So I want to implement a chore chart for my 6 year old and reward him with money so he can learn money management at the same time. I have no clue what a good amount of money is. Right now I give him a dime for a lot of things (like vacuuming the kitchen) and he's super happy about that. Am I being too cheap? LOL What do you do? Thanks for any input.
tiki, what we did was set up a chore chart... Then for every day that the kids had their stuff picked up in that particular room, or their laundry folded/put away, etc. they got a sticker for that room for that day. if at the end of the week, they had at least 30 stickers, they earned $2.50. However, 10% of the 2.50 went into a giving jar, and 10% went into a savings jar. That allowed them to earn $2.00 spending money each week, and still learn the aspects of saving and giving money. It has worked wonderfully! really i just picked $2.50 because it made it easy to do the 10% (a quarter each). But the kids seem to be satisfied with the amount. They are 9,7, and 5
HERE is what we did and still do for the most part... as the kids get better at things, the chores adjust etc.
I need to be better about implementing our chore chart! I like the $2.50/week idea, especially when paired with the 10% giving and saving jar!
I think it might be a little late for me! LOL!! I have to admit, I made the chore charts when they were young, I just wasn't disciplined enough to stick to it. I love yours Amy and Rebecca!!
I went and bought katie & jaque's kit! let's hope I can put it into motion! Moo is wanting $$$ so here is where I put her to work!
we def started early with ours. remember that you'll have pay increases - we did them on their birthdays - so start low. i think $2.50 for the weeks is a good place. also, we paid the kids on the day their dad got paid. starts them off on the right fooot - learning how to make their money stretch til next "pay day". we also did 10% giving/tithe; 10% savings and let them do whatever they wanted with the rest. i think that's why both of them manage their money so well as young adults.
Ella's 5 and we are at the point where we want to start this as well. We got her a responsibility magnet board from Melissa & Dough last year, and we were trying to figure out how to implement an allowance. I love the $ amount suggested here along with the giving and saving. Awesome thread!
Because of this thread i grabbed Kate & Jaques collab and made a chore chart. So far I am loving it and the kids are doing great. As for pay were doing .10 cents a job so if the completed all the jobs in a week its like $4.20 each, but so worth it LOL
I bought the kit and we started on Sunday... so far so good! I had it printed at Walgreens and slipped it into a page protector- velcro is how we are adhering our stickers for each job $2.50 a week - .50 into her piggy bank the rest for her to do with as she sees fit. I am not having her donate yet, cause she'd give it all away.... Thank you for the fabulous idea!
yay! so glad to hear it's working! i love it at our house! we had to take a break from it with the move, but we just started it back up & it's working great again!
