Allowance, this was such a tough thing for us to start. How much is appropriate? How often? Is this chore related? So many things went into this decision.
My goal is to have Aubrey {and later Allyson and Austin} to learn about money and how to be responsible with it. How to manage her money. It's my desire to have learn how to save, giving money, and I want her to be able to buy things that she wants.
So here is how we have started. Aubrey gets $2.25 every Friday. We encouraged her to give 10% to the church. I had an envelope and she thought of the perfect verse to write on it.
How sweet is that, right?
Friday she gets her money and she has been putting a quarter in her envelope and praying over it before church. We decided that allowance wasn't going to be tied to chores. Chores are something that you do to help out the family. She's apart of the family so she has things that she needs to do to help out. Make her bed. Wipe the kitchen table off after meals. Sweep under if necessary. Wipe down the bathroom counter and sink.
I think I am going to add a list of additional things she can do to earn extra money. Clean the baseboards. Clean out the van. That way she has the chance to earn extra if she chooses to.
She's saved her money so far. She had some tooth fairy money and with her allowance is up to $10 in her piggy bank so far. I will eventually like her to keep track of her spending, so she can get practice balancing a checkbook...kind of.
What are your thoughts on allowance? How much do you think per week is acceptable?
I love the whole process you've described. My daughter's way too young for an allowance, but when she's old enough, I think we won't be tying the money to chores, either. Not the basic ones that she needs to be responsible for, anyway.
ReplyDeleteI like how you decided to not make it a chore based allowance, but with the option for extra for extra chores. I'm honestly terrible with money, so I hope that we can help Aria understand money better than me. I like the plan you have, I think when the time comes we might use that way! Make sense. So sweet that she gives her quarter to church.
ReplyDeleteI like that you made allowance separate from chores. Something i've got time to think about but it will get here sooner than I realize. I've read some posts recently that have a "house store" that kids can buy from as a teaching tool for money and savings. Might be fun?
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