Every two weeks my son and I exercise our money routine. This occurs every other Friday when I get paid.
We sit down after school and I bring out my checkbook and I prepare to write two checks. One to myself and one to my son. We both fill out the memo section individually. He writes whatever he wants and I do the same. After filling out the checks, we discuss what we wrote in the memo section.
He gets $25 every two weeks and has to decide what he will do with his money. Deposit it all, some of it, or spend all of it on a toy, game or snack. We then walk to the bank across the street from where we live and deposit the checks into our accounts.
Pay yourself before you pay anyone else
It is important that he understands that he needs to reward/pay/appreciate himself. First.
Invest in yourself
By paying himself first, he is learning the value of investing in himself. This is something I want him to learn at a young age as competing responsibilities will cloud his judgement as he grows older.
Saving
The importance of savings is invaluable. It is important for him to have money for an emergency, to allow money to build to buy something he really wants, or just watching his savings account grow. I allowed him to experience buyer’s remorse and has learned from it.
Budgeting
Of course he wants to buy the newest games out, hottest shoes, candy, or a new book from his favorite author. I teach him patience in buying things. There will always be a “NEW THING” to buy which makes the last purchase old. Saving more than he spends each time he gets paid ensuring growth in his account. Looking for sales. Mapping out purchases.
Someone else will buy it for him
He often asks how much do I have in my bank account. We check online and he gets excited. Of course immediately he thinks of his next purchase and I am usually guilty of telling him to save his money and I, his mother, or other family members will buy it.
These are lessons integral in my son’s financial education. And he’s only 10. But as his father, it’s my responsibility to make sure he has these foundations down because I can’t and won’t depend on his school or teachers to do it for me.
I’m so impressed! This is a beautifully crafted site to match your amazing work!
Well done and best of luck, Mr. Williams.
A fan.
Thank you!
A great habit to instill. Setting the foundation!!!!!!
My son is already developing the habits and talking about it.
You never cease to inspire me about the future. Keep teaching!
Thank you Denise. I appreciate you.
Would love to pass this on to my son can you give me a email or web address
Hey,
Thank you for sharing. You can send him this link. http://www.basheawilliams.com/4-lessons-i-teach-my-son-every-pay-period/
Love it, i love the whole site!! So proud of you my friend!
WOW…this entire website is inspiring. Love the goals you have listed for your son. I’m going to install these life lessons into my son. Beautifully done!
I am already benefiting from this awesome information. Thank you so much for imforming us and giving tips on how to accomplish as well!!
This is awesome. Thank you for sharing. I will definitely share this with others. God bless!
You are wonderful.
Thank you. I appreciate you.
Great stuff Bashea…sometimes us men think we know all the trick and trades to raise our sons until someone show other ways to get it done. Fantastic guildlines for men and women.