I Am Adrian’s Mum!

Hi Scott,

In response to your column last week about the Commonwealth Bank’s school banking program, I am “Adrian’s mum from Year 4” and I’m also the school banking co-ordinator for the primary school. Yes, I am a volunteer. In fact there are four of us who volunteer on a regular basis. Even though I run the program, I support the idea of removing big banks from school banking programs and have watched with interest the changes you are trying to make in the sector. But the one thing that keeps the program going at our school is the kickback from the bank — around $800 a year. It is more than some of our other fundraisers! Anything that brings in dollars to the P & C is going to be difficult to get rid of.

Rita

Hi Rita,

I totally understand that the money Commbank pays cash-strapped schools is welcome.

Yet the point is it comes with strings, and it’s your kids who’ll pay for it in the end.

Part of my submission to ASIC will raise your point, and I’m going to add that we need the government to put some money into this.

I’ve always said the CBA understands the value of our kids — it’s time our government did too.

Scott

The Generous Generation

Hi Scott

I just wanted to share with you a lovely story. I run a charity called Mums Supporting Families in Need. We provide material aid to vulnerable families in Victoria. Yesterday we had a young girl (grade 6) to come in and volunteer hours with her school. She handed me an envelope with a note that said.

"At home I have three jars: splurge, smile and give. Here is $25 from my giving jar for you to put towards something you are needing."

I love that your concept teaches even our young generation of giving.

Jodie

Hi Jodie,

Last week I hung out with a grade three primary school class in Hervey Bay.

As part of my primary school program, ‘The Jam Jar Project’, the kids sold some of their unwanted toys and books in a school ‘Toy Frenzy’, and ended up raising $31 in their class ‘give’ jam jar.

Then the kids debated the best place to give the money: the local animal shelter? The children’s hospital?

They ended up making a group decision to give it to a local homeless shelter.

On their final graduation celebration class, a representative from the shelter came in and was officially presented with the ‘give jar’ money from the kids.

She brought with her a bowl, cereal, and fresh fruit, and explained to the kids that because of their hard work and generosity, they would be able to feed 25 people in their local community breakfast the next morning.

I sat at the back of the class and saw the absolute pride in the kids eyes.It was one of my proudest moments too.

Thanks for sharing.

Scott

Changing Our Kids’ Lives

Hi Scott,

My parents were terrible with their finances (and still are, sadly), so I learnt from them that ‘credit is OK’ and got myself into all kinds of trouble. Then, two years ago, I read The Barefoot Investor, and my partner and I are now very close to paying off all our debts. A few weeks ago I read The Barefoot Investor for Families. We have two children, aged 3 and 5, so we started the jam jars with them. Today we all went to Target, and when we were in the toy section, instead of saying “Mummy, can I have ...” they were saying “I’m going to save up for this”. How powerful is that? We are determined for our kids to be financially savvy, and now we feel we can do it.

Layla

Hi Layla,

Thanks for writing and telling me of your win. You see, I got a letter from another parent this week who told me that I was corrupting the youth of Australia. Her basic argument was that making kids work for money is too full on: “Why not just let them be kids ‒ they’ve got the rest of their lives to worry about money?”

That’s certainly one approach, yet for me it’s code for “Don’t worry, shnookums, here’s twenty bucks”.

What you’re doing, on the other hand, is teaching your kids self-reliance. More importantly, you’re giving your kids self-confidence, and there’s no age restriction on that. I’ve always said that an amazing thing happens when kids save up and buy something on their own steam. It’s not only a proud parenting moment for you, but it’s a life-changing experience for them. You got this!

Scott

Dollarmites Out!

Yay! You made it into the Yarraville West Primary School newsletter:

“After consideration, school Council has decided that Yarraville West PS will no longer host the CBA Dollarmites banking program. Financial literacy is important, perhaps now more than ever. There are independent educational initiatives available for your family to investigate together, such as the federal government’s MoneySmart or books, and Scott Pape’s Barefoot Investor for Families.”

Thanks for educating our educators!

Susan

Hi Susan,

Thanks for sending this through!

Just to clear things up, my new school program isn’t about me selling books (I’ve sold enough already, and anyway, I’ve donated a copy to every school library in the country).

This is a not-for-profit program, and it’s funded from my own pocket (no funding from banks!). That way, I’m free to explain to the kids how much of a rip-off credit cards are, why Nimble loans suck, and the hidden cost of UberEats.

Now, since I launched the Barefoot Money Movement a few weeks ago, I’ve had thousands of teachers apply to pilot the program later in the year, from schools across the country and around the world.

My biggest discovery?

We are truly blessed to have so many hardworking teachers educating our kids.

Seriously, they’re passionate about their students and are determined to ensure they learn these lessons.

It’s been a very humbling experience.

Thank-you for reading,Scott

Scott

The Barefoot Kid

Hi Scott,

I am so proud of our three-year-old! Scarlett saved up her pocket money from doing her ‘jobs’. We took her to our local tip shop and she selected a second-hand bike for $5 (see picture). She’s a Barefoot Kid!

Emilie

Hi Emilie,

That’s awesome! As a fellow parent of a three-year-old, I can attest that there’s something amazing that happens when they work hard, save up and buy their own stuff. I love hearing stories from families who’ve read the book. Now it's time to hit the schools as well.

Thank-you for reading, and sharing.

Scott

Filthy from Head to Toe

Hi Scott,

Thanks so much for your last column. My son and I went on our first camping trip these holidays and it was honestly the best holiday ever. I set a limit of $250 from my Smile account, which paid for food, petrol and admission to the Buchan Caves. He spent the whole time exploring, throwing the biggest stones he could find to make the biggest splash he could, and rolling down dirt piles. He was filthy from head to toe, asleep before his head hit the pillow every night, and already planning our next trip before we left the campground. It was amazing, and what’s more we were out of range so I had to turn my phone off -- and did not feel a twinge of guilt.

Thank you, Marie (mum to a little boy who got to be dirty for a few days and had a ball!)

Scott says ...250 bucks! That’s one night at the suburban Mantra, with food poisoning at the all-you-can-eat buffet.

Give me damper on a stick and boiling billy any day. (And a few frothies around the campfire when the kids are gone to bed.)

Good on you, Marie.

And thank you for reading.

Scott

A Burglar Stole My Daughter’s Jam Jars

Hi Scott

A burglar stole money from my daughter Linda’s jam jars and wallet! Since September 2018, 10-year-old Linda has been working hard and getting pocket money, which she’s divided into her three labelled jam jars. Yesterday a thief came into our house and stole the lot. Last week looked good: $8 in ‘Save’ (we’d banked most of, thank god!), $6 in ‘Give’, and $90 in ‘Splurge’ -- she was saving for a phone and her wallet contained $39. Now she has no money and is disappointed. We’ve reported it to the police. Should I replace the stolen money, because I can, and I empathise with her? Or do I put it down to life experience?

Jenny

Hi Jenny,

Please do me a favour and read this letter to your daughter:

Dear Linda,

It’s Scott Pape here, the bloke who wrote the book about Jam Jars.

Your mum told me about what happened with your money. I’m really sorry about that.

The person who took your money was probably very sad, and very frightened -- and I’m sure they feel really bad about doing the wrong thing. I’m also sure that the police will catch them.

What you need to know is that most people are good, and kind. Even people you’ve never met.

After reading your mum’s letter, I went to my own ‘Give’ jar and realised that I had enough money to replace all the coins that were in your jars. So I sent the money to your mum, and she will give it to you!

What’s cool about the ‘Give’ jar is that you get to be a hero by helping someone.

Yet the real secret is that you not only make someone else happy, you make yourself happy too!

You Got This!

Scott