member for 25 weeks 1 day
Our 14 year old just completed week 2 on a budget. To recap, week one he was given $50 to do a list of chores outside the typical "clean your room responsiblities". Week 2, he was given $40 because he missed 2 chores on week one. We gave him the money on Sunday in order to teach him to budget his money for the next weekend. On week one, he had money left over to roll into week two.
During the 2nd week he bought an ITunes gift card, saw a movie and bought some miscellaneous snack items. When Friday came, he had $8 left in his wallet (the $8 was in addition to the money he is required to put in the bank each week). This posed a problem since he had already made plans for both Friday and Saturday nights.
On Friday he asked me for his weekly allowance and I reminded him that he doesn't get it until Sunday. For some reason he drew a blank on this one - that was a fun conversation. I told him he has $8 left to stretch over 2 days and to be creative because he was not getting any money from us until Sunday. In addition, he was not permitted to take money out of his savings. Thankfully he did all of his chores this week so he could expect the full payment of $50 on week three.
So, he figured out how to have his cake and eat it too. He went to Starbucks to hang out with his friends Friday and only spent $3. On Saturday he went to Rockwells Restaurant and only ordered an ice cream dessert for $5 while every one else ordered dinner.
Did I feel bad? I must admit for a second I did feel bad but I got over it pretty quickly. The reason? We just taught him his first real life budgeting lesson and we saved myself money because a couple of weeks ago I would have just fished out another $20.
How disciplined are you with your approach to allowance? Do you find it hard to hold the line?
Kids and Money: Teaching Our 14 year old how to budget
Comments
Login or register to post a commentWhen my children were
When my children were growing up I paid them for the chores that they did. During the summer when they were out of school I would tell them if they got up early and finished their chores by noon they could have the afternoon free. Having the choice to sleep in or get up early was up to them. They liked having the choice. It taught them to work and to plan their social life. It was hard to draw the line when they come up short with their money. I knew if I gave in I would be failing to teach them self discipline. Freedom is always directly connected to self discipline. Life requires balance between hard work and enjoying the world around us.
I know, as a mature adult, if I don't make plans then both time and money are wasted. I don't like the empty feeling of not caring better about my life. It doesn't feel good to have life pass you by - at least not at my age!
Love it Gracie!
To reply to Gracie~
As a child psychologist, and a mother, I help others develop strategies to address all sorts of parent-child issues/subjects. Designing and implementing appropriate allowances and chore responsibilities is alway a "hot button" for parents.
What I love love love about your blog comment was regarding getting up early for chores v. sleeping in. Genius woman!!!
Thanks for contributing. I agree, that life requires balance. One of my philosophies of parenting involves looking at the end goal.
We want to raise our children with the goal that they will leave our nest, build there own, and come back to visit our nest with smiles, reports of success (however they define it), confidence, and peace. You can't enable children, you must equip them.
Sara
www.createplaylearn.com
What a great idea. We are
What a great idea. We are going to use something similar for our 16 year old. We have already spoken to him about it and he agreed. We'll be giving him a set amount each week and he has to put a portion of that in the bank, use some of it for his lunch money and the rest is his to do as he pleases (he's pretty good about saving already for the computer games he wants...). I just need to make a written list of chores now.
Thanks so much for the great idea.
Joanne
http://www.greytinspirations.com
http://www.theglasshound.com
http://greytinspirations.wordpress.com/