Our oldest is turning 7 this Sunday and our youngest was 5 in January. Rumblings of wanting an allowance have started to get louder.
The kids will rush around to clean
up and say "We did this! Can we get our allowance now?!". So far I haven't paid out since they forget about it and honestly, so do my husband and I.
We don't have a set system in place. I'm not sure if I should reward them for chores when they should be doing things to contribute in general as members of the family. Also, when they get their money what should I do with it? Open bank accounts for each of them? Clear jars with savings, spending and charity in each and base it on percentages? Also, how much money do I give each of them?
As Gail Vaz-Oxlade says, "Whatever your own experiences with money as a child, try to put them aside as you begin to teach your children how money works and the role it should play in their lives." Oh, the pressure!
My research started on Pinterest (where else?!). I typed in "Allowance" and scanned through the results. I created an Allowance Pin Board and started to add all the relevant articles on the topic to read through more thoroughly later.
I've tried to organize the pins a little bit for my own future reference:
Time Business and Money - I like the idea of balancing that kids be responsible for several non-paying household chores. On top of those duties, children can take on other work around the house that they could get paid for
Creating a System
Money and Kids
Around Town Kids - Looking at how much to give and for what
Making the World Cuter - All 3 of her children have the same chores and the same amount of so they all feel equal in what is expected of them
The Homeschool Classroom - How to set and price extra chores for kids to save up
Star Chart - Though this is an product to buy, I like the idea of setting a number of stars to reach toward
Mom's Budget - Kid's allowance saving worksheet
Allowance Manager Blog - great ongoing information with a free online kids allowance management account
*Edited: Read Part 2 Here*
I Heart Nap Time
Labels: children, personal finance