Comments on: 14 Wildly Different Allowance Strategies :)

By: Scarlet

Scarlet — Sat, 12 Oct 2019 16:16:56 +0000

My daughter is always going for the big pay out. She made homemade pasta the other day and then tried to bill me $18/ hour after the fact. Nice try, kiddo!

By: J. Money

J. Money — Fri, 11 Oct 2019 11:17:24 +0000

In reply to { in·deed·a·bly }.

That is pretty good, haha…

I was never that smart enough growing up to hire someone else to do my work for me :) Plus I was way to stingy to even give any of it up! Still working on that as an adult some times :)

By: J. Money

J. Money — Fri, 11 Oct 2019 11:10:42 +0000

In reply to Paul Higgins. Cool - thanks for the rec!

By: J. Money

J. Money — Fri, 11 Oct 2019 11:09:16 +0000

In reply to Abails. Glad you're enjoying it!! Thanks for contributing to it! :)

By: J. Money

J. Money — Fri, 11 Oct 2019 11:08:45 +0000

In reply to George.

Awesome :)

I like the idea of *physically* seeing them separated like that too – much easier to grasp.

By: J. Money

J. Money — Fri, 11 Oct 2019 11:07:55 +0000

In reply to Stephanie. Yeah family meetings!!! Great idea!!!

By: J. Money

J. Money — Fri, 11 Oct 2019 11:07:24 +0000

In reply to Aubrey Dinneen.

I remember those days when I was locked at home for refusing to make my bed, haha…

The battles we choose as kids :P

By: J. Money

J. Money — Fri, 11 Oct 2019 11:00:52 +0000

In reply to Kyle Adams. I think you're right that you have to make it *exciting* enough for kids to really get interested in it all.. And 20% interest will def do that! It makes ME want to be your kid! Haha...

By: { in·deed·a·bly }

{ in·deed·a·bly } — Fri, 11 Oct 2019 07:25:39 +0000

I battled with different allowance schemes over the years. Eventually I came up with an ingenious one that was self-policing and fool proof… or so I thought. Inevitably my kids outsmarted me, figuring out how to game the system. At least the chores got done though, which was an improvement over the previous arrangements.

I wrote about it once, it ended up being one of my most popular posts and somehow got included in “The Best Investment Writing Vol. III”. https://indeedably.com/subversion/

By: Paul Higgins

Paul Higgins — Fri, 11 Oct 2019 06:31:47 +0000

The “Salary System” is quite similar to the “Capitate Your Kids” program documented by John Whitcomb in his book of the same name. We came across it fifteen years ago while working with a foster child and other kids (and parents) at our church. Dr. Whitcomb learned how to handle money at an early age when he lived away from his parents at an international boarding school and had to live within a budget. As a doctor, he became familiar with the “capitation” model in which healthcare providers are given a flat monthly fee to cover all their patients’ health needs. He combined those two experiences to develop “Capitate Your Kids,” a program in which you progressively give kids more authority and responsibility for their spending on basic needs.