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Pocket Money?How much??

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  • PariBbbb PariBbbb's Avatar 07-12-09 | 05:40 PM
  • [CENTER]My sons are 7 & 3, and im trying to teach them early on the value of money, they do little chores around the house like putting away their toys, "helping" mommy with laundry, (when really they both end up in the laundry baskets kidding around and throwing socks about :P its adorable)
    but im wondering how much pocket money to give them, they both have piggy banks and i have no idea what to give them, Me & DH devised a reward system for good behaviour etc and pocket money is part of that but i really havnt a clue, i know their only young but im still clueless, is $10 too much p/w??


    Pari & James
    30-08-00

     

    DS Milo 04-02-02
    DS Casper James 12-24-05

    [/CENTER]
  • skyqueen skyqueen's Avatar 07-12-09 | 07:00 PM
  • we have a marble jar.
    When the jar is full - (its a big BIG jar that gets filled uhh.. probably once a year) - they get ~$25 (or basically one toy from the toystore)

    I think that our marble jar is better than an allowance because they live by rewards AND consequences.
    And my kids are 6 and 8.
Thank you skyqueen!
PariBbbb (07-12-09)
  • Dopey406 Dopey406's Avatar 07-12-09 | 08:23 PM
  • Our girls are on a commission system. Work=pay. No work=no pay. That's how it is in the real world.
     
    We live by a written, agreed-upon budget and we want to teach our children to do the same.

    They're only 4 & 6 so they have one main responsibility: clean the playroom. They each have a chart and on days they get it clean, they get a sticker. On days they don't clean, they get an X. If they keep it clean all 7 days, they get $2 each on Sunday. 4-6 clean days yields $1 on Sunday. 3 or fewer days yields no money.

    They each have an envelope in which they keep their money. They save for specified purchases, have some for spending, and give some to church. It's a very basic budget for kiddos but we're laying the foundation for future budgeting practices. As they age, we'll add more responsibilities.

    In addition to the playroom, we offer other opportunities for them to earn money. For instance, just last week, we needed to clean up a lot of pine cones in the yard. We offered the girls each $1 to fill a diaper box with pine cones. They were so excited and doing such a good job that they filled 3 boxes full of pine cones, so we paid them more.

    We don't believe in "allowances" for things like clearing the dinner table, making beds, etc. Those are things we each do as part of our family and no one should get paid for doing what they're supposed to do anyway. But the playroom became a point of contention because we got tired of cleaning it. So this is a good start for them.
Thank you Dopey406!
PariBbbb (07-12-09)
  • LMB2007 LMB2007's Avatar 07-12-09 | 08:55 PM
  • My son is 8 and I have been teaching him the value of money. He gets paid for jobs that he does well. He does not get any kind of allowance and I do not pay him for doing your basic chores. I will give him certain jobs to do, and I will pay him for results. If he does not do a good job, he might not get paid. It just depends on the situation, but he knows that beforehand. So, he tends to always give everything his best, and then I pay him accordingly for his great work. We are business owners and in our lives if you do not produce great results for someone, most likely they will not pay you, and if you produce excellent results, then they are willing to pay a premium for it. That is the way we live our lives and that's how we are teaching our children to live.

    I don't tell him beforehand how much I intend to pay him. For example, I don't want to tell him I will pay him $5 for a job, and he only does $5 quality if he could've accomplished it with $10 quality. I judge the job after he is finished, and then I decide what the results are worth.

    He saves his money for misc things that he wants. I have stopped buying things for him (most of the time) during the year. He gets most of his things from us now during holidays, birthdays, etc. So this has helped him learn to save for the things he wants. He has also learned how fast the money can be spent, and how much effort it takes to earn the money for the things he wants. I think its a pretty good system, it has really helped his perception of money tremendously.

    Last edited by LMB2007; 07-12-09 at 09:02 PM..
Thank you LMB2007!
PariBbbb (07-12-09)
  • PariBbbb PariBbbb's Avatar 07-12-09 | 10:12 PM
  • thank you all so much!Ive decided on adding their allowance/payment into our reward scheme that my husband and i devised, certain chores mean more payment because they are harder work and i have to agree that simple things like making their beds etc are their responsibilities and not rewardable! you've all been so helpful
    x

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