A Perfect Christmas Present for Kids

Tis the season of giving and children are so much fun to buy for.  Watching their faces and sharing in their excitement as they unwrap their gifts is one of the most wonderful experiences of life.  The question I have for you is how much will the gift you give truly enhance the life of the kid?  The latest toy or game might entertain them for a while, but will it really leave them better off?

A great gift to get kids of all ages is a Money Jar System.  So before you go, "my kid would hate that!" hear me out.  Kids from toddlers to teenagers are fascinated by money and the power it gives.  Giving them a Money Jar System and teaching them how to use it you put the power fully in their hands and can set them up to make responsible financial choices for the rest of their lives.  Unlike Much Music pushing credit cards on uneducated teens while telling you the lie that it will teach them financial responsibility, this gift actually will.

Any simple, yet nice jars or containers will work.  I personally use glass mason type jars with a lock down lid for mine and my daughter's Money Jar System.  You will need six jars and you can choose to decorate them before you give them, or let your child decorate them however they like to truly make them theirs. 

So what are the six jars for?  Financial Freedom, Play, Give, Education, Gifts, and Saving for Long Term Spending.  The purpose of the jars is to divide equally whatever money the child has into the jars.  I give my 7 year old daughter a $6 a week allowance so she puts $1 into each jar every week.  She gets very excited seeing her money grow in her jars.

The Financial Freedom jar is for investing.  You NEVER touch the principle in this account.  Kids usually start putting their money into a high interest savings account or a no load money market fund as they start building.  As they get older, have built up more money, and learned more about investing they can then look into more advanced investments like segregated funds, stocks, bonds, or real estate.

The Play jar is for whatever fun thing your child wants.  You do not get to question this at all.  Typically the money should be used every month, but for more special things it can be saved up for a maximum of three months.  This play money teaches them that you can be financially responsible and smart and still enjoy life and have fun.  Things that they might spend it on are candy, comic books, games, dollar store trinkets, whatever.

The Give jar is for giving to charity.  It could be a tithe to your religious organization, putting in the Salvation Army Christmas kettle, or whatever charitable organization your child chooses.  We are so abundantly blessed by the simple fact that we are in Canada that we have a moral obligation to give back whenever we have the opportunity.  Giving to charity also helps us build character, become more grateful in our everyday lives, and has the added benefit of attracting good karma.

The Education jar is for purchasing good books (educational, self improvement, financial, business, etc), going to courses, good CDs (educational, self improvement, financial, business, etc.) that help us build up our knowledge base.  This is not for fluff stuff.  Constantly building our knowledge base prepares us for success throughout life and becomes a lifelong good habit.

The Gifts jar is for purchasing gifts for other people at Christmas, for birthdays, and what ever other reason you might wish to give a gift.  This teaches kids about the joy of giving as well as receiving.  It allows children to experience the fun of picking out a present for someone and paying for it themselves. 

The Saving for Long Term Spending jar is where you put money for larger purchases that you intend on making.  For some kids it can be a special doll house, computer game, a bike, special clothes, or maybe even a car if they are older.  Seeing their money grow and eventually purchasing their much wanted item as a result of their own saving and self discipline gives them a huge feeling of accomplishment as well as teaches them the true value of money.

Hopefully you take a chance and make one of the gifts to your children the gift of ongoing financial growth and intelligence by giving them a Money Jar System for Christmas.  If you do I can almost guarantee it will be one of the most important gifts you will ever give them.

"The object of education is to prepare the young to educate themselves throughout their lives."

            Robert M. Hutchins

I love this time of year.  The beautiful, sparkly snow; the gorgeous decorations; people being nicer than normal; and the coming of the New Year.  Already I am itching to commit to my goals for the coming year.  As a self improvement junkie I have had the pleasure of going through many different goal setting programs and books.  My absolute favourite, a book a do every single year between Christmas and New Years, is Your Best Year Yet by Jinny S. Ditzler.

The reason this book made it into my favourite pile is two fold.  First off it is short and simple.  Going through the entire process takes about three hours.  To help you  dramatically improve all your results three hours is an extremely small time commitment.  Secondly, the process is all encompassing.  By going through all the steps you set goals, learn more about yourself, examine your past year, and give yourself the tools to achieve.

There are ten questions you answer in Your Best Year Yet.  These questions apply to everyone in every situation.  I have found them to be helpful beyond belief in accomplishing my move forward goals for my life and my business. 

            1.         What did I accomplish?

            2.         What were my biggest disappointments?

            3.         What did I learn?

            4.         How do I limit myself, and how can I stop?

            5.         What are my personal values?

            6.         What roles do I play in my life?

            7.         Which role is my major focus for the next year?

            8.         What are my goals for each role?

            9.         What are my Top Ten Goals for the next year?

            10.       How can I make sure I achieve my Top Ten Goals?

By examining your past year, you allow yourself the opportunity to experience, absorb, and build on the experiences of your efforts.  We need to slow down in life in order to go faster in many cases.  Self reflection is an important key to success that most people make the mistake of overlooking.

Discovering and examining your personal values and the roles you play it helps you make sure you are on the right road for you at this stage of your life.  Some roles change dramatically with time such as parenthood, roles with extended family, and business roles.  We need to take our whole life into account or we will be disappointed with our results whatever they might be.

Decisions must be made.  Resources are limited, especially time.  How do you CHOOSE to invest yourself?  If you are scattered you will go no where.  To reach a destination, you must know what it is and commit to doing what is necessary to get there.

Take some time during the holidays to ask yourself the questions, or better yet, get the book and go through the whole system.  You will be setting yourself up to live Your Best Year Yet in 2010.

"Discipline is the bridge between goals and accomplishment."

            Jim Rohn