My Boomer Tips
I asked this earlier, but did it so late...wanted to get a few more opinions on it:
So my 9 year old is asking about an allowance. I was just given one as a child, but I really want him to learn how to work for and manage money, so I want him to earn his allowance. He also doesn't have any chores except to put away his school things etc but no specific chores in the household. He's terribly forgetful and although he has the best intentions, mess up often. So should he get punished if he doesn't do his chores? No tv? I don't want to tie money to his chores specifically.
Someone suggested a chore chart, which I think is great. He gets a star when the chore is completed, but I don't really want to reward him for doing what he should anyway. Should I coach him through it for the first few weeks and then let him take over gradually? I'm really undecided about it and guess that's the reason I've procrastinated with him helping out. Besides the fact, I feel I'll have to monitor him and it'll be quicker and easier to just do it myself.
I'm looking to change that. I want to separate chores (free due to obligation) activities from "work" or earned activities. I'm not sure what earned activities he should have because everything we seem to do around here is for the common good. We take care of his grandmother, but I refuse to "pay" him to do anything for her. I can't pay him for folding his own clothes it's his responsibility, if you get my meaning.
He has these math sets he does or doesn't want to do (a bit like going to work). He's supposed to do them anyway, but oftentimes between homework, projects and dinner it doesn't get done. I was thinking of giving him a dollar a set- per set. In addition, I want to teach him about saving and charity etc. but I'm not sure what the allotment should be for each thing. Like how much do you put aside to give to charity/church out of . How much should he put aside for Christmas presents (long term savings) and how much for short term things like video games.
I was also thinking of giving him a bank book to work out his money etc and myself serving as a bank. If he "borrows" money, how much should I charge in interest? And should he be able to work it off? or should it all be cash? When I say charge interest, the point is for him to learn to really think about whether a nintendo game is worth "borrowing" from his own bank for - of course, I'm not going to keep any interest that's charged, I'll just put it into his account at the end of the year as, I dunno, interest earned. I have a friend whose parents did that with him from about 10 until he left the house. It seemed really harsh to me in high school because he only got clothes or gifts or anything on Christmas and his birthday. His parents would give him like 2 pairs of shoes for the year, if they were "uncool" and he wanted a different pair or even more shoes, he would have to borrow or take his own money and save to buy them!! By 13, he was buying almost all clothes except for 7 pants, 7 t-shirts for school - thats all his parents bought so he had to buy ALL his clothes himself!!
But when we were in college he knew exactly how much he had in the bank to the penny, paid every bill on time, knew exactly when he would pay off every cc charge and was never a "starving" student simply because he knew how to ration his money perfectly. I don't think I can ever be that harsh, but I want to instill that type of financial awareness.
Wow this ended up long:
Not sure how to negotiate this.
Appreciate all input.
Does he get in trouble if he doesn't complete chores then? What is reasonable? NoTV that evening? or losing Nintendo for the night?
Thanks Caroline - I like the idea of having the envelopes too. Is your daughter punished for not doing chores or leaving something undone?