Just wondering your thoughts on kids pocket money. I have children 2, 4 and 6 and the older two are always wanting me to buy toys EVERY time we go shopping, which I do not, but I wanted to start a star chart or similiar with some kind of monetary reward for the piggy bank each week, so they can "have" their own money to buy themselves a car or a doll or whatever.
Any thoughts? I don't want to "pay" them for working, as they do little chores already, but I want them to understand how money works too.
My two oldest are also 6 and 4 (actually much closer to 7 and 5). We had been doing the chores thing with allowance. But I had a hard time paying them for things I thought they should be doing anyway because they are part of this family and household. I didn't agree with paying them for clearing the dinner table or feeding the dog, or putting away toys, etc. They should do those things because we asked them to, not because they are getting paid.
So we came up with this for the summer. They are having a quiet time in their room each day and they are getting paid for reading books, writing a story, practicing handwriting, doing math flashcards, etc. I made a chart and they check off each day which of the activities they did. I customized it to their age. For instance, the older one who is reading chapter books is getting 10 cents for reading for 15 minutes. The younger one, who reads very well but not near her sister, is getting 10 cents for reading two books. Math flashcards for my older one is 10 cents. My younger one gets 5 cents for practicing writing her letters. They are putting a check mark next to each activity for a particular day. At the end of the week, we are counting up all the checkmarks and paying accordingly. It's a great way to add money, as well. At the end of each day I'm giving a sticker for staying in their room for the allotted time which is about a half hour or so.
It's also been nice because I visit each individually and spend some one-on-one time with each. We read together or whatever. We've only done it this past week since summer vacation has just started, but my girls LOVE it.
We've explained to them that the other stuff they do, like helping around the house and doing what we ask will get rewards like going for ice-cream or to the park, etc.
I don't know what we'll do when school is back, because I won't pay them for doing homework. Like chores, that's a requirement and shouldn't get paid for. So we'll have to think of something else. Perhaps for extra reading...not sure yet.
Hi, I started allowance with my children when they were 4. They got a dollar a week because they were a member of the family. They also have to help around the house because they are a member of the family. When they were 4 and 5 and they didn't want to help, I told them if they are not responsible enough to help around the house then they aren't responsible enough to get money (now they help with no trouble). I didn't want to tie the two together anymore than that either because I don't think that they should get paid to help around the house. I give them a dollar raise every birthday so that when they are 16 or so they will be making allowance of about $13 per week. My children are 6 and 8 and I really don't buy them anything anymore (except maybe books and of course presents). If they want a toy now they buy it or any other trinket. The 6 yr old makes $3/week and the 8 yr old makes $5/week. They both have savings accounts. When they are teenagers this should give them adequate money to go out with friends, etc. We will always buy them clothes and essentials.
I think as mine get older, I'll just give them money if they need it. Like you said, you don't wait to have the money connected too much with the chores around the house. When I was in high school, my mom would give me $20 a week. I also used that for lunch money...which was much cheaper almost 20 years ago...geez, I'm that old already??? So, if I wanted more money, I would pack my lunch. She bought me clothes and whatever else I needed.
This summer thing we're doing with the books and such, is for now when they are younger. As they get older, we'll just probably give them what they need for whatever activity it is they are doing.