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We have decided that our daughter is old enough to be getting an allowance (ok, actually we are a little behind because she should have been getting it a year or 2 ago... but that's just the way timing worked out). BUT, along with an allowance comes the chores that currently is not nor has not been required of her.
We set the base rate of allowance at $1.00 a week, plus $1.00 for each year of her age.... example.... she's 8 years old... $8.00 + her base rate of $1.00 equals $9.00/week
We told her that she would get annual raises on each birthday. She will also be eligible to receive "paid vacation" in which she is allowed 3 week a year, any week so long they are not consectutive, that chores would not be expected of her but she'd still receive an allowance for the week. She will also get Sat. & Sun off along with her birthday.
Next we came up with a dividend schedule that she would be expected to follow...
Spending = 60% maximum, Savings = minimum 30%, and donations = minimum 10%.
Her mother & I will be her "bankers" and hold her savings money. Yes, she will collect interest from her "bank" and her money will be there whenever she needs it (in other words, we wouldn't "borrow" her money because we were running short). Savings account must be kept open at all times with a minimum balance of $25.00
For every $250.00 put in savings, she'd be awarded a $5.00 bonus of spending money, and will double the bonus from that of the previous bonus each time she doubles her savings... example... $250.00 = $5.00 bonus........ $500.00 = $10.00 bonus...... $1,000 = $20.00 bonus.... $2,000 = $40.00 bonus, and so on and so on!!!!!!
We assurred her that taking money away from her will never be used as a form of discipline in the event an action by her results in disciplinary action. However, for example, if she were to break a vase, then she will be financially responsible in replacing the vase, or if she chose not to do her chores on a week that wasn't her vacation week, then she wouldn't get an allowance. But if she were to get caught breaking a rule, or wasn't trying in school, then we wouldn't take the money from her as a form of punishment.
We also agreed to the possibility of spending bonuses based on school work, activities, and other projects
Now the interesting part..... the chores. She has 12 chores to choose from. She must complete only three every night of each week, whichever chore she chooses as long as she don't pick the same chores each week. There are 4 chores on the list that have a star next to them. A star chore must be one of her 3 chores each week. A star chore is a chore that she doesn't have to do each night... it just means that she does it a minimum of twice during the week, OR, as needed, OR when instructed by her mother or I.
The chores are:
1)pick up dirty clothes and place in laundry basket
2)empty trash cans in kitchen and bathrooms and place in trash can in garage
3)gather dirty dishes and place in dishwasher. turn dishwasher on when full
4)water the flower garden
5)Make bed
6)feed & water puppies- change pee pad
7)pick up toys that need to be put away
8)Read a story to Ashton*
9)help with preparation of some foods (toast, mixing cake or cookie batter) and pour drinks
10) pick up trash that may be in yard and dispose of properly*
11)vacuum living room and hallway only*
12)sweep kitchen and bathroom floor*
notice the stars (*)? She shouldn't have to sweep floors every night, nor vacuum floors every night. Those were the twice a week, or as needed chores i was talking about.
note: the dirty laundry doesn't include our laundry(8 year old girl don't need to be folding my underwear!!!!, and cleaning bathroom doesn't include the bathroom in our bedroom because she never uses it so why clean after us???)
I chose Read to Ashton as one of the chores she can do twice a week if she wants because of several reasons......... reading is good for little babies, outside reading is expected of her in school and for each book that she reads outside school assigned reading, she gets points. We have to sign off her readings. This is an "accelerated reading" program they have at the schools.
Now, the purpose of this program is to teach her responsibility, discipline, value of money and how to manage money, and love. This is a program that I developed myself.
HERE'S THE PROBLEM:
She wants to do the chores because she wants responsibility. However, she doesn't want the allowance.
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:new_Eyecrazy:
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:new_Eyecrazy: I've reiterated the importance of managing money and the importance of savings, and she still says she doesn't want an allowance. So, I've encouraged her to speak to her mother about it, and her mom is trying to get her to take the allowance....... my question is do any of yall have any idea on what we can say or have any idea what we can do? Would putting the allowance in saving be appropriate? What about saving so much, then buying saving bonds or investing it for her in a ROTH IRA or anything? ALL ideas will be greatly appreciated. Thanks
We set the base rate of allowance at $1.00 a week, plus $1.00 for each year of her age.... example.... she's 8 years old... $8.00 + her base rate of $1.00 equals $9.00/week
We told her that she would get annual raises on each birthday. She will also be eligible to receive "paid vacation" in which she is allowed 3 week a year, any week so long they are not consectutive, that chores would not be expected of her but she'd still receive an allowance for the week. She will also get Sat. & Sun off along with her birthday.
Next we came up with a dividend schedule that she would be expected to follow...
Spending = 60% maximum, Savings = minimum 30%, and donations = minimum 10%.
Her mother & I will be her "bankers" and hold her savings money. Yes, she will collect interest from her "bank" and her money will be there whenever she needs it (in other words, we wouldn't "borrow" her money because we were running short). Savings account must be kept open at all times with a minimum balance of $25.00
For every $250.00 put in savings, she'd be awarded a $5.00 bonus of spending money, and will double the bonus from that of the previous bonus each time she doubles her savings... example... $250.00 = $5.00 bonus........ $500.00 = $10.00 bonus...... $1,000 = $20.00 bonus.... $2,000 = $40.00 bonus, and so on and so on!!!!!!
We assurred her that taking money away from her will never be used as a form of discipline in the event an action by her results in disciplinary action. However, for example, if she were to break a vase, then she will be financially responsible in replacing the vase, or if she chose not to do her chores on a week that wasn't her vacation week, then she wouldn't get an allowance. But if she were to get caught breaking a rule, or wasn't trying in school, then we wouldn't take the money from her as a form of punishment.
We also agreed to the possibility of spending bonuses based on school work, activities, and other projects
Now the interesting part..... the chores. She has 12 chores to choose from. She must complete only three every night of each week, whichever chore she chooses as long as she don't pick the same chores each week. There are 4 chores on the list that have a star next to them. A star chore must be one of her 3 chores each week. A star chore is a chore that she doesn't have to do each night... it just means that she does it a minimum of twice during the week, OR, as needed, OR when instructed by her mother or I.
The chores are:
1)pick up dirty clothes and place in laundry basket
2)empty trash cans in kitchen and bathrooms and place in trash can in garage
3)gather dirty dishes and place in dishwasher. turn dishwasher on when full
4)water the flower garden
5)Make bed
6)feed & water puppies- change pee pad
7)pick up toys that need to be put away
8)Read a story to Ashton*
9)help with preparation of some foods (toast, mixing cake or cookie batter) and pour drinks
10) pick up trash that may be in yard and dispose of properly*
11)vacuum living room and hallway only*
12)sweep kitchen and bathroom floor*
notice the stars (*)? She shouldn't have to sweep floors every night, nor vacuum floors every night. Those were the twice a week, or as needed chores i was talking about.
note: the dirty laundry doesn't include our laundry(8 year old girl don't need to be folding my underwear!!!!, and cleaning bathroom doesn't include the bathroom in our bedroom because she never uses it so why clean after us???)
I chose Read to Ashton as one of the chores she can do twice a week if she wants because of several reasons......... reading is good for little babies, outside reading is expected of her in school and for each book that she reads outside school assigned reading, she gets points. We have to sign off her readings. This is an "accelerated reading" program they have at the schools.
Now, the purpose of this program is to teach her responsibility, discipline, value of money and how to manage money, and love. This is a program that I developed myself.
HERE'S THE PROBLEM:
She wants to do the chores because she wants responsibility. However, she doesn't want the allowance.
How does she do that?? I wish that I could ever get an allowance when I was younger....I would say save it until she gets a bit older!
