I have two children who love toys, just like any other child. We have given them an allowance since the age of 4, for which they have to earn by performing chores. With this money, they are allowed to purchase a new or used item once a month. We believe this helps instill the lesson of saving money and budgeting. The oldest kid once saved enough money to buy a Nintendo DS which was over $100 at the time. He was only in the 1st grade at that time.
The children have a job jar which has slips of paper with job assignments and the money value written on them which gives them the opportunity to earn extra money if they wish. There is a maximum amount of $25 that they may earn weekly. This helps teach them that if they want extra money they have to work extra hard for it.
Please note, that not every chore is something they will be paid for. There are chores that they do that are called "family chores" because it is something that benefits the entire family and everyone in the household does it.
Source: Dave Ramsey's Financial Peace Jr.
By linex_4 from San Antonio, TX
I give you "Thumbs Up" on this one. I raised my children the same way (3-girls and 1-boy, he was the youngest). They are all married now with very good jobs and money in the bank.
Question on chore jar; what exactly would be a family chore vs a regular chore? Thanks! mom of 3! :)
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