chores Archives - Dad of Divas

Tips for Effective Allowance

1. EMPOWER OUR CHILDREN.

Responsible experience is the best teacher, so let our kids practice with real money. Truth is, when the kids spend their money and not ours, they get thoughtful – and fast. And if “mistakes” are to be made, isn’t it better they are made when dollar amounts and consequences are low? So let them practice money, just as they practice sports or instruments.

2. KEEP IT BALANCED.

Allot a portion of every dollar your child earns to three jars: one for saving, the other two for spending and sharing. 50% to the save jar, 40% to the spend jar and 10% to the share jar is a good rule of thumb. This establishes healthy money patterns before they leave the family nest.

3. BE CONSISTENT.

Pay the right amount on time! Allowance may seem trite to an adult, but to a young child, it’s their source of independent income. Give allowance the proper respect and attention it deserves. It’s a parent’s best tool to teach kids about money.

4. HOW MUCH.

Consider the age of your child, your expectations of what the allowance will be used for, and what your family budget can afford. Before high school, kids are often paid their age or half their age in dollars per week.

5. EMBRACE TECHNOLOGY.

This generation responds well to the modern uses of technology and it has revolutionized the way they learn. The internet allows kids to connect the dots between earning money, understanding the tradeoffs between spending and saving, and developing a balanced relationship with money by sharing some of it. Tracking decisions gives kids a picture of how money works.

6. ALLOWANCE AND CHORES.

Kids who live in the house, have to help manage the home. That’s what it means to be part of a family – case closed. To ensure follow-through on chores consider revoking TV, internet or cell phone privileges. This way kids are still given the chance to work on their all important money management skills.

Anton Simunovic is Founder and CEO of www.threejars.com which teaches kids how to be responsible with money and the importance of giving back. He is an expert source when it comes to finance and kids. ThreeJars originated from conversations with his wife, where they decided they wanted to raise their six children with minds for managing money and hearts for helping others. Simunovic has been a financial investor, operator and entrepreneur since earning his Harvard MBA in 1992, and has sat on the boards of more than 20 for-profit and not-for-profit organizations around the world.

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Goalforit (http://www.goalforit.com/) is a free online resource to help people set, manage and achieve their goals. Earlier this week, Goalforit launched several new features such as the Habits & Daily Goals Chart and To-do lists. They’re great ways to help you maintain your focus on setting and achieving goals.

One of the things that I liked (due to the fact that I have younger kids was the Chore Chart. In using this, parents can create custom behavior charts that reward children for doing chores and good behavior. Given the epidemic of childhood obesity; it also makes a great tool for parents that want to create a structured way to make sure their kids are getting more exercise and eating healthier.

How the Chore Chart helps:

Teaching a child about goal setting and achieving a goal through a daily habit is an essential skill that will have a positive, long term impact on their performance in the classroom, as well as build a solid foundation for their future.
By offering Chore Chart and Behavior Charts, Goalforit offers a free, fun and rewarding way to help teach kids about responsibility now and in the New Year.
Goalforit’s Chore Chart and Behavior Charts are the fun and rewarding way to teach children essential skills for everyday life: Responsibility, appropriate behavior & manners and healthy habits
Using the “moolah” points system on Goalforit’s chore chart is a great way to teach children four essential habits regarding money matters: earning, spending, saving and giving. As an example, CEO Michael Murdock uses moolah with his daughter Katie. She earns points that can be redeemed for rewards. Since there are rewards that cost different amounts, she needs to balance spending vs. savings for higher cost rewards.

I recommend that you check this out today – you may find that it can really help get your kids on the right path to getting things accomplished – and de-stressing some of the conflicts that can arise around chores!

Guest Post – Tips for Effective Allowance

Free Online Tool Assists Parents with Getting Chores Completed