We’ve started the kids on an allowance. They each have a chore that they must perform, in addition to the regularly expected help around the house. Their allowance is $4 a week. They get two to spend and two to save. They get a possible extra dollar if they do their chores without us having to remind them all week.
The two to spend can be spent on anything they know they’re allowed to have. Right now that seems to be treats out of the vending machine at summer camp. (they’re allowed no more than a dollar a day to bring there so that I can at least limit that spending and treat eating) Younger Boy had about $30 in birthday money and various other earnings. He bought a toy stuffed octopus and a container of ice cream. Tsat ice cream is his. He doesn’t have to share it with anyone, and no one else has ice cream. I still get to dish it out, but he can have it anytime we say they can have a treat. Older Boy bought a computer game that a couple of his favorite YouTubers play with his saved money. They are both happy as clams with their purchases.
As far as the saved money goes, they have to discuss it with us before they take any money out to spend. The point of making them save a portion of their income is to teach them to do that for the rest of their lives, as well as teaching them how quickly that money can add up. Granted, $2 isn’t going to add up that quickly, but it will still add up. They have separate piggy banks for the different “accounts”. They each also have wallets for carrying money. Younger Boy’s wallet doesn’t actually fit in his pockets, but he really wanted one, so we got him one.
We’ve tried allowances before and they never stuck because we never had the money in our wallets to pay the kids. So, I went and got money out of savings, all in ones, for their allowances. This time there is no excuse for not paying them. They’re old enough now to understand that they need to work to get paid and to want to spend their money on things. That was the other piece that was missing before – we bought them everything they wanted, so money didn’t mean much to them. With this newest budget, there’s not a lot of money left over for treats and presents, they’re going to have to buy their own if they want them. Cool.