It’s been coming……
The day we start teaching our kids about money in a tangible way.
I knew it needed to happen years ago already, but I just was so torn. We do not believe in paying for Chores. It is our thought process, that doing dishes, laundry, running a vacuum, unloading the dishwasher, are all part of LIFE. And sorry, but if LIFE paid for that kinda stuff, I’d be a rich, rich woman.
So we decided to go off the word Allowance.
We are ALLOWING our children spending money each month!
Here is how it works:
At the beginning of each month, everyone gets a dollar per their year. That means at our house, Destiny gets $10 a month, Tylan gets $6, Avery $5 and Paxton $3.
The FIRST thing they must do, because God wants our first fruits, is tithe at least 10%. We showed them on paper, how easy it is to figure 10% by simply swinging the decimal point over a space.
If your kids are wondering why we have to tithe, then open your Bible to Malachi 3:10:
“Bring the whole tithe into the storehouse, that there may be food in my house. Test me in this,” says the LORD Almighty, “and see if I will not throw open the floodgates of heaven and pour out so much blessing that there will not be room enough to store it.”
Next, they must save 20% to their savings accounts. We want them to be in the habit of tucking away money for a rainy day or emergency fund.
At the end of the month, they receive whatever is left of their “Paycheck” aka the spend drawer. I say whatever is left because you can lose the spending part of your allowance. Oh yes, it can go bye-bye in a hurry.
I charge 50 cents to make it the first time you forget, and it goes up after that until it reaches $1.50. Then you are locked in at the price forever more. My maid services are not free when I know you are capable of managing your time enough to make your bed in the morning before school, or for my littles, before you can go play.
If the kids leave out toys, they must pay me a coin per item, this amount is based on their age.
If they fail to obey, or sass instead, they go get me a quarter or a dime, again based on age and percentage of monthly “income”.
If they don’t wash their hands or flush the toilet, it’s a like $1 across the board…..
Yup, that one makes OCD me pretty fired up, so I figure for emotional damages its worth a buck.
All these charges come from the spend drawer, so its just less money to take to your wallet at the end of the month.
I went to Hobby Lobby in hopes of finding 3 little boxes or banks for each child to have Tithe, Save, Spend. I came out with more than I could’ve asked for! EEEK!
HOW PERFECT IS THIS?!?!?!?!
Each drawer is labeled and each row is a child, oldest to youngest.
I have this box out in the mud room for easy access; whether that be getting our offering to church, or coins to pay mom for toys out. Again, they may NOT use their spend money drawer, or move it to their wallet, until the end of the month. Then they get another “paycheck” on the 1st.
This is working wonderfully for our family! Tell me your favorite ways to teach your children about handling Money….