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The Family Piggy Bank The Family Piggy Bank

 

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

View Results

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
Replies (11-14):
ivf_blessed
by Bronze Member on Jan. 10, 2013 at 6:31 PM

Those of you that pay by the job - that is what I would call a commission.  I totally get/like that - I have a hard time with keeping up with what job pays what so that is why I went with allowance - it's easier for me to make the deductions.  Looking at their threejars.com, I remembered they also have to clean the bathrooms and keep the dog food/water bowls clean & filled.  My youngest is always eager to do anything extra - he will even go around my office and ask my colleagues if they have any trash he can collect.  They've been known to pass him a quarter for that. He's my little entreprenuer...LOL  My oldest doesn't want to really do anything extra and tends to be the one to lose money each week for missing chores.  She is also the first to pout when she sees how much MORE money her little brother has each month.

I like the picture/thermometer idea too.  The visual makes it more real for kids.  I am gonna steal that idea for their saving 3 jar.  I wonder what car my 5 year old will want - at the rate he is saving, it will be a nice one!

My kids just got Kindles for Christmas and while they can use the kindles for reading anytime, using it for games or video needs to be earned - otherwise they would be on it all the time.  LOL I haven't quite figured out a system for that yet but for now, they ask first and then I limit their time depending on what they choose to do.

The $1 split is a great thing!  Every cent my kids get is split automatically.  Even if they find a coin, it goes in their coin sorter until it's denomination is full, then it's split up into their jars.  (If I find a coin it goes to MY coin sorter and goes to MY savings. Finders Keepers in this house!   LOL)

Thanks for your feedback everyone!

erikays
by on Jan. 11, 2013 at 7:33 AM
1 mom liked this
We don't offer allowance, we figured he should be helping with the house.

He does have his own piggy bank and we will put money towards it for good grades.
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ivf_blessed
by Bronze Member on Jan. 11, 2013 at 10:57 AM

Reports Cards are a great reward opportunity.

I reward for A's only - Bonus for all A's - grandparents on the other hand give money for A's & B's....suckers!  JK of course, I think it's great they like to do that.  My kids can really rake in the money at report card time!  =0)

It is pretty amazing after one year with the jar system to see just how much money my kids get in a year.  Just like with my own tracking of my spending, I was able to see just how much money would have been wasted if we weren't being diligent about saving up front.

Quoting erikays:

We don't offer allowance, we figured he should be helping with the house.

He does have his own piggy bank and we will put money towards it for good grades.


allyn9
by Carey on Jan. 12, 2013 at 2:49 AM
1 mom liked this

When younger, our children got allowances, but we also had expectations for them as to "earning" some of what they got. 

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