We are on round two of our financial lesson with our kids. I must say that I am quite surprised at how things are going. We decided to count their money at the end of each week to encourage them for the next week. We altered our percentages a bit, because we want them to actually be able to buy their “presents” before the end of the year. So now our categories are giving, long term savings (which is really just for educational purposes, but it will go in a fund toward college or a house or something), spending, and present.
Here are the things that have encouraged me about the project:
1. Without prompting from us, both kids chose to put their immediate spending money toward their short-term savings goal (i.e. the present–iPod, Chick’s Hauler).
2. Yesterday they were cleaning their room and said, “this is fun!”
3. They are just doing an awesome job. I thought there would be more complaining.
At the end of the month, we’ll revamp by changing any chores. They both said they like folding towels, so maybe we’ll add that and take off one of the ones they have succeeded at fairly consistently. They would get more than a nickel for folding towels, though.
Also, computer time is 1 cent per minute, movies are 50 cents, and they have to pay me five cents/ minute to clean their room. Although, (don’t tell the kids) I sneaked upstairs to clean up a little so it wouldn’t seem so overwhelming to them. It worked, now they are super encouraged and excited about keeping their room clean.
William, I didn’t realize the reply to your question was so long. Sorry.