Chore Charts & Allowance: Teaching Kids Financial Responsibility
It is important to start teaching kids at a young age how to earn money, save money and spend it wisely. One of this month’s sponsors, Manilla, wants to hear about our financial struggles and successes – sign up for Manilla, tell them about your money mountains in the comments for a chance to win a Spa Day.
I am very thankful for the financial groundwork my parents helped instill in me when I was a child. My hubby and I married young, we had no real jobs, or even much of a place to stay when we got hitched… and we spent our first paychecks on paintball guns – not food. It was a reality check for us and all those moments where my parents “told” me about how to spend our money came flooding back to me. Thankfully, we haven’t gone hungry due to “insufficient funds” since then. I want to instill the same savvy to my children. We have started using a chore chart to 1) help me keep a cleaner house and 2) provide the kids with an “allowance”, or money that is theirs to spend as they choose.We made our chore chart with paint chips, sheet protector, dry erase markers, and some fun stickers (color coded so each child gets a color).
For each chore the kids do they get to earn a nickle. They can enlist their siblings to help. At the end of the week we tally the “stars” and give the kid’s the money they’ve earned. They love knowing they completed a task! And I love how they have started counting by 5s without “realizing” it! At the end of the week we wipe off the list and we start over again.
My kids are 5, 4 & 2.5. Some of the chores they help with are:
- Emptying the dishwasher
- Mop the kitchen
- Sort the Laundry
- Wipe the baby’s highchair & walker
- Clean out the car
- Wipe the table
- Organize the toys
- Wipe baseboards
- Wash the windows
- Pick up the playroom
- Clear off tables
We have been doing this “chore system” for nearly two weeks and it seems to be working great with us! I hope we are instilling the same financial foundation in our kids that my parents helped provide for me!
What tips can you share from your own financial successes and failures?
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This is a sponsored conversation written by me on behalf of Manilla. The opinions and text are all mine. Contest runs July 14-31, 2011. Winner must be signed up with Manilla to win. A random winner will be selected by August 5, 2011. Official Contest Rules