Comments on: No go for the poop!

By: J. Money

J. Money — Wed, 09 Aug 2023 13:27:12 +0000

In reply to Marcel. Ocmu's?

By: Marcel

Marcel — Wed, 09 Aug 2023 12:12:00 +0000

That’s brilliant, the three cup strategy will be relevant to a lot of ocmu’s now and in adulthood, and well done you!

By: J. Money

J. Money — Fri, 04 Aug 2023 12:20:22 +0000

In reply to Financial Fives. Paperboy was an excellent Nintendo game back in the day too 😁

By: Financial Fives

Financial Fives — Thu, 03 Aug 2023 17:31:00 +0000

Hilarious! Teaching the value of a dollar takes many forms, but you’re going to have much more practical children if they see how many people touch their lives that they didn’t even consider before! (I know Paperboy isn’t a thing anymore, but hopefully, those jobs have been supplemented by DoorDash and the like).

By: J. Money

J. Money — Mon, 31 Jul 2023 11:32:55 +0000

In reply to Brian @ Kid Wealth.

hah! creative!!

I like that idea of having them submit essays 😂 I bet it’s super entertaining to hear their perspective but also shows once again whether they *really* want the money or not! (ie if they take the time to actually write it up).

Going now to check out those links, thx man…

By: Brian @ Kid Wealth

Brian @ Kid Wealth — Sun, 30 Jul 2023 20:52:42 +0000

I had no luck with getting my kids to pick up dog poop either. We always have some with the Rover.com dog boarding business we do. It’s reasonable that they should get a cut for that job.

One of the best books I’ve read on kids and money was The Bank of Dad. I wrote a review of it at KidWealth – https://kidwealth.com/the-first-national-bank-of-dad/. It’s a quick read too.

So my oldest (10) wanted more money this summer and I used a plan from that. Make them “apply for a raise in writing” – LOL. I had to judge it on a big curve, because he put two minutes into typing it up – a big difference from what he could do at school in that school mode.

I made a proposal for him to raise his allowance. I gave him three kids-based personal finance “courses” to complete. Each one was worth a bump-up in allowance. No permanent extra work to do.

So far it’s stalled out after the first part for each kid. In fairness, they have a busy camp schedule and when they get home, we want to catch a local band performing a summer concert. They aren’t sitting around with tons of time on their hands.

You can read more about my experiment here: https://kidwealth.com/kids-negotiate-allowance/.

By: J. Money

J. Money — Fri, 28 Jul 2023 20:20:44 +0000

In reply to Shelly North. Haha a great habit indeed 💪

By: Shelly North

Shelly North — Fri, 28 Jul 2023 14:50:42 +0000

My allowance had a similar ring. I got a dollar a week. And every time I did not make my bed I lost a quarter. A lot of bubblegum and liquorice cigars could be purchased for a dollar. Not so much with 2 bits. To this day I making my bed is of importance to me!! Thanks dad for the housekeeping lesson.

By: J. Money

J. Money — Wed, 26 Jul 2023 16:23:18 +0000

In reply to Matt @ Menagerie Games. It's amazing how the tunes change once they have to spend *their* money on something 😂

By: Matt @ Menagerie Games

Matt @ Menagerie Games — Wed, 26 Jul 2023 15:59:19 +0000

In reply to J. Money.

We had this dilemma when starting the kids on allowance and I just reused what my parents told me. If you don’t do your chores, you don’t get your allowance, and then you’ll later do those chores and still not get your allowance. You don’t get to pick and choose if chores are worth it. Chores are part of being part of the family, but there are consequences to not doing them.

Starting the kids on an allowance was the best idea ever. It instantly ended the constant I want this toy or candy or whatever. You want it, spend your allowance on it. It’s also interesting to watch my oldest be a super saver and my youngest spend it almost as quickly as he gets it.

We also use the save, spend, donate, and they are very involved in where their donate goes. Currently a giving tree at Christmas time, but other opportunities have come up too.