Monday, September 17, 2012

Creating a Kids Savings Plan, again!

The kids used to have chores, the kids used to earn money.

But then it kind of slips under the radar.

To be honest, once the boys got there bunks, the kids no longer had to make there bed and it dropped off from there.

Thing is, chores, payment plans, they're constantly evolving anyway really.  What you're prepared to pay your child to do now, won't necessarily be the case in a years time.

So we're starting fresh.  There are a couple of very simple things my kids are not doing well.  

Money talks!


We've placed two jars up on our window sill in the kitchen, using some twine and scrap booking left overs we've personalised them, so there will be no fights.  Who am I kidding!

They can see their money grow.


Above is an example of what our key focus is at the moment.

Laugh if you will, but I am sick and tired of my boys getting up early.  I can no longer burn the candle at both ends and given I work in the evenings, clearly I can't go to bed earlier.  So I've purchased a clock for the kids, and we are trialing not getting out of bed until the clock says 7.

(OK this does not apply to Zander, he is only 2! but him alone climbing into my bed at 6am is fine, but anymore becomes a party)

One week of 7am rises earns you $2.

And teeth, don't get me started.  In the morning, they do it, most of the time.  In the evening the do it rarely.  

I want to create good habits for my children, so if I have to pay them to create the habit, so be it.

Clearly I won't be paying them in a few years time, but for now, whatever!

But finally, the other thing we really want our children to take away from this is learning the value of money.  I am fed up with going to the shops and them expecting me or nagging me to buy them this and buy them that.  In a world of 'get it right now' it is very hard to teach children the value of money and the value of saving.

But I will try!

Do you pay your children, if so, how much and what for?

Cheers


Mandy.

4 comments:

  1. Completely agree! I had a similar system when my 11 year old was younger although now she gets a flat $20 f/n if all her chores (bedroom/bathroom/playroom) were done weekly and her homework was done without nagging. She saves really well too, and pays her own way for mufti days, clothes, canteen purchases. When they are young meeting your expectations is their only real 'job' so paying them works.

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  2. When we remember pocket money, the kids get an amount that is their age minus 1, to avoid the 'but I am older, I do more' type arguments. From that, 50% goes straight into savings, 25% they can spend as they choose and the last 25% they put into another money box for charity. They usually buy pressies for the wishing tree at Christmas or donate it to emergency appeals. I figure it gives them a sense of value for money, an appreciation of the I want it now but it is too much as well as recognising that they are really lucky and can help others out too. It works for us and is great to see the kids enjoy giving.

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    Replies
    1. I so want to do the charity thing with them, Lulu has a sponsored child but obviously I pay for it. But she gets the concept.
      I think if I can suck them in with the money now, In a few months I'll introduce the additional jar.
      love it.

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  3. Good blog. I'm 8 years old and you said in the evening the do it rarely. Stompy stomped here x

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