I posted this recently at Created and Called, but am reposting it here in the hopes of getting some more feedback before I decide what to do. I appreciate any suggestions you may have!
A few months ago, we decided to start giving our son an allowance. He would often ask us to buy him things and sometimes we would, but other times we would refuse. Of course, each decision made sense to us based on how much we had spent on him and how recently, what the item was, etc. But to him, this seemed completely random and just encouraged him to keep asking all the time.
Thus the allowance. So far no actual money has changed hands – it has just been me keeping track of how much he has. In the beginning, he would want to buy something every week, but as we talked more about making choices and waiting so he could afford a larger item such as a new DVD or a Lego set, I could see the wheels begin to turn in his brain. There have even been a couple of occasions where he saved up for 2 or 3 weeks for something “big.”
I am at the point now where I want to start giving him the cash and teaching him about dividing it up for different purposes, such as giving and saving, in addition to spending. I probably should have instituted this from the beginning, but this is where we are now.
My thinking is that he will respond best to something visual and concrete that also makes it fun and am considering purchasing a tool of some kind to help with this. Some things I have seen are:
Does anyone have any experience, good or bad, with any of these products? Any other recommendations or even homemade systems that are still exciting? How did you approach this subject with your children? I am open to all words of wisdom on the topic.
Photo courtesy of Digital Sextant.
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I haven’t used any of thee tools, but I have adopted and envelope system where my children learn by dividing up their allowance into the different envelopes or places that they want to put it. (i.e. savings, spending, gifts for others). We don’t give a big allowance, but it has been beneficial. The one drawback i s that my children’s allowance is the only cash I ever take out of my savings account. I use debit cards for the rest. And that means it is hard to make change for these experiments. They are all older, know, and we are in the process of weaning our oldest daughter, who is fourteen and earning some money but not enough to really count, yet. She showed me our system has been successful when she had some books that were wants, get pushed a little further down the list so she could spend her money on the needs she had to buy supplies for a club at school. Wants vs. Needs at the very heart of her life. This is a lesson we can all use.
Chores and Allowances:
Many parents give children a weekly allowance then take money away for not completing work. Reverse this- use a positive strategy.
Start each week with no money and build. (work = allowance).
Specific jobs earn a certain amount of money. (Have a chart and post it.)
Be sure jobs are age appropriate.
Do not pay children for everything they do around the house.
Some jobs are required, some are for allowance.
Required jobs must be done first.
Have bonus jobs available for extra money when needed.
Amazing_Grace´s last blog post..Unusual Mailboxes
I made a game that might be helpful.
Stewardship/Tithing
Christianopoly Stewardship File Folder Game:
The objective of the game is to learn the responsibility of good financial stewardship; making the right decisions about the money we have and managing it wisely. This includes being able to pay necessary bills at home, putting aside for the things you want, and taking care of your family. Not only do you have bills to pay, mortgages, insurance, etc. you must pay taxes, make donations and do tithing as well.
http://www.catholicmom.com/2008_lesson_plans/ChristianopolyRules.pdf
Rules- Print out Rules and keep inside file folder when not playing game.
http://www.catholicmom.com/2008_lesson_plans/ChristianopolyGameBoard.pdf
Game Board- Print out Game Board, trim, and glue on the inside of the file folder. Laminate or cover file folder with clear contact paper to make it last.
http://www.catholicmom.com/2008_lesson_plans/ChanceCards.pdf
Chance Cards- Print Chance Cards out on light orange card stock. Cut out Chance Cards. Laminate or cover with clear contact paper to make them last.
http://www.catholicmom.com/2008_lesson_plans/ComChestCards.pdf
Community Chest Cards- Print Community Chest Cards out on light yellow card stock. Cut out Community Chest Cards. Laminate or cover with clear contact paper to make them last.
If you would like the MS Word file of these, just let me know.
Amazing_Grace´s last blog post..Unusual Mailboxes
I like Amazing Grace’s Chore Allowance idea for when mine get a little older. Right now they do chores to earn privileges. Ages 3 and 5.
As for purchasing things, we started about a year ago I think. Or maybe less, I’d have to check my blog (lol). But when The Elder would want something at Target for example, I would say something like: “This isn’t on our list to buy, but you can hold/play/read it while we are here.” and then before we left I would say, “We have everything on our list. Let’s put that away and then go stand in line.”
That worked very well. It was almost fun. Then it graduated to (especially when he started talking more) “Mommy, I want that.” “Ok, just put it on your list.”
There is no list.
Then he would just say “Mommy I want that on my list.” This is where The Younger started. So they both have this imaginary list somewhere floating around in their heads.
As they kept putting things on their lists, I would say “I hope you are keeping up with your lists.” Of course they nodded. For The Elder I have no doubt.
Now they earn tickets. I have a post about this. They both have to earn 40 tickets to earn a prize that they picked from their “list” (1 ticket = $1). They BOTH have to have their total tickets before anything gets purchased. (I tell them all the time that they are a team. It prevents them from blaming each other for each other’s messes. well at least for now it does…) They do not lose tickets, but I remind them all the time. “What are you earning?” “Batter Batter Baseball” “And how do you earn it?” “40 tickets” “Do you have 40 tickets?” “only 27″ “So you still need tickets. And how do you earn tickets?” This is where he shrugs, but we go over the rules of behavior, chores, being responsible (turning off lights, recycling).
So far this is working and of course they are young (how old is Michael?) so they can be easily “manipulated” (Muuuaaaahhhhhaaaaaa!). I love it though when I point out a toy kitchen to The Younger and he says “That’s what I’m earning!” in the middle of Wal-mart. I’m so proud of them.
Today at Target The Elder was looking at Thomas Sets and he was showing me which ones he wanted me to buy (he by-passed the “list” option). “Oooo, that’s cool but look how expensive it is. That’s a little more than your batter batter baseball.” “Oh, then first I will earn batter batter baseball, then I will earn this one, then this one, and then this one.” (he reordered them a couple of times until he was satisfied with which one he would get to earn first…after batter batter baseball that is.)
Whoa, this could have been a post on my blog. Well, I just thought I would give you some fodder. It is kind of an allowance system except I use tickets which turn into dollars. He understands that they represent dollars (at least I think he does). When I grow up though, I will probably adopt the envelope system with them list TJ says, and that is what I do for my business (virtual envelopes and gift cards though). Carrying cash around just scares me.
Sorry so long!
Jen P´s last blog post..Success Sunday (PostID 1276)
Not on the topic of a allowance but fun anyway!
nancy´s last blog post..Wordless Wednesday/ Special exposure
No words of wisdom, but I wanted to thank you for the idea. I think this is fantastic. Thanks!!
Julie´s last blog post..Special Exposure Wednesday- Computer Painting
Did you see the review I did for the Money Manager Kit on Root & Sprout (now at the archives http://www.RootandSprout.wordpress.com under reviews). It’s worked well for all three of my kids, especially Jacob. They have certain jobs they have to complete each day and at that end of the week, they get their allowance based on what they actually completed. Also, their earning potential is based on their age and what is considered a fair amount of work. They keep 70% to spend on whatever they want, 20% goes into their savings accounts, and 10% goes to charity.
You can find free downloadable tools at http://www.preschoolmoneymanager.com.
We use the 3 jar system…one for savings, one for buying (a purchase of their liking), and the final one for donation (they especially like to buy shares of animals at heifer.org).
We have a minimum chore threshold in order to receive allowance, as others have already mentioned. We had this all in place before newest came (she is mentally ill). She’s not ready to handle money, but we let her accumulate it anyway. Tickets…I wonder if she would do better with your system…I might give this a try. Thanks for the idea:)
Spring´s last blog post..Special Needs: The Stigma of Mental Illness (HOS Guest Post)
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