Budget Allowance w/ my 6 year old. 💖💖

@dallasdoesmoney

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Why it worked

The video likely resonated with viewers due to its relatable content about teaching children financial literacy. The father's approach of involving his daughter in budgeting and discussing the value of purchases makes the topic engaging and educational. The "cute dumplings" and the daughter's reactions add a heartwarming element.

Summary

A father discusses budgeting and saving with his 6-year-old daughter, who is learning about the value of money through her purchases. They review her spending and savings, including a significant amount in her bank account and a goal for a scooter. The father explains the difference between spending and saving for specific goals.

Structure

1Discussing a recent purchase and its value
2Calculating current spending money
3Reviewing savings and bank account balance
4Setting a savings goal for a scooter
5Allocating allowance between spending and savings
6Matching savings contributions

Original caption

Asking my kids about the items they spend their money on has been such a great experience. It’s so fun to see their little brains genuinely think about if the purchases they made were worth it. It’s fun to see their thought process after the excitement of buying the item has worn down. A couple weeks ago my six year old came to me a few days later with a toy she had spent $20+ on. “Dad, this was not worth it.” It’s helped her think harder about the things she chooses to spend her money on and it’s building that habit that most adults lack. We’re launching The Money Duck in just a couple of months and will have an entire starter-kit available to start teaching your kids about money at home. Including an allowance binder just like this! Check out link in bio to get on our waitlist. (Limited spots) 🐥 Follow @dallasdoesmoney for more! 😊 #kidsallowance

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Transcript

Okay, so let's first of all think about it. Did you buy anything that you need to give me spending money for this week? Yeah. What? What? What? Dumping. How much was the dumping? Do you remember? $15? Is that a lot of money? Do you think that was worth $15? Like are you glad you bought it or are you like, I don't know if I would do that again. Well, I really don't want to dump the thing because they're so rare. Yeah, they're expensive, huh? Do you think it was worth it? Like are you happy you bought it? Is it worth 15 bucks? Or are you like, dang it? I wish I didn't do that. I want it. You're glad you got it. Thumbs up or thumbs down or middle. Thumbs up. They're pretty cute dumplings. That's for sure. Okay. So let's start with that. Let's get $15 from spending and give it to mom and dad. So we'll count that out. Do you want to give me a 20 and I'll just give you the change. I'll give you the five back. Okay. Now, let's see what you have what do you have left in spending right now? 30 31. So you sell $ a good amount. That's pretty awesome. Good job. What should we should we have in spending or in savings? So you have 70 in savings, but where else do you have money in savings? The bank. The bank. And how much do you have at the bank? $100. $100. We do need to talk about your savings. Because we've talked about this a couple times the past couple weeks. You don't really have anything that you're saving up for in particular, right? Like you've just been kind of putting money in savings. You have $170 now. Is there something that you want to save up for in particular. Like that that scooter that you were talking about. Do you remember how much that scooter is? So, oh here it is. Oh, yeah. So it's 350. $300. So you have 170. You're halfway there to that. But when I have enough can I get it? Yeah. I thought I thought savings was for like I saved up until I was a grown up. Oh, yeah. See that's why that's daddy's fault for not explaining that. What what you cannot do with savings is we can't go to target and then All of a sudden you see something expensive and you're like, oh, that's what I want to use savings for. I see something I can use spend. Exactly. So, what how much do you get for today for allowance? 600. You wish. So how much do you get? Ah. Where are you going to put the $6? All in spending? Okay. All in savings? Holy cow. What happens if you put money in savings? You put money in. I match it, huh? Yeah. Okay, so two in spending fore and savings? Yeah. Are you going to put anything in sharing right now? Or not today? Okay. Okay. Okay, so how much did you put in savings? How much do I need to put in there? Um four. Okay. Here is four more dollars. So that's eight total dollars going in savings. No. Whoa, all of it in savings? Yes. Holy cow. Okay, then I got to give two more. So that's $12 going in savings today. Okay, good job, girl. You wish. So how much do you get? Ah. Where are you going to put the $6? All in spending? Okay. All in savings? Holy cow. What happens if you put money in savings? You put money in. I match it, huh? Yeah. Okay, so two in spending fore and savings? Yeah. Are you going to put anything in sharing right now? Or not today? Okay. Okay. Okay, so how much did you put in savings? How much do I need to put in there? Um four. Okay. Here is four more dollars. So that's eight total dollars going in savings. No. Whoa, all of it in savings? Yes. Holy cow. Okay, then I got to give two more. So that's $12 going in savings today. Okay, good job, girl.