Tuesday, August 20, 2019

Make Kids Save For Their Own Birthday Presents

Do you ever struggle to find birthday gifts for your kids?

Do your kids struggle to save money?

Kill two birds with one stone.

How? Make your kids save up for their own birthday presents.

Wait, what??!! Sounds cold, right?

Hear me out.

Trishia, a FamZoo mom, shared this brilliant idea with me on a customer service call recently. She told her kids there would be no more typical birthday gifts from her. Instead, she offered to match whatever amount is sitting in their bank accounts the next time their birthdays roll around.

Happy birthday, you just doubled your money!

So, the more earnings they save between now and their next birthdays, the bigger the bonuses.

See, not so harsh after all. And, let’s be honest: most kids dig the gift of cold hard cash.

The arrangement is a genius incentive to delay gratification and boost work ethic.

Plus, here’s the kicker: once they’ve exercised the behavioral muscles needed to maximize their birthday bonuses, they’ll probably be reticent to blow it all after the big birthday payday. They’ll figure out that the less they blow on this birthday, the more they’ll earn on the next one.

Compounding 101. It’s the gift that keeps giving.

P.S. If they get too good at the game, you may want to match a percentage (say 25%) or cap the match (say to $100).

Want to turn these tips into action? Check out FamZoo.com.