Doug and I have been considering starting an allowance with Sam. He seems interested in learning about money and loves to spend and give. However, we don't want it to be contigent on chores around the house since it seems that those are simply his responsibility as a member of the household and a monetary incentive doesn't seem necessary or something we want to encourage. As they get older, bigger jobs like mowing the lawn or washing cars may be worthy of extra "pay", but for now our goal is to teach him simple money value and give him some choices as to how he gives, spends, and saves his money. Although we've been talking about this for the last couple months, our church began a fundraiser for our local pregnancy center this week. Each family could choose to take a baby bottle to fill with loose change over the next two months. The boys enjoyed picking out the bottle, complete with pictures of lions, elephants, and giraffes (of course). It seems like a neat time to start Sam's allowance so that he can truly understand that "change" (which is what his allowance will be) can be given to help someone in need. Any further thoughts, insight, advice, experience about this issue is welcome, o' wise readership.
Monday, February 25, 2008
Children and allowances
Doug and I have been considering starting an allowance with Sam. He seems interested in learning about money and loves to spend and give. However, we don't want it to be contigent on chores around the house since it seems that those are simply his responsibility as a member of the household and a monetary incentive doesn't seem necessary or something we want to encourage. As they get older, bigger jobs like mowing the lawn or washing cars may be worthy of extra "pay", but for now our goal is to teach him simple money value and give him some choices as to how he gives, spends, and saves his money. Although we've been talking about this for the last couple months, our church began a fundraiser for our local pregnancy center this week. Each family could choose to take a baby bottle to fill with loose change over the next two months. The boys enjoyed picking out the bottle, complete with pictures of lions, elephants, and giraffes (of course). It seems like a neat time to start Sam's allowance so that he can truly understand that "change" (which is what his allowance will be) can be given to help someone in need. Any further thoughts, insight, advice, experience about this issue is welcome, o' wise readership.
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C- Said..."However, we don't want it to be contigent on chores around the house since it seems that those are simply his responsibility as a member of the household and a monetary incentive doesn't seem necessary or something we want to encourage."
ReplyDeleteI am in total agreement about that!
My kids have chore charts, and those are just chores that are a part of life.
But I think that when Logan was around your boys ages, he loved Thomas the Train.
So we would let him earn more trains. It was simple stuff like seeing extra helpfulness, doing chores without being told, etc.
Now that they are a little older, I've been considering an actual allowance, but making them save, tithe, and I think probablly give to missions as well.
I think your on the right track!
On a side note, I love your childrens obsessions with animals! I think it is so cute. :)
yeah, I think you are pretty wise yourself. No need for further advice...at least not by me. I very much agree with you.
ReplyDeleteHey Crystal. We are considering starting the same thing for Joshua. There is a bank from Crown Financial Ministries (I am pretty sure) that has three different sections in it for a child to learn about giving, saving and money for spending. Basically you are suppose to give them money that they can easily split into the categories. It might be called the ABC bank. I will have to look into it more.
ReplyDeleteJean
I agree that allowance should not be tied to chores - big or small. That is part of being a family. We have been giving Jackson and Finley an allowance for a little while now and we explained to them that Daddy's job is a blessing from God and we are sharing that blessing/love with them.
ReplyDeleteWe decided not to make their allowance subjective, but give it to them on a weekly basis so they know when to expect it. Jackson likes to figure out how many weeks it will take to save up for a train, or whatever he has his eye on. When it comes to discipline, we figure there are many other things that can be taken away. But if our goal is to teach financial responsibility, they need something to be taught with. Does that make sense?
We have really enjoyed exploring the world of finances with the kids. Jackson is very tuned in to how much things cost now. He understands the need to save up for something and he even knows the value of a good coupon! However, we still need to introduce tithing and saving for the sake of saving - not saving to spend. I like the idea of the Crown Financial Bank...