Tuesday, March 19, 2013

Allowance for Kids ~ Part 2 of 2


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Perhaps I've over-thought it. I did a lot of research (Allowance for Kids ~ Part 1) on how to even start to establish allowance for our kids. How much, what lessons to teach, how can they earn extra money, what do they do when I pay them, when do I pay them, with cash or a ledger, etc. etc.

Tracking the Money
I signed up for a FREE online account using Allowance Manager. I liked these four helpful features that are on the site:
  • Set an automatic weekly allowance
  • Check how much allowance they have anytime, anywhere
  • Simply edit debits / transactions when you buy stuff for your kids
  • Show your kids how to check their balance on their own

  • I'm adding one more - I like that I can add or debit based on behaviour or extra chores the kids do, donation or purchases.

    Hubby and I decided that we would pay each child up to 30 cents per day (10 cents per routine that they complete). You can find our morning, after school and evening routines here.

    House Rules
    I thought since we are all new at this (parents and children alike) we should set specifics so we are all on the same page. This will be posted with the Chore Charts, Routines, and Extra Chores.

    morethana-mom.blogspot.com

    For now we aren't going to divide their allowance into savings, invest, donations, spending. The amount is so little we just want to get them to learn to save up for what they want and that we are not buying every little think the want. Basically we are trying to teach them want versus needs. They are 5 and 7. We'll get more detailed and diverse as we become more experienced with the allowance situation in general.

    Chore Charts
    I'm keeping things simple. Using these custom chore charts, we will have three items only - Morning, After School and Bedtime Routine. After each one is complete and without 3 strikes, the children will add a sticker to their chart. Each sticker will represent 10 cents.

    Extra Chores
    If the children are saving up for something specific and $2.10 per week seems too much to wait for, they will be given the opportunity to earn extra money by choosing extra chores. Here is a list that I've come up with so far. They pay out ranging from 5 to 25 cents based on the chore. I would have put the amounts higher but I had to keep them in line with their 30 cent daily allowance or it wouldn't be consistent (the routines have up to 6 items on them).
    • Empty Garbage
    • Wipe Baseboards
    • Clean Back and Front Door Windows
    • Put Laundry Away
    • Put Away Toys from Main Floor
    • Collect Garbage
    • Vacuum Main Floor
    • Help Unload Dishwasher
    • Wipe Kitchen Cupboards
    • Tidy Bedroom & Under Bed
    • Donate 3 toys you don’t play with
    I think that is all. In trying to keep it simple I sure had a lot to figure out!

    How do you do allowance in your house?

    Link Parties:
    Sugar Bee Crafts
    A Bowl Full of Lemons
    Not Just A Housewife

    2 comments:

    life...just saying said...

    A very thought out plan. Reading it all made me glad (in a way) that my kids are older and don't do allowances, however, I do remember those days. Our plan was a set amount of money each week, and jobs they were expected to do on a weekly basis. Maybe even with the option of earning a little more for other jobs not included in weekly.

    More Than A Mom said...

    I'm glad I spent the time to work through the details because it's definitely pay off! What age did you stop paying allowance? Thanks for stopping by and leaving me some comment love :)