For the Love of the Money

I pay my kids allowance.  At the age of 4, the children got $1/week.  Their pay increases by a dollar a year on each birthday.  I usually pay them every other week, just like an adult paycheck.

My kids are in the really bad habit of buying just completely useless stuff with their money and never saving any.  So last month I made them a deal, for every dollar they agree to put in their bank accounts, I will pay $0.50.

We decided that once every 4 weeks, we will sit down with their bank statements and I will give them their allowance for the the 4 weeks.  At that point they can either take their allowance in cash or I’ll write a check for their bank accounts.

This morning, 2 of my children put in their entire allowances, for a month, plus other money they had.  The other child just put in her entire allowance.  This arrangement cost me an extra $131.28.  It was completely worth it.

 

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3 thoughts on “For the Love of the Money

  1. I think this is a great idea. I started back accounts with my children at 13years old…They have visa check cards and they had to learn to balance their books manually first then I gave them online banking access. They also have a savings which they can not touch…The first two daughters said to me, mom I feel so grown up now and that warmed my heart! We are still working on the saving part but they are getting there…they save for things they want from time to time. I love it!
    I’m glad to see someone else find this an important part of parenting!

    • Oh, I love your idea about teaching them to balance their accounts. I need to teach my kids that.

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