For awhile now Kevin and I have been toying with the idea of starting Hannah on an allowance. In some ways I think we are behind the curve. For awhile now I've heard of our friends starting their similarly aged children on an allowance. However, Kevin and I were just not sure how we wanted to approach it and, honestly, it is a bit of work to flesh out how to do it. Yes, we could have just given her some money every week, but we wanted to be deliberate with it and just not sure how we wanted it to work. Plus, the million dollar question--do we want Hannah to have money to spend as she wishes?!?
Well, after putting it off too long (weeks after
she created her own chore list and made a sticker chart to keep track of the times did her chores), we finally started, much to her delight.
Here are the parameters we wanted to set up with the allowance--
~savings and giving needed to be built into the allowance
~she gets it regardless of whether she does her chores
~her chores are not expected behaviors, but extras (example-putting clothes in hamper is expected behavior that everyone should do, but washing up the table is an extra)
~I couldn't have her spending her money mindlessly (yes, I know she is a kid!) but would like her to be working towards something
So this is what we set up--
~every Sunday she gets $2. From that 50 cents goes into her piggy bank and 50 cents goes into her giving jar.
~the giving jar will most likely go towards The Heifer Project (buying farm animals seems pretty tangible for her) or our local food bank where she volunteers with our church every few months. We did offer to add to the jar when she memorizes her weekly Bible verse from Sunday School.
~every day she does all 3 of her chores (clear the table, wash the table, feed the cat) she puts a sticker on her chart. On Sunday she gets a quarter for each sticker.
~she is going to have a account ledger where she keeps track of the money she has to spend. I'll be honest, this is the teacher/mom part coming out. She can count money and add it together! Two math concepts at once!
~she has picked out a fun toy store in Spokane (Whiz Kids) that has several items she would like, all in the $10-$15 range. We'll take her shopping when she has saved enough.
So, we'll see how it goes. I'm hoping that this can start a positive, healthy approach to money for Hannah. I'll be the first to admit that wasn't necessarily me. I blithely referred (and refer) to my debit card as my "magic card" and my mother threatened more then once to put me on a cash only system when I first went to college (then I wised up and had my mathematically inclined buddy, Kevin, balance my checkbook. Don't ever think that guy didn't know what he was getting into!)
Here is the disclaimer--she totally blew a dollar today at the grocery store. Had to buy a pack of gum.