14 January 2011

Early Money Management

We have had this responsibility chart hanging around our house for a while now. However, I have to honestly admit that most of the time I've gotten so busy that I've forgotten to keep up with it. The kids really do love to refer to it and have that sense of accomplishment when the *stars* are put on though.

So this past month my hubby decided to take on the task. Thank goodness! :) He revamped it a bit and talked to the kiddos about how their allowance would be given them according to how well they kept up with their responsibilities.

Before you think we're total slackers, I promise that this has been the goal all along and we've certainly had similar guidelines before, but the follow-through has been lacking. I hope that doesn't totally disappoint you, but that's just the truth.

After introducing the new *system* in December and following through faithfully by adding their *stars* each day, Vince would sit down with them each Saturday night and go over the chart, talking about how they had done and then give them their allowance accordingly. He would also talk with them about the percentage they should give at church. We are total believers in the biblical tithing principle! I'm so glad that they love to give their offerings at church, many times much more than 10% of their earnings!

As the new system fell into a good rhythm and the kids were growing in their responsibilities, we decided it was time for new banks for them. Their given-to-them-at-birth piggy banks had served them well until now but it was time for something else to help them continue learning.

Vince found these awesome banking *systems* on the Dave Ramsey website~still on special for the holidays, if you're interested! We gave them to the kiddos on January 1st (we didn't want them to get lost in the Christmas shuffle, so we saved them to kick off the New Year).

They've been a huge hit! Each Saturday night Vince sits down with the kiddos and talks about how much they've earned. Then he talks about percentages and they put 10% into the *giving* bank, 20% into the *saving* bank and 70% into the *spending* bank. They love that the banks are a translucent plastic so they can see their money growing:) I hope that these lessons will stay with them for a lifetime.

Do you have an allowance/chore system in place with your children? I'd love to hear about it!


Amber said...

Oh my goodness! I LOVE IT! Those banks are awesome! Ruthie Jane must have one!! Thank you for sharing!

Deb said...

That is brilliant! I will look into the chore chart and piggy banks right away.

Lora @ my blessed life said...

I failed to mention that we found the responsibility chart at Target a couple of years ago. I think they still carry them, but you could also find it online, I'm sure.