After much discussion, we decided that Lauren was old enough for an allowance and to learn the responsibility of money. She has a daily chore chart that she has to complete and in return she receives her allowance at the end of the week. Below is an idea that we borrowed from one of our pastors at church. We decided a starting amount and we also have a top amount as she gets older. Yes, there is a cap!
We bought an index card sized accordian file:
We labeled three separate compartments: Give, Save, and Spend. In the give slot she puts in a portion of her money to give to God for her tithe. In the save spot she puts in a portion to save for something big that she wants or we will put it in the bank for her. In the spend slot she puts the rest of her money into for buying little things or doing something fun like going for dessert, etc. .
She seems to like the idea of earning money and being able to use her own money for things she wanted. It was such a joy to see how excited she was to give her money to God! We had a few talks last week about what tithing meant and how God wants us to use our money.
3 comments:
Now that we've started allowance we totally need to do something like that!! Good idea!!
It's hard to figure it out when they are so little. I was pretty excited when I heard the idea.
This is exactly what we do. It's part of Dave Ramsey's principles, too. It's a GREAT thing for little ones to learn at such a young age. We also use it as a discipline. If Levi can't listen when he's told once, we take money out. WORKS GREAT!!
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