I know I could google the following subject matter and come up with tons of ideas but I thought I'd come to you first- my bright, inventive and ever-so-loyal readers. What are your thoughts, opinions, suggestions, ideas on allowance for kids or chores around the house or teaching responsibility with money or any combination of the above? Do you think allowance should be reserved for duties completed or just given out freely? What chores, if any, should be expected of a child, without compensation? If you don't subscribe to allowance of any sort, how do you propose teaching "money matters"? Please tell me about your own experiences as a child or how you are handling these issues with your children now or what you see working or not working with your neices and nephews.
As things stand right now (as of yesterday), Zane is working for an allowance of $2/week. His current chores include putting away the clean silverware (sharp knives excluded), emptying the basket of recyclables (located in the kitchen) into the collection bin (located in the garage), making his bed and cleaning the TV screen. The latter two have yet to be executed by him but we will get to them tomorrow. He is already helpful when it comes to putting dirty clothes in the hamper and picking up toys. He has done those things without getting paid and I intend to keep it that way.
I am hoping to teach him a thing or two about money. Mainly how to earn it, save it and spend it, responsibly. But I want to be careful not to teach him that every time he lends a hand, will I be extending mine. That is where your tips and tricks come in.
As things stand right now (as of yesterday), Zane is working for an allowance of $2/week. His current chores include putting away the clean silverware (sharp knives excluded), emptying the basket of recyclables (located in the kitchen) into the collection bin (located in the garage), making his bed and cleaning the TV screen. The latter two have yet to be executed by him but we will get to them tomorrow. He is already helpful when it comes to putting dirty clothes in the hamper and picking up toys. He has done those things without getting paid and I intend to keep it that way.
I am hoping to teach him a thing or two about money. Mainly how to earn it, save it and spend it, responsibly. But I want to be careful not to teach him that every time he lends a hand, will I be extending mine. That is where your tips and tricks come in.
8 comments:
I say two dollars wont buy jack squat.........but I get it. You are an awesome mommy.
I love you,
Abraham
PS My word verification thingie is "sultsic" sounds funny.
Hmmm... Nana may weigh in later. Right now, after viewing my tax dollars at work, I must say that is ONE CUTE KID!!!!
Well Abe, if you think $2 is too low... feel free to send the increase my way!!!! ;)
Zane's getting so big!!!
I purchased Luke a talking piggy bank, so that he can hear and read the amount of change he drops in. He gets a quarter for every chore he does: putting silverware in the drawer, picking up toys, throwing laundry in the hamper, pouring dishwasher soap into the dispenser, picking up his plate after dinner and putting it in the sink, picking up trash, etc. Then, at the end of the week or month, whichever you choose, he can take his money and buy something small. So far, he seems to like it. But, I agree with you, I make him pick up the toys every night whether he likes it or not.
Grace usually helps and I will give her a coin as well--which ends up right back in my pocket!
I have reward charts for things like brushing teeth and hair, going potty, and getting a good report from school, although I have been slacking on this part lately. I don't know if this helps, but this is what I do with Luke.
No matter how much money kiersten gets for birthday, christmas, ect. I put half in savings and the other half i let her go and buy a toy, or what ever a 6 year old thinks they have to have. Weither it is 5.00 or 50.00 what ever, I tell her how much she has, tell her she gets half. Over the years it will all add up, she will thank me later. As far as chores, You do that? What a great idea to get a child to clean there own room. Maybe flashing some money infront of Keirstens face might get her to help me. Thank you for the Idea!!!!!!
Great idea and great age to start. I'm not there yet but this is what my parents did. We were expected to be generally helpful and pick up after ourselves, clean our own rooms, and do a few specifics. I got $5 a week around elementary school age. There were no 'bonus' chores but allowance could be taken away as punishment. We also got paid for our grades. Something like $10 for an A and $5 for a B. Maybe in the really early years we just earned a specific item we'd been wanting if we got good reports. I think I'd have a set of chores and pay him the set $2 as long as he's done well at the end of the week. Maybe keep a chart for daily progress and if he had problems one day deduct $0.50 or so. As far as savings, have him keep a list of wanted items and their prices. Talk to him about the need to save for those larger items vs. buying little trinkets here and there.
My mom tried the chore thing...boy, did she ever try, but it never took. We (my sisters and I) were just to busy into sports and activities...so really there was no time. In the end I looked at it like this...I was expected to help when asked because one day I'd be asking for something in return, plus it taught respect for what my parents asked for. I will probably do the same with Clark because I don't want him to expect something in return every time he does something (i.e. put away clothes, dishes, etc). By the time I was 16, I knew I wanted to earn more money than what was dealt, so I got a summer job and kept my earn, but also learned to pay for almost everything, except car insurance and food. My parents opened an acct for me, so I could save my money, but also spend it...this taught me how quick it could be spent and on such frivolous things. I have already started Clark a savings acct w/ any money given to him for bdays, Christmas, etc. I haven't decided when I will turn this over to him though...still working that out in my head. Best of luck. I honestly think it will just take practice to find what works best for you...and there is neither a right or wrong way.
P.S. my word verification word is tonaskay...makes me laugh.
Well, let me share my vast wisdom and experience in this field of childhood-ology: (Hee hee) We have a graph that divides the days of the week by our duties for that day. And we have a designated "pay-day". Making our bed is a implied responsibility and we don't get paid for it. Although we don't get "bonuses" for good grades/behavior, I think it is a good idea. (Maybe like 50 cents extra every time grades, or Zane's school's equal to grades, are reported.)
As for teaching him the value of a dollar, I suggest making up a story about two different boys, one responsible and one irresponsible, who get allowances. The responsible one is saving up for a new game (or is buying a little something then saving the rest, etc.) and the irresponsible one spends all his money on treats, etc. and then the responsible boy finally gets enough money to buy a new game and the other boy doesn't have any money. You ca spin it however you need. My pre-K teacher told my class that story and nobody bought candy for months trying to save, trying to be a Frankie. (That was the responsible boy's name)
Hope this helps
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