For the last couple of years, Les and I have been talking about giving the girls a regular allowance and starting to teach them about spending, saving and tithing. Unfortunately it's all been just talk...until now (hopefully).
For their birthdays this year, we bought them each one of these awesome piggy banks (click on the picture to see where you can order one too!). As you can see, it has three different sections -- one is the bank, one is the store and one is the church.
We want to teach our girls that some of their money needs to go in each section. The money in the bank is to save up for something special; a bigger purchase. The money in the store can be spent whenever -- to buy gum at the store, or to buy a pretty new headband, etc. And the money in the church is obviously to be put in the offering bag on Sunday morning.
I think this piggy bank is the perfect way to teach them about money management. The building is even see-through (hard to tell in this picture, especially because there's no money in it yet), so they can visibly see how much money is in each section.
Now that we are well on our way with this new bank, we need to decide on how much money to give to them each week, and what they need to do to earn it. Now, I know there are people out there (even people who read this blog) that are of the opinion that children should not get paid allowance to do household chores -- it should just be their job as being part of the family. And while I can sort of see that perspective, my question is: What, then, do they get allowance for? Just because? Or do they not get allowance until they are old enough to get their own job -- babysitting, newspaper delivery, etc.?
I personally am of the opinion that being paid for chores is a great way to start teaching children that they need to earn their money. I don't want to have to wait until they are old enough to get their own job outside of the house. Yes, they should automatically do chores as being part of the family -- and up until now, they have. Not regular chores, mind you. But if they are asked to set or clear the table, tidy up the basement, clean their rooms, etc, they do it without any pay. They do it simply because they are asked to.
But now that they are getting a bit older, I want to start incorporating money with it. Not necessarily because I think they deserve money in exchange for doing chores -- but as an important life skill of learning proper money management.
Les and I still need to sit down and figure out the specifics about what types of chores and the amount of money and all that -- but in the meantime, I'm looking for your feedback. What do you do with your kids and allowance? Do your kids do chores for money? Or do your kids to chores just because they are a part of the family? And if that's the case -- do they get allowance for other reasons?
I'm not saying one way is right and one way is wrong...I'm just curious as to what everybody else out there does...please share!