- April 29, 2013
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Over the years my husband and I have toyed with several different ideas when it comes to allowances. It was hard to settle on the right amount, and the right method. I did not like the idea of giving the kids money for doing chores. I always thought that they should do chores simply because they were members of our household and it was expected. So we opted to go for a monthly allowance that wasn’t directly tied to their completed chores. Each of my kids have a jar with their names on it. On the first of the month my husband and I put a quarter into each jar, one for each day of the month. So for the average 31 day month my kids get $7.75.
They start the month with that money. They cannot earn additional money from us, but some can be deducted. If, for example, they do not complete their daily chores,they can have a quarter removed from the jar.
If they neglect to finish their homework on time, they lose a quarter.
You get the idea. Then at the end of the month we go through and see how much everyone has. One of my favorite aspects of this method is that my kids have to wait to spend their money. They don’t get their allowance and then run to the store to spend it. They are learning a bit of delayed gratification, and patience. Something most kids need to practice.
At the end of the month, when we are counting the totals we also have a meeting with each child and ask them what they want to do with their money. This allows my husband and I to assist them in setting “financial goals.”
There is a toy that my son wants to buy, it costs about $30. At the end of each month we remind him of the toy, and then he can decide how much he chooses to save for that toy, or spend. My daughter on the other, has more lofty goals of buying a house. So, she’s got quite a way to go. Honestly, I am always pleased with the number of times they choose to save her money for a specific goal.
You can adjust the amount of money you give your kids to suit their ages and your budget. The concepts stay the same.
Filed in: Parents