So, I saw this great widget: it was a money system for kids with different places to put their money: “Save, Spend, and Share.” The “toy” had won numerous awards! So I thought I’d shell out some money to buy a cheap plastic/waxed cardboard thingy in order to teach my children the value of money…
OK, maybe not such a great idea when I put it that way…
How about the made-in-china divided piggy bank? No?

Oh wait, how about I frugally have the children help me make a divided-bank system for themselves. Kids love crafts, and that way they have a chance to really invest some effort and thought into the process.

Basically, you will need three containers (I used 14 oz. yogurt tubs with lids, but margarine tubs would also be great.)
Then have the child label and decorate each one with “Share”, “Save”, and “Spend.”
Have them draw pictures on the container about what each term means to them.
Cut slits in the top to put them money in.
Tada! Pat yourself on the back for saving the cost + S & H of that award-winning “toy.”

Give them an allowance that is easily divisible by 3. (Cut them some slack–they’re kids!)
Have them deposit one third into each container when they get their allowance.

They get to pick how they waste…er…”spend” the money in the “Spend” container.

Discuss with them a goal to “Save” for, and come up with an agreed-upon goal.

The “Share” money should go into the collection plate every week, or should be put in an envelope and mailed off to the charity of their choice at least once a month (if it’s already been “shared”, there’s less of a temptation to “borrow” from the “Share” container.) If your place of worship has envelopes, use them so your child will get a reciept at the end of the year. Seeing how much they’ve shared will make them feel good about themselves and may encourage them to share more. If you mail it off to a charity of their choice every month, keep track for them, and tell them in January how much they donated.

Don’t keep track of their spending–ask them if they can remember what they spent it on. That’ll be a learning experience.