Kids, money and chores

Jake and I have been talking for about a year on how to better teach our kids to be responsible about money and when/ whether we should start an allowance.  After doing a lot of research, reading and even buying (on sale!) Dave Ramsey's kit on financial literacy for kids, we've finally taken the plunge.

I found these plastic divided containers for each girl at Ikea and labeled the three sections, "Save," "Spend," and "Give."  Anna gets a container even though she won't get an allowance for a while yet.

We are not tying the receiving of an allowance to doing chores but we did talk about how important it is for each person to contribute for the family.  We also talked about how we would have to revisit the allowance process if someone wasn't contributing appropriately.  The girls are pretty good about chores so I don't think it will be a problem.  We've learned that if we can make something a regular habit, it goes much more smoothly.  The girls are in charge of cleaning the whole kitchen on Friday and Saturday lunch.  I love that they are just used to it and don't even think to whine or complain about it!

I had rolled out a chore chart last spring but it was too complicated.  I simplified it and got each girl a clipboard so they can keep better track of it.  So we've rolled our updated chore chart this week, too.  We also brainstormed additional chores above and beyond their normal responsibilities where they could earn a little extra money.  Jane really likes money so I think she'll be the main one looking for extra chores.

We also brainstormed some family rules and I'm going to print them up in a fun way and hang them in our office.

So a very productive "family meeting" time and I hope the allowance and the chore chart will help us feel more organized and start the girls learning a bit more about money, the satisfaction of saving for something and being able to get it and the joys of giving.  Meredith already knows that she wants to save up for an American Girl doll.  Jane and Regan plan to give it some thought over the next week.

The girls' new "piggy banks"

Compartments with Save, Spend and Give

Chore charts.  Regan's is the longest and we had to draw pictures
on Meredith's since she can't read all the long words yet