Monday, October 15, 2012

{Childhood Jobs & 'Pocket Money'}

The idea of money, the value of it, the maths behind it and the ability to obtain it has been a big conversation in our house for months now. Mr 6 is paying attention to this A LOT! We started by letting him have a turn at {Coin Land} which is a PC game created by the Commonwealth Bank and it introduced some good concepts and taught him some good lessons. However, we found he was finding 'his own pocket money' from loose change around the house. We both believe that teaching our children about money and how to look after it well is very important in life. {Here} is a great tool that helps you understand how to break this down into age appropriate levels. We weren't convinced pocket money was something we wanted to launch into and so it took research, talking and thinking.

So, after MONTHS of conversation between hubby and I, we finally have come up with this concept to help teach our son about money. We made sure we knew how it would work first just between us. We were clear on the rules. Then we met with him at a time when his little brother was in bed, so we could focus on it and give him the chance to ask questions too. I picked up this board from Reject Shop for $6 and used it to personalise and suit our concept.

The base of this system is that we contribute to our family by certain standard actions. In other words, we don't get 'rewarded' with money for assumed behaviors. I think if everything is rewarded with money it sends the wrong message of entitlement and doesn't prepare them for the real world very well.

This includes a good behavior (we did chat about what this means), kindness to others, getting ready in the mornings and unpacking in afternoon. 
Once we established the standard acceptable behaviors we introduced the idea of the extra jobs we can do. We decided that He must ask us first if he has completed the standard behaviors to an acceptable level first, then IF he has and only then, he may choose an extra job. Each job earns 20c. We chose to do it day by day so that one bad day doesn't ruin a whole week of hard work. It makes the rewards closer together and allows them to self-regulate behavior quicker.

We explained to him how his three money boxes worked too. These are just re-used Kleenex car tissue tubes. This is where math and stewardship work hand in hand. 
1. He puts his 10% into his GIVE box FIRST. This he can take to church, use for sponsor children or give to causes like Operation Christmas Child.
2. The SAVE box gets 50% of his money which gets deposited into his bank account each month. This he never touches
3. The SPEND box means he can use this on whatever he wants. He can save up for a little while to put his coins towards something bigger like lego, skylanders etc...
There are 10 jobs and he can earn a MAX of $2 per week.

Saturday is his day off. It is pay day, but standard behaviors are still expected. 

Each week he collects his pay slip (which has been written on daily) by me. Then we collect the money and divide it into the cans together. 

We asked him to read the 'my name is Joshua...' part after we had talked. This was his agreement with us and we all shook on it. We explained to him that we are trying it for 3 weeks and will change anything that doesn't work (mini probationary period lol). We also said that Daddy and Mummy can change this system at any time but we will talk with him before we do. 

Q: Do you do pocket money in your house? 

Lauren x

1 comment:

  1. I love how intentional you have been with this - very inspiring! My biggest boy is six, also, and I think we will start pocket money with him next year. This has given me lots of good ideas, thanks!



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