonjar came about. Sounds like you may need a moonjar for yourself. :)

Cannon – That’s some dry humor brother… but I admit, I did laugh out loud. I think the sharing portion can be used for charity, or simply giving for the greater good.

]]> By: 4 Piggies http://www.milliondollarjourney.com/teaching-children-about-money-with-the-moonjar.htm/comment-page-1#comment-61989 4 Piggies Wed, 26 Nov 2008 20:13:20 +0000 http://www.milliondollarjourney.com/?p=711#comment-61989 It's interesting that this topic is being covered the same day that the Canadian Capatalist's review of my book "The 4 Little Pigs" (a financial values book for children) is out. The book is non-fiction based on what my son Caleb did with 4 piggy banks named Spending (pocked money), Saving (for a bigger purchase), Sharing (to be used to help others) and Schooling (savings for post-secondary education) and a weekly allowance divided between them. The book has recently won a Moonbeam Children's Book award in the non-fiction picture book category. After much demand we will be adding the 4 piggy banks for purchase on our website along with the book next week. The book is bright, colourful and fun and my kids love their 4 little piggy banks. For more information on our story you can visit our website at www.fourpiggies.com It’s interesting that this topic is being covered the same day that the Canadian Capatalist’s review of my book “The 4 Little Pigs” (a financial values book for children) is out. The book is non-fiction based on what my son Caleb did with 4 piggy banks named Spending (pocked money), Saving (for a bigger purchase), Sharing (to be used to help others) and Schooling (savings for post-secondary education) and a weekly allowance divided between them. The book has recently won a Moonbeam Children’s Book award in the non-fiction picture book category. After much demand we will be adding the 4 piggy banks for purchase on our website along with the book next week. The book is bright, colourful and fun and my kids love their 4 little piggy banks. For more information on our story you can visit our website at http://www.fourpiggies.com

]]> By: Al http://www.milliondollarjourney.com/teaching-children-about-money-with-the-moonjar.htm/comment-page-1#comment-61979 Al Wed, 26 Nov 2008 17:41:35 +0000 http://www.milliondollarjourney.com/?p=711#comment-61979 I think it's a great idea, however I'll probably use 3 empty glass jars to simulate it. Might as well throw in lessons about reusing, frugality and creativity at the same time. I think it’s a great idea, however I’ll probably use 3 empty glass jars to simulate it. Might as well throw in lessons about reusing, frugality and creativity at the same time.

]]> By: cannon_fodder http://www.milliondollarjourney.com/teaching-children-about-money-with-the-moonjar.htm/comment-page-1#comment-61966 cannon_fodder Wed, 26 Nov 2008 16:32:37 +0000 http://www.milliondollarjourney.com/?p=711#comment-61966 Reminds me of the joke, "When is a door not a door?" The answer, "When it's ajar." I don't expect anyone to be over the moon after hearing that joke... Is the sharing component for charitable contributions only? Reminds me of the joke, “When is a door not a door?”

The answer, “When it’s ajar.”

I don’t expect anyone to be over the moon after hearing that joke…

Is the sharing component for charitable contributions only?

]]> By: Damaris http://www.milliondollarjourney.com/teaching-children-about-money-with-the-moonjar.htm/comment-page-1#comment-61961 Damaris Wed, 26 Nov 2008 16:01:37 +0000 http://www.milliondollarjourney.com/?p=711#comment-61961 thanks for sharing this with us! I really like the idea, and wonder if moonjar has plans for a slightly more advanced moonjar and book for teens... thanks for sharing this with us! I really like the idea, and wonder if moonjar has plans for a slightly more advanced moonjar and book for teens…

]]> By: Scott http://www.milliondollarjourney.com/teaching-children-about-money-with-the-moonjar.htm/comment-page-1#comment-61959 Scott Wed, 26 Nov 2008 15:18:13 +0000 http://www.milliondollarjourney.com/?p=711#comment-61959 Forget the kids, I should get ME a Moonjar! I prefer the paper model, that way I can cut a bigger hole in the 'save' slot. Not a bad way to start teaching. Anything is better than nothing! Forget the kids, I should get ME a Moonjar!
I prefer the paper model, that way I can cut a bigger hole in the ’save’ slot.

Not a bad way to start teaching. Anything is better than nothing!

]]> By: DAvid http://www.milliondollarjourney.com/teaching-children-about-money-with-the-moonjar.htm/comment-page-1#comment-61956 DAvid Wed, 26 Nov 2008 15:05:58 +0000 http://www.milliondollarjourney.com/?p=711#comment-61956 Here is yet another source of similar information and tools: http://www.prosperity4kids.com/moneymamabookpiggy.shtml I am not affiliated with this organization. DAvid Here is yet another source of similar information and tools:
http://www.prosperity4kids.com/moneymamabookpiggy.shtml

I am not affiliated with this organization.

DAvid

]]> By: Dividend Growth Investor http://www.milliondollarjourney.com/teaching-children-about-money-with-the-moonjar.htm/comment-page-1#comment-61951 Dividend Growth Investor Wed, 26 Nov 2008 14:44:07 +0000 http://www.milliondollarjourney.com/?p=711#comment-61951 Looks interesting. I want to ask if MDJ and Canadian Capitalist are written by two different people or the same person? The topics today are pretty similar between the two. Looks interesting. I want to ask if MDJ and Canadian Capitalist are written by two different people or the same person? The topics today are pretty similar between the two.

]]> By: MoneyGrubbingLawyer http://www.milliondollarjourney.com/teaching-children-about-money-with-the-moonjar.htm/comment-page-1#comment-61940 MoneyGrubbingLawyer Wed, 26 Nov 2008 13:15:38 +0000 http://www.milliondollarjourney.com/?p=711#comment-61940 Looks interesting. Anything that encourages kids to learn about good financial practices at an early age sounds good to me. A lot of parents could probably learn a thing or two as well! What's the storybook like? It looks pretty out there to me (or "new age-y"). Will the book turn my kids into moon worshipping, lotus loving hippies? Is there a portion of the moonjar dedicated to saving for a trip to BC to live in a commune? :) Looks interesting. Anything that encourages kids to learn about good financial practices at an early age sounds good to me. A lot of parents could probably learn a thing or two as well!

What’s the storybook like? It looks pretty out there to me (or “new age-y”). Will the book turn my kids into moon worshipping, lotus loving hippies? Is there a portion of the moonjar dedicated to saving for a trip to BC to live in a commune? :)

]]> By: Brad Castro http://www.milliondollarjourney.com/teaching-children-about-money-with-the-moonjar.htm/comment-page-1#comment-61938 Brad Castro Wed, 26 Nov 2008 12:58:40 +0000 http://www.milliondollarjourney.com/?p=711#comment-61938 That's very intriguing. Do you plan on requiring a certain percentage allocation for each category, or let the kiddo decide how much goes into each compartment? That’s very intriguing. Do you plan on requiring a certain percentage allocation for each category, or let the kiddo decide how much goes into each compartment?

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