## Teach Your 8-Year-Old to Calculate the Tip

Calculating the tip is a great way to practice percentages. These days, I don’t think many people do much math with a pencil and paper. We rely on technology for almost everything — even things as simple as calculating the tip at a restaurant are now done with a tablet on the table or an app on your phone.

I think it’s important, however, to put the technology aside for a bit and work through a problem by yourself. That’s what we’ve been doing here for awhile — by keeping account registers, learning how to calculate percentages, practicing those calculations, and even tracking our spending on vacation. All with pencil and paper. Old school.

My favorite lessons are those that he can practice himself (hands-on!), that make sense in the real-world (are meaningful, relatable and useful), appropriate for his age and are interesting and even fun. (I realize I may be stretching the definition of fun.)

In that vein, I taught J how to calculate a 20% tip at a restaurant.

## Tracking Our Spending on an Awesome Weekend Road Trip

Awhile back I came upon a question on Reddit — “What did your family teach you about money and finance?” I love these types of topics (almost as much as I love topics like, “Besides your main job, what additional income streams do you have?”). There is always a wealth of information, and it’s a great opportunity to pick up a new idea to try.

One Redditor mentioned that his family did driving vacations almost exclusively. By the time he and his brother were 10 or so, they were responsible for keeping track of the “trip binder” where they logged expenses into categories and maintained receipts. Their mom wanted them to appreciate how much things cost and think critically about if they felt things were worth the price.

What a great idea! I bookmarked it for the next time we took a trip, which was this past weekend. We went to Brooklyn for a family birthday party and to the Statue of Liberty the next day.

# Trip Log

I put together a basic log and organized our preliminary expenses — the Airbnb that we prepaid for as well as the tickets for the Statue of Liberty. I knew we would be traveling on toll roads, so I even tried to research which tolls we’d incur (based on what roads we planned to travel).

All grand plans!

And it didn’t work at all.

## Short-Term Savings Plan

When we first started learning to manage money, we had three envelopes — one for savings, one for spending and one for giving. The savings envelope was for long-term savings — I give J a monthly statement and interest (more on this later). What I didn’t account for, however, was short-term savings — things that he wanted to buy but didn’t immediately have enough money. He’d have to save up.

It was October at the time, and with Christmas coming, we thought it would be perfect to save for Christmas presents.

• We got a new envelope
• We made a list of everyone he wanted to buy for, approximately how much he wanted to spend on each person and added to get a total needed
• We then decided on when he’d like to save the money by (two weeks before Christmas) so that we had time to shop and wrap the presents
• From there we could calculate how much he had to save per period to meet his goal

In addition to the register, I made a small worksheet that we filled out with the above info.