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Allowance/Commission?

Posted by on Jan. 10, 2013 at 12:28 PM
  • 14 Replies

 

Poll

Question: Do you offer your children an allowance or commission?

Options:

No

Yes

Other


Only group members can vote in this poll.

Total Votes: 11

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If not, why?

If so, what is your 'strategy'?

As for "Other" - I provided this because there is ALWAYS an 'other' LOL

What other ways to you take an opportunity to teach your kids about money or to save?

I have always been interested in this topic because my parents never talked to me about money growing up and well, I I made really stupid choices once I left home and it all caught up with me in my 30's. 

Thanks ladies!

by on Jan. 10, 2013 at 12:28 PM
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Replies (1-10):
ivf_blessed
by Bronze Member on Jan. 10, 2013 at 12:38 PM
1 mom liked this

I am on a mission to teach my kids about money so they don't make the same mistakes I did.

I pay my children a weekly allowance based on certain chores & expectations.  I deduct money when they don't do what they should.  I have a jar system for each child and any money they receive (allowance, gifts, etc) is subject to the breakdown:

  1. Jar 1 = Share 10%
  2. Jar 2 = Spend 30%
  3. Jar 3 = Short Term Save 30%
  4. Jar 4 = Long Term Save 30%

Jar 1 is given to whatever charity they choose, or church.  It's up to them.

Jar 2 is spent on whatever they want, I really try not to interfere with their choices from this jar.

Jar 3 is used for a goal in mind.  Right now, my 8 year old is saving for an American Girl Doll - she has saved enough to buy Saige this month for her 9th birthday.  My 5 year old is saving for a car...yeah, I know. but that's what he says.  HA HA!

Jar 4 is deposited into their bank account every month.

Other than food, clothes and school supplies, they pretty much buy their own 'stuff'.

We use threejars.com, a free website to keep track of their money and their chores.  I wish I could make it 4 jars on the website, for now I just allocate 60% on the website but split it in their actual jars.

clowery
by Member on Jan. 10, 2013 at 12:50 PM
1 mom liked this
That is a good idea what age would be appropriate? As I have two kids aged 1& my oldest will b 4 next month?
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ivf_blessed
by Bronze Member on Jan. 10, 2013 at 1:48 PM

Thanks =0)

My oldest is 8 (about to turn 9) and my youngest is 5. I started the jar system a year ago, if I had known about it sooner, I would have started it sooner.

It doesn't have to be used for just allowance - if they get a monetary gift or a monetary reward (e.g. report cards) from their grandparents, it gets split into their jars and it adds up fast.

As for allowance, it would certainly be age appropriate chores/behavior. 1 is too young but in my opinion, about the time you start having your child do things like help pick up toys and help (attempt) to brush their own teeth, that is when they can start learning responsibility and earning allowance.

Some of my 5 year old's responsibilities are: help with trash - he takes all the trash bags out of the small trash cans & brings them to me the night before trash pick up & replaces the liners & he also carries/drags the empty recycle bin back from the curb. He has to make his bed every morning (no, it's not perfect but he is proud of himself), pick up his toys every night and set the dinner table (he & his sister take turns with this), carry their own dirty dishes to the sink. I expect him to use his manners, behave & do well at school, be a good listener and be willing to help with anything when asked.

=0)

AllofFive19
by Bronze Member on Jan. 10, 2013 at 2:18 PM
1 mom liked this

Four is a perfect age! Thanks IFV, my eldest has an account on threejars right now and I'm working on my youngest's account now.

ivf_blessed
by Bronze Member on Jan. 10, 2013 at 2:22 PM

You're welcome! Did you see the kids can have their own login on threejars? My oldest loves it - my youngest just likes to look at his balances. I just wish threejars would come up with an app for the kindle - they said they are working on something like that.


Quoting AllofFive19:

Four is a perfect age! Thanks IFV, my eldest has an account on threejars right now and I'm working on my youngest's account now.


AllofFive19
by Bronze Member on Jan. 10, 2013 at 2:49 PM
1 mom liked this

Yes, I saw that, it's great! Right now the apps don't bother me because I don't have any app-related device. The kids took the dollar that they earned last night at Gma and Gpas house and used the system to deposit that, even though they could've spent the whole thing.

gmadiane
by on Jan. 10, 2013 at 3:51 PM
1 mom liked this

when mine were little I did not do the traditional allowance, If I had something that needed to be done I would offer some money to do it, if they wanted to get paid they had to work for it


Larsbug
by on Jan. 10, 2013 at 4:01 PM
1 mom liked this

 the oldest of our children is 3 and he can earn an allowance when he does chores but we do not make him do chores. Every once in a while he likes to clean the litter boxes which he gets 50 cents for and take the trash out (dad has to help of course) but he gets 50 cents for that too. He however is just expected to pick up his toys when he's done, he makes his bed in the morning, and he puts his dishes in the sink.

momofsixangels
by Bronze Member on Jan. 10, 2013 at 5:14 PM
1 mom liked this

They can earn if they help do certain things around the house but not an allowance

HisSweetheart07
by Bronze Member on Jan. 10, 2013 at 5:33 PM
1 mom liked this

kinda

Each year (normally around their birthdays) they get to pick something that they want to save for: new bedding, new 3DS, Tv, etc. Then we print out a picture of it, put it on a piece of poster board - I draw a little themometer (I bet you know where this is going lol) then everytime they get money we color in the temometer till it reaches the picture. When it reaches the picture they should have enough saved up to get that item - so we go and buy that item (after recounting the money first of course). Any money they recieve gets split in half and half goes directly into savings and the other half toward their item. (so in a sense they're "saving'' twice. Just one for a goal, the other for their life later.)

As far as wanting little things through out the year - they can do extra chores to get points. Each point is a dollar. So if DS has 15 points, he has $15 he can spend at the store on whatever he wants (as long as his behavior in the store is just as good). Ds keeps track of his own points, Dd doesn't have points yet - she will start next year, But they only get points for doing things that aren't their responsibilty already. So if they picked up their bedroom - no point. It's their room, they are responsible for it. If they take the trash out, one point. If they work together to accomplish a task (like cleaning the bathroom) - both will get a point. They normally blow it on little things like $5 toysand a piece of candy. I'm waiting for the day he realizes he can save the points for one trip instead of every time we go out (then I will have to worry about breaking the bank LOL)...... oh and points are also redeemable for extra computer/tv/game time or if they want a special treat (like to rent a movie off the tv, etc). 

I'm thinking about going to Michaels and getting the 3 piggy banks for $10. Decorating them with them as a project and using them as the "spend/save/donate" then at the end of the month making the deposit, donation, and letting them decide to save another month or to spend it that trip. I haven't decided yet. 

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