Our Money System

I thought some of you might find it interesting to know our new system of finances with the kids.

1. Allowance. We give Miranda and Derek $1/month for their age, once a month- so Miranda gets $6 and Derek gets $4 every month. They must pay tithing and also buy any friend Birthday presents. I think we'll start Spencer's allowance at age 4 or 5 as well.

2. Daily Chores. We have 3 wheels with pictures on them that we rotate daily (they do one chore on each wheel). Before they can watch cartoons in the morning, they must all: clean their room, make their bed, eat breakfast, get dressed, brush teeth, do hair, and do their rotated bathroom chore (sweep, clean counters and toilet, or take out the trash). The next wheel is for the afternoon (get the mail, put away the shoes, and vacuum a room). The last wheel is for the dinner chores (set the table, clear the table, and load the dishwasher). Of course, Larry and I help quite a bit, especially with Spencer. It is quite amazing how clean our house has been lately with the kids pitching in and Larry doing chores to burn calories. The reward for daily chores is a sticker chart with a goal at the end. The one they are working on now, is for ice cream bars and a bike ride at the park. I usually make the sticker chart rewards take about a week for them to finish. We've also done a trip to the dollar store, Dairy Queen, McDonald's treat, etc.

3. Money Chores. We made a little list of extra chores the kids could do to earn money- assuming their normal chores are done. For example: .50 for filling a bucket with weeds, .10 for cleaning a bathroom mirror, .25 for dusting the piano. This is how Derek earned his money for this computer game.

4. Savings. The kids have three jars each- Savings, spending, and tithing. Anything they choose to save is matched by Larry and I and put into their bank accounts.