Nathan got his driver’s license two weeks ago.  He thinks he’s a free man but what he doesn’t realize it that it’s me who’s really free. Not free from the worry when he’s out there on the road.  Just from the many trips back and forth from all his many activities.

But it made me think about his first set of wheels.   Nathan had all the little trikes kids usually get as they’re learning the ways of the road.  But his first real bike was a sleek silver and black two-wheeler fully equipped with a horn and training wheels.  And he paid for it himself.  He was four years old.

Nathan was always a saver.  Not that he didn’t buy anything; he simply waited until he found something he liked and then bought it.  The idea of KidsSave never occurred to us with Nathan.  KidsSave had to wait for Ryan.

So, knowing Nathan’s personality, I used the new bike as an opportunity to teach him how to set his first personal financial goal.  Being four, it was important that the goal be achieved in a relatively short period of time. Even kids like Nathan can’t wait forever.  I also knew that I would need to help him become successful if I ever wanted him to set another goal.

The bike cost $60.  I decided not to bring up the notion of tax.  That lesson could wait.  Using the $60 price tag we set up a goal (we didn’t have KidsSave then so this was all done on a piece of lined paper). Nathan had already saved some money and was willing to put some of that towards the bike.  That left us about $40 shy.  That’s a lot of money for a four-year old.

That’s when I decided on starting an allowance.  Since I knew that starting an allowance would shift all those extras that I’d been paying for into his little hands, I started him with $5 a week.  John thought that was way too much but conceded after realizing all the things I planned on having Nathan do with the money.  Like buy his first bike.

And buy it he did.  Within a month, using some of his saved money, his allowance, and money from doing extra stuff, he was the proud owner of his first two-wheeler.  There is absolutely nothing like the feeling of achieving something you set out to do.  And there’s absolutely nothing like the feeling of watching your child’s eyes light up as he zips away on the bike he earned through patience and hard work.

And now Nathan has come full circle.  He wants a new set of wheels.  He’s already saved the money, it’s just a matter of fitting the car-hunting escapades into his busy schedule.  I’m in no hurry.  Seeing the excitement in his eyes as he zipped off on a spiffy new bike with training wheels was one thing.  Seeing the excitement in his eyes as he zips off in a swanky “new” car is entirely different.