Friday, October 30, 2009

Allowance & Work

Looking for advice!


We feel like we're finally hitting the stage that we need to start coming up with a plan we can stick to for helping our kids find ways to earn and get money. Hayley is 6 1/2 yrs and is starting to get more interested in saving her money for things better than the dollar store. In the past we've let her do "extra chores" for money but now we have lots of questions...

-Should we start giving an allowance?
-How much?
-How often?
-What is it contingent upon?
-If we make it contingent upon doing basic daily chores...what happens if a kid has one bad day and 6 good days?
-We need to decide what chores are just part of family life and what chores they can earn money for...and how much?
-Right now we've introduced a split piggy bank--10%-tithing, 40%-college savings, 50% spending money. It's been accepted well so far. Any thoughts on telling your kids how much they have to save?

-We have great plans to teach about investing by matching their savings and letting them watch it grow--any advice?


I'd love to hear your opinions, thoughts, plans, book recommendations, mistakes, etc, etc.

7 comments:

Miss Beevers said...

Your split piggy bank idea sounds fabulous!! We always had $1(well pound but I am typing on a US keyboard and we do not have a pound sign) a week from being around 8ish but I didn't get a full allowance until I was 16. However, I did have a paper round from the age of 13 and would baby sit the neighbours children. In my opinion, I think that a child of Hayley's age does not require more than $1 a week as a staple allowance. Any more would make a child of her age too materialistic without having to earn the extra doing chores. This should be sufficient to teach her basic tithing and budgeting skills. Good luck with whatever you decide!

Paul and Nancy said...

Um, when you find all those answers let me know! I just have to say, that middle picture of the split piggy bank brought back so many memories of home! Good Luck and I am sure I will pick your brains about this subject soon!
xxxx

melbel said...

That's funny, I've have been trying to figure out our family plan around allowance/chores too! I just finished a parenting class (love and logic), and they had some really neat ideas about this subject. These are all suggestions and you can pick and choose things that work for your family. First off, they suggest kids be taught to do chores/help around the house without expecting anything in return. (And remember, age appropriate chores, not something they'd get overwhelmed with). So don't pay them for normal things like cleaning their rooms, scrubbing the toilets, making their beds, etc since they should do those jobs as a member of your family. You can always pay them for extra jobs like washing the car or weeding the garden or things they aren't expected to do so they do have a way of earning extra money. Second, they do suggest a weekly allowance. That way they learn early on how to deal with money. I agree, no more than $1-2/week. But you can also use that as leverage. So if Hailey's job is to unload the dishwasher or clean up her room and she doesn't want to do it, tell her that's fine but if you have to do her jobs, you charge $5. Or if she's DYING to have something at the store, tell her she can have it if she can pay for it. They also say that you'll soon figure out which kids are your savers and which are your spenders.

Anyway, I've got all these ideas floating around in my head. I haven't figured out a "chore chart" yet. But one example was a snowman with jobs written on each body part and as soon as they assemble their snowmen (by completing the job), they get to go play. I've also seen moms do a Wednesday morning cleanup as well as the typical Saturday morning cleanup. That way the housework is never behind or overwhelming!

Wow, that was long. Just some thoughts. I'd love to see what you have figured out! Oh, here's the website to some more parenting strategies: http://www.loveandlogic.com/ecom/searchadv.aspx?SearchTerm=allowance

Gina said...

I read "The parenting breakthrough" by Merilee Boyack a few years ago and loved the ideas on money and work. It's from deseret book. I don't have it or I'd let you borrow. I got it from the library when I lived in Utah! I guess I should have used that more when I had it!

Jeni said...

We were just discussing this today, too. I have decided my kids are old enough to pitch in and be responsible for their own things and I'm tired of cleaning of up after them all day. We're going to give them an allowance (like $1) just for being part of the family. Then they have set chores they are assigned that they do out of the kindness of their hearts :-). Then they can earn extra money for helping me out with things I have to do (bathrooms, mopping, wiping down walls, windows). They will have simpler things like "Put dirty clothes in hamper, Make Bed, Be nice to brother" and Van will have "Get dressed, put shoes and coat on" because he makes us all late and he claims he can't do it or is "too tired". I just printed out chore charts today so we'll see how it goes.

I also have implemented a rule for the living room at bedtime: If you don't pick it up and put it away, it will go in the DI bin and you can't have it back. I figure, if they don't care enough to keep it, someone else can have it. You wouldn't believe how well it worked tonight!

Kayelynn said...

Maybe they have a bank program at Hayley's school. Last year, a bank sponsered a school savings account program at Justin's school. I think it was run by the PTA. Anyway, each Wednesday morning before school kids could bring in their own little deposit. Every other deposit they would receive a little prize. Justin had so much fun and really learned a lot about saving money.

Sada said...

We have the kids do their jobs without pay (I don't get paid, they don't either)... but if they want to earn more I have LOADS of jobs from scrubbing baseboards with a toothbrush to wiping down all the light switches in the house where they earn $.25 to $2. They decided to open their own store this summer and have earned $30 from selling crafts they've made and flowers or veggies they helped grow. Economics lesson anyone? But the store only opens after regular jobs are done :-)

We also have a Mommy store that sells prizes for $ or for tickets (that I pass out randomly for obedience and good behavior so the littler kids don't feel left out). It lets me control the junk/toys that get through the door and cuts down whining during Dollar Store trips.

Amber