Wednesday, May 13, 2009
A simple plan for controlling the "galloping gimmes"
Give your children a weekly allowance equal to one dollar per year of age - my children get $8.00 a week. This allowance is not dependent on good behaviour or the completion of chores. It is to help them earn the value of money, the importance of budgeting and the satisfaction that comes from making a purchase with their own money. Explain to them that their allowance and any other money they may receive will be allocated for the following purposes:
10% will go to charity - the children put theirs in Tzedakah Boxes
30% will go in the bank - I've actually bumped that part up a bit. Our bank transfers $5.00 per child per week to their own accounts.
30% will go in their wallets for bubblegum and bouncy balls
30% will go in their piggy banks to save up for something special like a Hamster!
I don't know who was prouder at the pet store, me or Emily!
at 10:47 AM