Our kids are 8, 6.5, & 5. We have yet to start individual allowance with them, quite frankly, it’s not in the budget until fall when I go back to work. But, we recently were inspired to try out an idea we call “Team Allowance.” We both played sports and hold team values close to heart. With the kids so close in age, we feel it’s a perfect approach for us to to begin allowance.
And, we were tired of this.
And this…
And this…so we had an impromptu family meeting about it and Team Allowance was born.
They decided their first goal was to save up for a new Wii game. They never know when we’re gonna check the bathroom and plunk in some change or a few dollars which keeps them on their toes.
They also stop and count it once in awhile, which I love to see the real life math application. Little bro (5) sorts the coins, Middle Sis (6.5) counts the coins, Big Sis(8) helps add it all together and figures out how much more they need. Team Learning! It’s a $40 game, so they have had to be consistent, patient, and cooperative in cleaning over the past 3 months. They decided to add in $5 apiece they received at Valentine’s Day from grandparents. I hope to have it not always be a “thing”…maybe they could pay for a family bowling night, or other special activity. And, it may not stay in the bathroom. Team Allowance may just move throughout the house;)
While my husband and I have lofty goals for the kids and individual allowance, this was a logical bite size step. We need more time to think through the many learning opportunities starting allowance with the kids will bring…responsibilities vs chores, helping with house and living expenses, giving, saving, investing. It will be interesting to explore what learning will come from our Team Allowance approach as we raise our children to be responsible with money.
Have you started allowance with your kids? What has worked well for your family?
Happy Allowancing! Shelisa
Brett wanted a $40.00 Buzz Lightyear toy this past Fall. He had just turned 3 so I didn’t think he was quite old enough to understand the concept of chores (honestly, he still couldn’t even put his own underwear on by himself). Luckily “walnut season” was coming up so I thought it would be fun (and good excercise) to pick up walnuts and sell them. An Amish neighbor was paying $10.00 per hundred lbs. 3 days and 327 lbs later we sold our walnuts (I kicked in the last $8.00 cause I was sick of picking up the darn things) went directly to the store and bought Buzz. Brett was so proud! Now he’s constantly trying to come up with new things he can sell (like his artwork for some reason). I felt it was a good learning experience plus we got to be outdoors, getout hands dirty doing good ol fashion manual labor and simply be together!
Love this story, Bobbie! And, clearly he learned the money/work lesson if he’s trying to sell his artwork…what a super smart boy! Way to go Mom!