“A Child’s Wish-List Budget,” Ensign, Sept. 2000, 69
As children grow up, they need to learn that money is limited. Because most children want things they can’t have or can’t afford, keeping a wish list helps them focus on what’s really important. Here’s what we have done:
Tack a sheet of paper in each child’s room. When they desire something they can’t afford, suggest they write it down on their list. The simple act of recording a wish takes away much of the immediate pressure to purchase the item.
Encourage the child to begin a savings program for the items on the list.
As funds accumulate, a child may choose which of the items on the wish list to buy. As time passes, many items will be crossed off the list before enough money is earned to buy them.
We have found this simple method has helped our children better determine what things they genuinely want and need.—Jerry Mason, Vienna Ward, Oakton Virginia Stake