When I was trying to come up with a way to teach Ty (10 year old) about money, the first thing I thought was he really does not have any money. Yeah, he will receives money as gifts for his birthday or for doing well in school. But outside of that, he does not receive money on a regular basis. So how could I teach him about money, when he does not receive it on a regular basis.
I never had a process or system with my older kids, and honestly, I wish I had. I also never received money for doing chores. I just did it because that was what I was told to do. When I wanted something I just asked and the money was usually given. Just like my kids do today. So this getting paid is all new to me. But I really want to change his thinking about money, his money relationship he will have when he gets older and how he can take responsibility for taking care of the house.
Ty already has household chores that he is expected to do. But honestly I am not tracking or checking to see if these things are getting done. And because I am not he is not consistent and takes no ownership in what needs to be done.
I was not sold on the allowance each week. I feel like it something that kids just get, just because.
3 Issues with an Allowance:
- No Ownership
- No Follow-up
- Free Money
So I decided to do some research and I begin to read about commissions. Commissions pay a set amount for items on his chore list. Commission are paid for worked that he has completed. That will keep him consistent and take ownership in his work. Not everything listed will be something that he will get paid for. This is to help teach him about working hard, money, and being an active member of the family. My husband loves to say that everyone has a job in contributing to the home. So, no this is not where he gets to pick and choose what he will do because no matter the chores will get done.
List of Payable Chores:
- Wipe Kitchen Table (nightly)
- Sweep Kitchen Floor (nightly)
- Bathroom Wipe Down/Sweep
- Keep Room Clean
This is how it will work:
How much can he earn? Each payable chore is $1.00 (so he can earn up to $4.00 each week)
When will he get paid? Every Sunday will be his payday.
What will he do with the money he receives? Once he gets paid we will discuss saving, giving, and spending.
How long will you do this? That depends on how this works. If it works out well we will continue to do it and possible as he gets older add more chores and more money.
I will try just about anything to teach my kids how to become responsible, self dependent, and motivated adults. I really hope this works as good as I see it going in my head. 🙂
Do you pay your kids commission? What are some other ways you teach your kids about money?