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Originally Posted by Armywife
The "A" word has recently made its way into our home via our second grade diva-in-training. DH and I decided to create an allowance contract complete with terms and policies that were carefully read and discussed before she signed up for this responsibility. I am not entirely happy with the sum but it has eliminated a little "sticky fingers" problem that was occurring far too frequently. It's a good way to get the kids into the habit of having some money and how to use it responsibly IMHO.
Barb
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I think paying your kids an allowance is a good move. They need to learn the importance of budgeting and saving up for something big. My boys just recently bought themselve a small "boom box" for their bedroom. They were so proud of themselves.
I pay them every Friday. I make them come into my office and they sit down and I open up my spreadsheet file and show them where their money is going. I make 4 piles (Tithe, long-term savings-25%, short-term savings-25%, and spendable) in front of them so that they see what's going on. The spendable money they can spend on whatever they want. However, lately, they have been combining it with their short-term savings so that they can save for something like a book or game or something like that.
So far, the system is working.
JLP