The Ericksons Family Bank.
It’s not FDIC insured, but if you know me — it has a chart involved. 🙂
My kids get allowance from the “family bank” — it is an idea that I have morphed from the Power of Moms and from the Eyer family. I came to a point where I REALLY wanted my kids to know the value of money and how you work for it. Up to this point I had gone by the philosophy that they get paid just for existing and being a part of this family.
Problem is, no one pays ME to exist.
So I came up with this handy dandy chart:
Each child must get each check signed off before bedtime. They are horrible about saying they “did” the job without “doing” it. I don’t tolerate this in the slightest. If I find out the job wasn’t done they miss the check. The end.
The room has to be clean before school to get the check
Lunchboxes have to be put AWAY to get the check.
My 13 year old has the opportunity to ear up to 18 dollars/week (this has never happened), but he is responsible for all his own clothing and everything he wants to buy. I also ask him to chip in for school things (if he wants the t-shirt, he buys it). He is also paying for part of his band tour. But all clothing and wants have to come from his own pocket. He is learning a lot of things from this allowance chart. Let’s just say he is learning to shop at Goodwill. As am I.
Spencer earns less, and we discussed the reasons: 1. He gets a lot of hand me downs from Conner (which he is fine with) and hence, doesn’t have to buy nearly as many clothes. 2. His jobs are easier. 3. He doesn’t need as much money. In discussing this with him, we told him we would assess his needs as he started to need more money for school things and he may, in fact, get a raise at some point (likely Jr High, and Conner is likely get a raise at high school).
I know, you’re thinking this is too expensive, but you’re wrong. Having kids who don’t know how to manage money is REALLY expensive. We have made it work — and the kids don’t actually earn their high amounts very often. Somehow it has worked out, although I too was really worried about this in the start.