Jackson will be five this winter, and I still haven’t started an allowance for him. I almost started a year ago, but I never did.
You see, I need a system that will work for me. So that is where you come in!
How do (did) you handle allowance with your kids?
I am thinking matching dollars to age – i.e. 4 years old, 4 dollars. So should that be weekly so he can save a substantial amount of money for toys he wants to buy?
How do I handle tithing and savings? (I think I will have him save for college since I am doing the same for him with an RESP.) Do I open a savings account at a bank for him?!? Or should I use separate wallets right now and keep it at home as we get used to the whole thing?
And does he work out the tithing (10%) and the savings (I am thinking 20%) each time he gets his four dollars? That means I need to have a lot of change handy!
As you can see, I have a lot of questions. Growing up, my parents were as disorganized as I am about the whole matter and never settled on a system that worked well for us all. So it always changed and we never formed a habit that stayed with us through the years.
But I am committed to helping Jackson form healthy financial habits. (That will be another post about my hubby and I forming healthy habits – we still don’t follow a budget! And I know that not only do we need better financial habits for our well being, but we must model them for our son.)
So what do you think? I have read great tips about allowances and savings in different Works for me Wednesdays, but I didn’t keep track of them and now they are all blurred together in my mind.