Jackson's First Big Purchase

Jackson has been receiving allowance for quite some time now. (You can read more on our views on allowance here.)

When he first began getting an allowance it burned a huge hole in his pocket every time we went to the store. It was important to have that time though. He quickly grasped the concepts of cost and payment for material goods.

Then we decided we needed to teach him a lesson in delayed gratification/saving. So Jackson picked out a toy in the fisher-price catalog and we cut it out and made a little count down calendar of how many weeks it would take to have enough money to make his purchase (9 weeks to be exact). Every week he could rip off a piece of paper and the last piece had a picture of the toy of his choice.

This week was the last week!! We are so proud of Jackson. He had many opportunities to spend his money before the end of the 9 weeks but he stuck to his goal. When he got his allowance on Saturday he and his dad sat at the table and counted out the amount he needed for his toy. (That was a good lesson too.)
All of the money he used to purchase his toy I put into an envelope and labeled it "Allowance $$" so that I could just keep using the same money over and over ... it makes it a little easier on Colin and me come Saturday (before we were scrambling around the house, car, couch, etc. for loose change because we weren't very good at planning ahead).


I pre-bought the toy (which I'm glad I did because they only had one left at the store) so that he could "purchase" it from me that morning and then play with right away (I even made sure we had batteries for it). He was SO excited and proud.



While counting what he had left in his bank I had the idea to start using dry erase markers directly on his piggy bank to keep track of his money (at least a rough amount) and it works great!


Jackson's already starting to talk about what he's going to save up for next. Did I mention that we are very proud of him? Delayed gratification is hard for most adults let alone a 3 year old.