Earning a dollar a day
The best way to get kids saving
We've just recently started letting our two children earn some pocket money.
For a long time we have thought that the children should help out around the house without getting pocket money, because they are part of the family and working together is what families should do.
However, we also wanted to teach the children about money - it doesn't come just come out of a machine - and what it means to save and budget.
So one day we sat down with the kids and came up with a list of jobs that they could do reasonably independently - emptying the dishwasher, vacuuming, putting out the bins, helping make a meal once a week etc.
We then explained that they would need to do one job a day plus have their bedrooms tidy by bedtime, and if they could do that they could earn $1 a day.
The children were really excited by this and we quickly worked out a roster as they couldn't wait to start.
Here's the bit I like. Pay day is once a fortnight (which is $14), but they have to put $10 in the bank first and then they can spend the remaining $4 on whatever they like.
So far, it's been working really well. The children are loving seeing the numbers get bigger in their savings. We are loving the extra hands around the house (without the fuss) and seeing the children become more responsible with money. It's a win-win.
Long may it continue!
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