In a world where instant gratification is the norm, teaching kids about money and the value of saving has never been more important. At the beginning of 2024, I embarked on a financial literacy lesson with my son Ryan that revolved around one simple goal: saving enough money to buy a dog.

I’d always loved having a dog in my house, but I’ve been dog-free for the last six years, thoroughly enjoying the freedom to leave home for long weekends and the luxury of a poop-free backyard. But that was about to change because my son discovered a passion — and that passion is a dog. Fortunately, adopting a pet is the perfect opportunity to teach kids to save money.

The Reality Check: Setting a Goal

We started by researching the current costs of buying and caring for a dog. Holy smokes! I was shocked at the prices we found. They more than doubled since the last time I purchased a pet. After reviewing the options, Ryan set his goal at $1,000. I felt safe that his goal would buy me plenty of time — after all, he’s seven with limited income options.

The Chore System: Earning Through Effort

Ryan began saving by earning small amounts of money for completing household chores. He did tasks like helping with dishes, tidying his room, and taking out the garbage. These taught him that money has to be earned as well as that it takes time and consistent effort to build up savings. It was empowering for him to see his savings grow little by little, understanding that effort translates into financial rewards.

Flexibility in the Plan: Adjusting the Goal

Initially, Ryan had his heart set on getting a Boxer. But after several months of saving, he realized that he might need to consider more affordable options. Expanding his search allowed him to see that, while some breeds might be expensive, dogs at plenty of local organizations and shelters need homes. This flexibility showed him that achieving a goal sometimes means adjusting your plan and looking for different solutions.

Resourcefulness: Birthday Wish for Dog Items

My son even turned his birthday into an opportunity to further his dog-saving mission. Instead of asking for toys, he asked for dog supplies — things like a bed, toys, and bowls. I’ve never seen a child so excited to receive a dog bed for his birthday! In fact, he even slept on the bed a few times just to make sure it was comfortable enough for the future family pup.

Financial Lessons and the Value of Money: Thoughtful Decisions

Perhaps the most important lesson of all has been teaching my son the value of money. As he worked hard toward this big purchase, he learned that money doesn’t come easily and that spending requires thoughtful decisions. The experience has shown him that saving takes time, effort, and sacrifice, but it’s all worth it when you’re working toward something meaningful.

I’m thrilled to share that we recently welcomed a new furry friend into our family: Creek. Now, onto our next lesson of how pet insurance works!