Tuesday, July 13, 2010

Kids and Money and Budgets … Oh My!

Brandon and I have tried various things with the girls for chores and allowances. None of them have really worked well. So we've scrapped it all and started over. And here's what we came up with:
Chore Jars - very similar to these, the girls each have a jar with tongue depressor/popsicle sticks with the chore written (or drawn for Grace) on one side and the other side colored. They love to use this system and I love that! It's right there on the kitchen counter and they simply flip the stick when they're done. Easy as pie and they own it. All the sticks have to be flipped for free time. Any sticks that I see have not been consistently flipped during the week mean that for that chore they get fined.

They get paid monthly. I just couldn't keep up with weekly payments consistently. Right now Lydia's is $20. It will increase each year so that by the time Lydia gets in high school she will be getting $100 a month. Pick yourself up off the floor and listen to me for a sec. Think about all that goes on and all that needs to paid for … clothes, music, going shopping or to movies, gasoline in that car that I'm not buying on my own without her having saved her own money for it, etc. Rather than doling out money here and there, they will each get a monthly allowance. Out of that allowance they will save for the short-term things they want (like a CD Lydia wants), long-term savings (like a car that Lydia wants when she can drive), spending money (including clothes, birthday gifts, and "Mama-Can-I-Have-Its", etc.) and giving money.

I'm using these to help the girls with their budgeting and planning: Kid's Budget Printables.

It seems to be working well and it's something we can keep up with and keep track of. Not everything works for everyone, but if this helps you it makes me smile. :)

Thanks, Denise, for taking 5 minutes to help me understand this concept :)

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