Trying a few carrots…

My wife came up with a set of ideas, to help teach our children the value of money. Right now, it’s only the elder one who’s going through this - the younger one isn’t old enough to know what money is!

So we’ve set up this in three parts :

1. He gets a small allowance each week that covers any stuff he needs to spend on - stationery, snacks and the like - plus he’d have a few dollars left over if he’s not extravagant.
2. Each month, we match his savings; but he can’t spend his savings for at least six months. After that period, he can spend it (we need to approve the spend, but unless it’s something outrageous we don’t stop it.)
3. We also set up 3 “incentives” for him to earn more

1. If he maintains a log of all his spending, he gets a bonus.
2. If he helps take care of our younger child, he gets a bonus.
3. If he gets through a week without any argument with Mom, there’s a bonus.

This has been on for about 3 months now - but the results?

That’s for tomorrow.

Written by 2cworth on May 5th, 2006 with no comments.
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