I purchased an inexpensive money jar that counts the money as you put it in, last year after Christmas. We decided we'd just put change in it & see how far that got us---we didn't have plans for what to do with the money after a year, we were just interested in finding out how much we could collect.

As the end of the year approached, I wanted to find a way for my children to focus on giving at Christmas-in came the change jar. We took it to our local bank for counting & had over $150---IN CHANGE! I was digging through the car, my purse, etc at the end to get the kids as much money as possible. Here is what we decided to do with our money.
Half of the money would be put into the kids saving accounts. While it is important to give, it is also important to save money! The rest of the money was split in half again & given to each child. The rules were simple. This half was to be used to buy your sibling a gift and to donate to the charity of your choosing. Both my kids loved this idea and immediately knew where they wanted their money to go.
My 5 year old said, "I want to help Santa and be an elf!" He purchased toys that he didn't have but would love. I'm sure a 5 year old boy somewhere will be so happy with his choices! He also picked up a great gift for his sister, exactly what she wanted!
My 9 year old daughter is an animal lover and she wanted to donate to the
Delaware County SPCA. She decided to purchase a few gifts for her brother with money she already had, then used her change jar money to purchase dog treats, bones and food for the SPCA.
This little experiment showed me so much about my kids---in such a good way. Not once did either of them ask why they couldn't spend the money on themselves plus they knew exactly where they wanted their money to go to help others. They also got each other very thoughtful gifts, that they'll both enjoy, so I know really wanted to make the other one happy. s.
I have a feeling this little experiment will happen for many more years, my kids loved it, I loved it & I really think it helped my children to understand that Christmas is about giving & not always receiving. Giving is fun & makes you feel good too. I can't wait until they open each other's gifts on Christmas morning!