My question for you this week is coupled with Frugal Friday…because it has to do with money…MOOLA…the green stuff!
And kids.
Our oldest son, Asa age 11), has been able to earn money this summer working with us in two of our family businesses. He works a little at our shaved ice trailer, and he helps Matt mow the lawn at the storage units that we own. Asa’s been loving the responsibility…and his growing savings account!
He’s been learning more about money management, giving and saving…and it’s been great for him.
We’d love to come up with more great ideas for our other kids (ages 8 and 6) to earn a little money too. (We figure maybe the three year old doesn’t need an income yet.) It’s not too big a deal…but it’s kind of fun for them to learn how to work hard and see some returns for their labor. (The tooth fairy just can only come every so often, you know?)
So, I’m curious…
What are some of the ways you earned money as a kid? What do your kids do to earn a little money? What are your opinions about paying your kids to work around your own house? What do you think about giving kids allowance?
I am just oh, so curious…
Audra Krell says:
Don’t believe in allowance, we decided a long time ago to not pay anyone to be a member of the family. Kids should be expected to do certain things, it makes them feel a part of things, and it makes them feel like they matter. We do a matching program, set up savings accounts at the bank, we match dollar for dollar, everything the kids choose to save. Soon tooth fairy money starts adding up. Have kids do extra things for money like cleaning out the pantry.
July 31st, 2008 at 9:53 pm
Emily says:
My mom would have us pair socks and pay us a nickel a pair. We could also wash off stock boots and polish tack for money.
And I agree, the matching program mentioned above works a lot better than allowance! If they’re young enough, even consider doing a 3x return for them, if you have the money and they’re making small enough amounts.
August 1st, 2008 at 1:52 am
tiffanie says:
growing up we had chores every day, and we’d get $1 per day if we did our chores. we got paid at the end of the week. some of the chores included: washing dishes, cleaning the kitchen counters/stove after dinner, taking out the garbage, sweeping and/or vacuuming the floors, and cleaning the bathroom.
August 1st, 2008 at 3:21 am
Terri-Ann says:
I believe in allowance, but not in tying it to chores. For us, duties around the house are part of family responsibility. I think allowance teaches kids how to handle money, and some may figure out it’s not worth the chores to have the money (and then lose the chance to learn about money smarts) We also match anything saved.
Here’s the best plan we’ve come across:
While kids are young, pay $1 per year old they are (so a ten year old would get $10 a month). Once they hit about 10 or 12, then offer bigger projects around the house that they can do for extra money (help paint a room, tidy the garage, clean windows, etc.) and work out a “wage” with them. If younger kids want a little extra, I’m sure other age-appropriate jobs could be found (sort loose sock drawer, or help an adult with a project). Then by about 14 they don’t need an “allowance” per se - but instead you can give them a once a year larger “budget” for things like clothes and school supplies can help see them through. By this age they are probably earning their own money through paper routes and baby sitting, leading to part-time jobs.
August 1st, 2008 at 5:52 am
Lynn says:
I think it is great that you are wanting to teach your kids about money. One of the best things my parents taught me was the value of work and money. I starting working in the strawberry fields when I was eight and worked in them each summer until I could babysit, then did that until I was old enough for a job. We had to tithe 10% and save 1/2 of the rest, the other 1/2 was ours to spend but we usually bought clothes with it (we were girls afterall
) I am so thankful they did this. My daughter has a strange hobby for a kid and that is crocheting. Word has gotten out to familly and friends and she now has quite a business going. She has more orders for doilies then she can handle and she is only 10. She has already made severl hundred dollars doing this. I am not an expert on this subject but I would say try to find something they like to do and would enjoy and see if that can earn them money. We don’t pay our kids regular allowances for everyday chores. We do pay them for doing extra things like working in the garden though. Great queation.
August 1st, 2008 at 6:57 am
SusanSophia says:
I’m reading books by Dr. Kevin Leman lately and he is a big proponent on allowance. There are so many opinions about allowance it’s hard to know which way to go. But I have come to like his ideas. I do believe he is a christian based on how he talks in his books, quoting scripture.
Anyway, his ideas are similar to Terri-Ann above. The children get an allowance but not tied to chores. It’s to learn about money, saving and giving, etc. He suggests matching the savings to encourage saving. Another way he suggests using the money as a tool is that if a child does not do a chore they don’t lose their money because they didn’t do the chore BUT because they are an important part of the family and all members have responsibilities they will be the one to pay the person that mom or dad had to “hire” to do their chore. Example: son didn’t take out trash so mom hired daughter to do it. when allowance comes son’s allowance is a quarter less than should be because it went to sister for taking out HIS trash.
He says son will think long and hard before letting that happen again.
I’ve recently implemented this. I’ve always been against allowance but I like this idea. It really eliminates nagging.
He does not recommend telling them how to spend their money unless they buy nothing but candy for weeks on end and then nutrition education needs to take place.
I’m still reading his books but I really like what he has to say on many topics, so far.
Sorry so long!!
August 1st, 2008 at 7:19 am
Amanda says:
Other than babysitting my younger siblings (for free) my first job was started at the age of 12. I worked with my family cleaning the machine shop where my Father worked. Every friday night, we would ride our bikes around the block and clean the entire shop for $50. It was split between all 6 of us, with the youngest each receiving $5 and the older all receiving $10. The check came in my name (as I was the oldest child) and it was my job to cash the check every Saturday morning and distribute it to the family. I was a saver at that time and for a 12 year old to have $300 in a savings account was a great accomplishment that I was very proud of!
We never received an allowance (as working at home was part of living there) and so this was my fun money!
August 1st, 2008 at 7:54 am
katmaxx says:
My kids have a once a week paper-route that they pass down to younger siblings as they get better paying jobs. Usually one young teen and one elementary age helper deliver and collect on it. They also have had cleaning jobs, mowing, pet sitting, babysitting, and construction help. Sometimes my husband gives me some money to pay them for projects outside the normal scope of chores.
August 1st, 2008 at 9:38 am
Sherry says:
We do give allowance but according to their morning/afternoon/evening things that need to be done. If they do their morning things - make bed, eat a good breakfast, brush teeth, clean sink, and such they get a star. Each star counts for .25c. This also ties into getting privileges like visual entertainment, playing with friends, etc.
August 1st, 2008 at 11:06 am
Michelle says:
This is how I handle the money issues with my boys when they were younger: They were not given an allowance at all. It was expected that they do their regular chores around the house such as making their beds, cleaning rooms, etc. But if they did something that their Dad or I normally did or if it was considered “our” job, we would pay them to “help” us out. This seemed to work. Also, if there was something special they wanted to earn money for we would “find” a job for them to do so they could earn money for what they wanted.
P.S. We were careful in paying them to “help” us out and trying to teach them that you do help out people with a servant type attitude. Another example of that delicate balancing act of parenting!
August 1st, 2008 at 1:05 pm
Brenda says:
I have extreme parenting ADD so we didn’t stick with this plan for forever, but theoretically it’s my favorite thing we’ve done so far…!
We sat down and figured out things the kids actually NEEDED money for and that was the basis for how much money they could potentially control. At that time, B. and C. were of church camp age and they went to the shortie session that was $40 at the time. They played soccer - $40ish/season. They bought gifts for each other and for us for birthdays and Christmas @ about $5/each, so there was a $40 “need”. In the end, I think we came up with about $150ish in expenses along those lines. We wanted them to be in the habit of saving and giving and having a bit to spend. In the end, if I recall correctly, they needed about $1/day to pull it all off.
We didn’t *give* them an allowance per se, or at least we didn’t phrase it that way. We told them that if they would contribute to the things it took to pull off life as a family (weeding the sidewalks, emptying the dishwasher, etc.) that they could have some of the family money - to the tune of $1 /day.
They were responsible for paying for their camp and soccer fees, etc. out of that money.
What I liked about that plan is that they actually had to learn to budget for things that they considered the ‘basics’ of life (like camp and soccer - WE know they are wants and not needs, but to them they are standard operating procedure for life!). It felt more like a real life lesson than getting $10/month, giving $1, saving $3, and getting to totally blow $6. Someday they’ll have to take the electric bill and house payment off the top and only get to blow what’s left over, so I liked the idea of establishing in their minds that they need to use money to cover their ‘responsiblities’ first.
Like I said… I have parenting ADD so we didn’t stick with it for forever, but I felt very good about that plan when we kept it up!
August 1st, 2008 at 1:20 pm
Joelle says:
As a kid, my parents had me open my own bread-baking business. I sold whole wheat and raisin bread. I baked around 16 to 18 loaves of bread per week. I paid for my own ingredients, and paid for the gas for my delivery route (which my mom drove me around to drop off loaves at people’s homes). It was actually quite a good business, and I made enough money over the 7 or 8 years that I baked bread to buy a bicycle, a fancy computerized sewing machine, a computer, a cockatiel, Christmas presents for everybody, etc. That worked out pretty well for my family. Then later on, my younger brother (6 yrs younger) took over my route when I quit. And he earned plenty of money for some things (I don’t remember what), too.
It was great because my parents taught me how to keep books, how to write receipts, pay tithe, pay expenses, make deposits, etc.
August 1st, 2008 at 4:10 pm
Catherine says:
We have never ‘paid’ our children for doing their chores. We have a ‘chore-chart’ where each family member is assigned their duties for the week.
Last month my eldes turned 13, and my husband and I decided she was old enough to handle an allowance. She actually gets $20 per month which she has to budget and use for her own personal things like social outings, extra art supplies she wants, etc… So if she blows all $20 he first week she will have to wait till next month for the next $20, and she doesn’t get any extra inbetween. I hope it will teach her about how to use money wisely, and I hope she will choose to tithe it too. I am leaving that up to her.
August 2nd, 2008 at 9:25 pm