Kids, Money and Chores, OH, MY!
My husband and I have been wondering how to approach the concept of an allowance for quite some time. Our son, Soren, is ready to learn more about money and it's an important thing. We don't buy gifts for our children unless it's Christmas or their birthday, so what happens when Soren wants something that I won't buy? Right now, he saves his birthday money and does chores to earn money. He loves earning money and he loves spending it!
We finally decided how we're going to approach the next level of financial education. We're going to give the boys a weekly allowance that equals half their ages. Soren is seven, so he will receive $3.50 per week. Kieran is four, so he will receive $2.00 per week.
This money will be distributed in cash and they will each have two mason jars. The allowance and any other money they have will go into one jar. Then, the boys will choose how much money to put into the other jar, which will be for savings. We will not force them to save. We will explain why they might want to save, but it will be their choice.
When they want to earn money, we have projects and chores they can do. However, there are some things they will be required to do simply because they are part of the family. They are responsible for keeping the toy room in order, for putting their things away, for taking their dishes to the sink, or putting them in the dishwasher. They will make their beds, put dirty clothes in the hamper, and keep their rooms in order. These are the most basic requirements. As they get older, they will be able to contribute in different ways. Laundry is the next chore I want to tackle. Why should I do all the laundry for everyone in the house? I shouldn't! I should do mine. I also do my husband's, because that was our agreement when I decided to be a stay at home mom. He contributes in many other ways.
When I told Soren that his responsibilities were going to be increased, he was wary. He said, "What will I have to do?" I explained that I'm still working it out, but that he's capable of contributing in new ways and that we all need to contribute to the family. Laundry, cleaning, yard work and cooking are not just for parents to do. They are for everyone who is able. Both of my boys are able.
He thought about that. Then he said, ''I hate cleaning. I don't want to do laundry."
I thought about that. Then I said, "I don't always enjoy cleaning and laundry, either. But, what if no one cleaned or did laundry?"
"We would have a dirty house and dirty clothes. That would be gross, but why can't you just do it? I thought that was your job?"
"It was my job, when you were babies and couldn't participate. Now it's our job. My job is to teach you how to take care of yourself. I can't do that if I keep doing things for you. What if you never learned how to cook, clean, do laundry or maintain the yard? What if you grew up, got a job, moved out of this house and then didn't know how to manage your money or your home?"
"Oh. That would not be good!"
"I know! That's why I'm going to teach you. That's why you will have more responsibilities. It's not a punishment. It means you're growing up."
We finally decided how we're going to approach the next level of financial education. We're going to give the boys a weekly allowance that equals half their ages. Soren is seven, so he will receive $3.50 per week. Kieran is four, so he will receive $2.00 per week.
This money will be distributed in cash and they will each have two mason jars. The allowance and any other money they have will go into one jar. Then, the boys will choose how much money to put into the other jar, which will be for savings. We will not force them to save. We will explain why they might want to save, but it will be their choice.
When they want to earn money, we have projects and chores they can do. However, there are some things they will be required to do simply because they are part of the family. They are responsible for keeping the toy room in order, for putting their things away, for taking their dishes to the sink, or putting them in the dishwasher. They will make their beds, put dirty clothes in the hamper, and keep their rooms in order. These are the most basic requirements. As they get older, they will be able to contribute in different ways. Laundry is the next chore I want to tackle. Why should I do all the laundry for everyone in the house? I shouldn't! I should do mine. I also do my husband's, because that was our agreement when I decided to be a stay at home mom. He contributes in many other ways.
When I told Soren that his responsibilities were going to be increased, he was wary. He said, "What will I have to do?" I explained that I'm still working it out, but that he's capable of contributing in new ways and that we all need to contribute to the family. Laundry, cleaning, yard work and cooking are not just for parents to do. They are for everyone who is able. Both of my boys are able.
He thought about that. Then he said, ''I hate cleaning. I don't want to do laundry."
I thought about that. Then I said, "I don't always enjoy cleaning and laundry, either. But, what if no one cleaned or did laundry?"
"We would have a dirty house and dirty clothes. That would be gross, but why can't you just do it? I thought that was your job?"
"It was my job, when you were babies and couldn't participate. Now it's our job. My job is to teach you how to take care of yourself. I can't do that if I keep doing things for you. What if you never learned how to cook, clean, do laundry or maintain the yard? What if you grew up, got a job, moved out of this house and then didn't know how to manage your money or your home?"
"Oh. That would not be good!"
"I know! That's why I'm going to teach you. That's why you will have more responsibilities. It's not a punishment. It means you're growing up."
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