There’s this guy. He’s called The Barefoot Investor. You might have heard of him.
He’s written a little book that everyone
in the world in my office is obsessed with. We ran a story about it, here.
Mr Scott Pape promises he can give you the tools to save up a six-figure house deposit in 20 months, double your income and save yourself seven years of mortgage payments, all of which sounds marvellous, but he also hasn’t forgotten about the little people.
No, not the ones who are priced out of a semi in Woop Woop, I’m talking about The Kids.
He has a system for the kids that has changed my life.
LISTEN: Holly Wainwright is using the ‘jam jar’ method to teach her kids the value of a buck (post continues after audio…)
My small people, like many others, are obsessed with what money can get them – teeny-tiny plastic collectables, lollies, spiky Lego, chicken nuggets – but have no concept of money itself.
So when we spoke to Mr Pape for our podcast This Glorious Mess, Andrew Daddo and I asked him how to remedy that. How to make the little buggers grateful.
And he told us – three jam jars.
One marked Spend, one marked Save and one marked Give.
My kids got most excited about decorating them – with my nail polish and some sticky-notes.
And now, any time any money comes their way – from the tooth fairy, from a birthday card from Poppa, from me on a weak day – it gets divided between the three jars.