When I was a kid I don't remember getting an allowence. My mom took care of all the things that I needed, I don't remember working for an allowence, I was expected to do chores throughout the week and especially on Saturday (laundry, cleaning day)...but it wasn't for anything, it was becasue my mom told me to and it my contribution to our family (or at least that is what I was told smile)
Now that we have kids we wanted to help them learn how to manange money from a young age, but both of us didn't want to pay them to doing things arond the house that are regular contributions to living in a large family... we have figured out something that works for us and our kids...
There are a few ways the kids (mainly Noah and Keighley) can earn money. The first is through our "special treat" system. When we catch our kids doing something good we offer a special treat. They can have a small candy or a nickel or quarter depending on the act of kindness shown. The other way is by doing "extra homework". We print off worksheets for math, spelling, handwriting etc and they can earn anywhere between 5 cents and 25 cents depending on the worksheet. They each get some birthday money from grandparents that they usually keep part of it to spend later.
We provide all the food and basic needs like clothes, school supplies, toothpaste etc. What has been fun to watch, is the kids starting to understand economics...when we are out and they want to buy something they have to weigh the decision to purchace or to save...
Yesterday, Rick was at the office supply store to buy some posterboard. Noah asked if he could by a sketch book. Our first response was going to be "No, we can't afford it" but before we could say anything Noah said "I have 10$, how much are they". He was ready to spend his earned money on something that he really wanted. He had weighed the "cost".
At dinner last night, Noah and Keighley have to do a clean up chore (one does the table and one sweeps the floor) Noah offered to pay Keighley to do his chore. Keighley didn't quite get the idea that she would do hers and then get paid to do his (by Noah). But it got her thinking about spending and earning.
That same evening, Rick was painting on his new posterboard and Keighley came in wanting to paint with daddy. She asked if she could have some poster board too...the response was "No, but you could buy one from daddy" She ran to her room, brought back the price listed and started working! The result was a art project that she spent clost to an hour working on with extra care b/c she had purchaced the supplies herself (Noah also bought a piece and is still working on this huge drawing of the airport!)
It's been fun to watch them grow and learn. When we are at the grocery, Noah might buy a new kind of juice or a candy bar that we wouldn't noramlly buy. Keighley likes to look around and really weigh her options. She is most prone to buy art supplies (we have a great selection of stuff, but if she wants new watercolors or speical paper she will save up!)
This system isn't a normal "chore/pay" cycle...but it has really worked for us. And it has helped them to afford to do things that we can't do all the time. We have seen them really appreciate special things. When Noah goes to the skate park, he has to pay for it himself ($4 per 1/2 day). Instead of skating for a few minutes and running off to play at the playground next door, he pays his money and spends 2+ hours practiceing and skating all becasue it was his hard earned money that got him in the door (it's quite a few worksheets to earn $4).
We have started to talk about tithing and giving as well. I am so excited and proud of them as we have guided them down this road to earning, saving and spending!
What has worked for your family in teaching these things?
Comments