–submitted by C. Peterson
Certain chores are expected for every member of the family because we all need to work together to have a fun, clean and happy home. No allowance/money for those.
Other chores are offered to earn money for spending. All earned and gifted money is divided into jars: 10% we give to those more needy than us, 10% we save (and eventually put into their savings account) and the rest can be spent upon agreed upon items. Usually they save up for something special. They can also choose to give or save more if they like.
We are considering rewarding their savings and giving with a parent-matching plan. We’ll see, as we also invest savings for them for college already. We don’t do allowance really. If we give them money it follows the same rules above. We apply the same rules to ourselves as adults. Sometimes the percentages change based on what is going on for us financially.
–submitted by L. Schwartz
I created a “”chore chart”” for my 8 year old. Its in a monthly format and lists what needs to be done on what days. I’ve made it colorful and bold so she can easily see what needs to be done each day. Dishes on Monday, picking up room daily, taking out trash on Tuesday, etc… I’ve hung it on her wall so she can look at it daily and know what’s expected of her, so far its worked great! I’ve only given her a few chores that I know she can handle. I also talked to her about it beforehand and made sure she agreed to the chores, I think it made her feel like she had some input and gave her more incentive to get them done.
Clean up Idea:
If you have a problem getting your kids to pick up their toys, try doing a Buy Back Box. Anything that is left out gets put in this box. Kids can earn these items back by doing chores or good behavior, etc.
–submitted by J. Jones
My cousin has a 6 (or 8?) year old boy. He gets $6 a week (or month?,not sure) if he completes everything on his list. (I believe he does his own laundry and mows the lawn!). He gets 6 one dollar bills. $2 goes directly to the bank for college or a car and is untouchable. $2 goes into his “”piggy bank”” for special things he wants to save for, and the remaining $2 is fun pocket money. He doesn’t ask his parents for money during the week because he has his own to spend.
–submitted by M. Dusette
My 5 year old receives an allowance of $1/week. He does have to do chores, but the allowance is not tied to chores. He is part of the family, and we all pitch in. The allowance is paid to him in change, not a dollar bill. This then becomes a math lesson. We get out the 100’s board and start counting. He is learning that a penny = 1 unit, a nickel is 5 units, etc… We use the 4 slotted “”Money Savvy Pig”” bank & divide that allowance into 4 equal parts: Spending, Saving, Donating, & Investing. We are working to ensure that his 1st contact w/ money is a responsible one. He donates his change to various charities. He gets to spend his spending money at the thrift store, or somewhere where he can actually afford something. He is saving for a surfboard (current choice) & the investing money goes to the bank. He now asks and looks how much things cost, offers to loan me money when I say I don’t have it, and is thrilled to see his savings grow!
When our daughter was younger, she had a much harder time saving or understanding the idea of it. Now she understands and even wants to get her own bank account to earn interest. She also donates some of her money to charity! I think that children learn a lot by what they see modeled by their parents–if you save to buy certain things, shop for a good price, donate to charity, so will your child. But do not expect much from very young children.I think it is important for them to learn how to spend money but saving is a much harder concept.
Some ideas:
Offer praise, not money, for younger children (under 5) who help out around the house
Consider offering a toy per month either with or without a choor depending on a child’s age. This reduces begging for new stuff constantly. The toy should be within a certain price range, and should be consistent. This teaches a younger child about value and choices. Give your child the cash to pay and ask her to check over her change. Money is very confusingn to younger children, so be sure to help As your child gets older, consider assigning tasks. After a while consider paying your child for the jobs with cash.
Lemonade stands are also great ways for chldren to earn money over the summer and teaches them about handlng money.
