Here's how it works at our house: Kids get an allowance starting at age 5 (before that they just don't get it) and ending at age 15 (when they turn 16, I expect them to get someone else to pay them). Each child gets $1 for whatever age they are. For example, the 7 year olds get $7/week. They all have chores and tasks, but that is not directly tied to their allowance. They are expected to help around the house and do "their part" because they are part of the family, not because they are being paid.
Okay, so back to the example of the $7. We have them split that into Save, Give, Spend. For $7, we would put $3 to Save, $1 to Give, $3 to Spend. They can 'give' their $1/week to a charity, put it in the church collection basket, or some other creative way to pay it forward that they come up with.
I (try to) take them to the bank every week to deposit their "save" money into their savings accounts. They really like watching their accounts grow (even though it is only a bit at a time). But, when we can't make it, we just keep the money separated until we get there and take whatever has accumulated. Same for give and spend really. The key is keeping it all separate until you have a chance to do something with it.
There are so many options to help with this. For you crafty people, decorated mason jars work great. For those that like a more low key approach, labeled baggies work just fine. I wanted something cute that wouldn't take up as much room as the mason jar approach, and found these adorable three compartment money holders on Etsy.
https://www.etsy.com/listing/112442077/girls-give-spend-save-trifold-wallet-in?ref=shop_home_active_2
In general, I believe what is important is to talk to your kids about money, and teach them how to balance and budget. Whether it is quarters rather than dollars, or $20s instead of singles, the point is that they get some practice with money while they are young and the stakes are low.
No comments:
Post a Comment