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MilKids Ages 6–9, What to do with money, Part 1

Hi, I’m Sarah and I’m 7 years old! And my brother, Jax is 9. Like you, we LOVE to play video games, ride bikes, go bowling and watch movies. But all these cost money. And our dad always says “Money doesn’t grow on trees.” So that means, we have to earn money to buy cool stuff. We’re still too young to have jobs…but old enough to earn money around the house. We get our “allowance” every week. An “allowance is the money our parents give us every Friday for doing chores around the house. Right now, we get $5 in allowance every week. But I just don’t get that money for free, I have to earn my allowance by doing things around the house, like: Making my bed, brushing my teeth, helping to make dinner. When I’m being helpful, I earn money. My brother has the same chores as I do and we also help mom and dad with some outside chores too. If we forget to do our daily chores or if we don’t do a very good job… our allowance might be less. BUT when we try really hard to do a good job we get our full allowance. Now that we have money coming in every week, it starts to pile up. So, where should we keep it? One idea is to keep the money in an account. Did you know that even 7-year-olds can get an account?!! That’s right, we just need a parent to set it up through a bank or credit union. We can even have our mom help us look at our accounts online to check how much money we have in there. It’s SO much fun to see those numbers get bigger and bigger as we save money every week. We can also keep our money in our bedrooms. I like having cash in a clear glass jar so I can watch it build as I earn more and more. And the more we earn, the more we can help people, go do fun things, and save up for the things we really want! Ask your mom or dad about an allowance and different ways that you can earn money. We’ll see you next time where Jax and I will teach you more about what you can do with your money. To be continued! Learn more at https://www.milspousemoneymission.org This is a FREE DoD resource to help you financially navigate your military life. Join the mission to lead YOUR family to a stronger financial future.