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  1. #11
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    One thing I've learnt is use something other than money to motivate your children, when they get to 15 & 16 years old you'll be harassed with the "Mum, what do I need to do to get $50?" the response is not what they want (usually 10 hours - $5 an hour) and because I brought them up with money incentive, they will never do anything unless they get rewarded with dosh!!

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    Justwant2beamummy  (09-04-2012)

  3. #12
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    My kids are 10, 8 and 6 and we have a rewards chart on the fridge for each of them. They get a sticker for unloading dishwasher and anything else that I want to say thanks for like getting ready with little hassle, sharing etc. Then 10 stickers on the chart equals a treat like chocolate bar, bubble gum etc. Once they have 50 stickers and have their 5 treats then it equals an outing of their choice to something free like museum etc. We are doing it to reward good behavior and build confidence and good personality traits. (they are quite full on children!! Lol). Pocket money can be earnt from other jobs but mostly from massaging my feet Haha

  4. #13
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    Does anyone have a chart where they give stickers for good behaviour, but then take a sticker off for bad behaviour?
    Ie: He needs to get 5 stickers ate the end of the day for a treat. He gets 6 stickers for good behaviour, but loses 2 for bad behaviour, meaning there are 4 stickers at the end of the day, so no treat.
    I was thinking of doing this when DS is old enough, but not sure if this will work or not.

  5. #14
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    We give the kids $1 per year of age. 50% MUST be banked and around 25% goes to a charity - just the same as they'll pay tax on years to come. They can spend the balance as they see fit but with guidance from us. .. They do not and will never get money to do normal housework help and more than anyone will pay me to do my own housework. But my kids must pay me $1 per job they don't do. They must set and clear the table, unpack the dishwasher and the dish drainer and keep their bedrooms tidy. ..My kids do get paid to do things like wash the car and also when they go to work with me to do the cleaning. They get $2.50 per stairwell that they help clean. This money gets banked for spending in the school holidays or for things like the tv DS is saving for. I also let my kids have laybuys at EB games or the toy shop. They have to work out how much to save for a deposit to pay the balance off within 8 weeks. So far they've alway paid off their laybuys within the time frame. I charge them a 10% premium if they need to borrow money or get an advance in their pocket money - DS has 'borrowed' $10 once and was incensed that he had to pay me back $11 - he's never borrowed money again. Both kids have goals written down about what they are saving for. DS will take forever to save for a snake and DD will have enough for the CD player she wants within the next few weeks. Now she has to save for Cd's LOL Both kids know they have a bank account with about $150 they've both managed to save, neither child knows about their other bank accounts where I've put away their acting money. I don't want them growing up planing to spend this money, they'll get access when they go to uni or start saving for a house etc.
    Last edited by WorkingClassMum; 09-04-2012 at 22:45.

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    felicita  (10-04-2012)

  7. #15
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    Quote Originally Posted by WorkingClassMum View Post
    We give the kids $1 per year of age. 50% MUST be banked and around 25% goes to a charity - just the same as they'll pay tax on years to come. They can spend the balance as they see fit but with guidance from us. ..They do not and will never get money to do normal housework help and more than anyone will pay me to do my own housework. But my kids must pay me $1 per job they don't do. They must set and clear the table, unpack the dishwasher and the dish drainer and keep their bedrooms tidy. ..My kids do get paid to do things like wash the car and also when they go to work with me to do the cleaning. They get $2.50 per stairwell that they help clean. This money gets banked for spending in the school holidays or for things like the tv DS is saving for. I also let my kids have laybuys at EB games or the toy shop. They have to work out how much to save for a deposit to pay the balance off within 8 weeks. So far they've alway paid off their laybuys within the time frame. I charge them a 10% premium if they need to borrow money or get an advance in their pocket money - DS has 'borrowed' $10 once and was incensed that he had to pay me back $11 - he's never borrowed money again. Both kids have goals written down about what they are saving for. DS will take forever to save for a snake and DD will have enough for the CD player she wants within the next few weeks. Now she has to save for Cd's LOLBoth kids know they have a bank account with about $150 they've both managed to save, neither child knows about their other bank accounts where I've put away their acting money. I don't want them growing up planing to spend this money, they'll get access when they go to uni or start saving for a house etc.
    wow that's very strict, how old are your children?

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  8. #16
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    My kids are 8 and 11

  9. #17
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    I agree, too much stress! Not to mention having to police that.

    I didn't introduce saving 50% of their dosh until they started working part-time (1 at maccas, 1 at KFC). Their $50 a month was there's to do with as they see fit. If they wanted to go to movies with friends, or buy credit for their pre-pay phone etc, they brought it with their $50.

  10. #18
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    Quote Originally Posted by amiee View Post
    Ds1 is 2 and on his chore chart are things like making the bed, picking up his toys, putting his clothes in the laundry basket, brushing his teeth etc. If he does this all week he gets two dollars that he can spend on anything that he wants. He usually chooses apple juice lol. I think it's good as it teaches him the value of money. As he gets older and gets more money he will need to put some into savings but at the mintue I just do it
    I do a similar thing with my 6 year old ds. He sets the table, takes out the recycling, brushes his teeth, puts his clothes in the wash etc and gets $2 at the end of the week. I then match however much of that he chooses to put in with his school banking each week (ie if he puts 50c, I add 50c). This is all to help him learn the value of money and the benefits of saving up that money. We have done this since he was 4 (obviously the jobs were different then) and I think it has been great for him.

  11. #19
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    Quote Originally Posted by WorkingClassMum View Post
    We give the kids $1 per year of age. 50% MUST be banked and around 25% goes to a charity - just the same as they'll pay tax on years to come. They can spend the balance as they see fit but with guidance from us. .. They do not and will never get money to do normal housework help and more than anyone will pay me to do my own housework. But my kids must pay me $1 per job they don't do. They must set and clear the table, unpack the dishwasher and the dish drainer and keep their bedrooms tidy. ..My kids do get paid to do things like wash the car and also when they go to work with me to do the cleaning. They get $2.50 per stairwell that they help clean. This money gets banked for spending in the school holidays or for things like the tv DS is saving for. I also let my kids have laybuys at EB games or the toy shop. They have to work out how much to save for a deposit to pay the balance off within 8 weeks. So far they've alway paid off their laybuys within the time frame. I charge them a 10% premium if they need to borrow money or get an advance in their pocket money - DS has 'borrowed' $10 once and was incensed that he had to pay me back $11 - he's never borrowed money again. Both kids have goals written down about what they are saving for. DS will take forever to save for a snake and DD will have enough for the CD player she wants within the next few weeks. Now she has to save for Cd's LOL Both kids know they have a bank account with about $150 they've both managed to save, neither child knows about their other bank accounts where I've put away their acting money. I don't want them growing up planing to spend this money, they'll get access when they go to uni or start saving for a house etc.
    for me this is too over the top. i think interest payments and tax are adult issues and we have years of having to live like this. i think a child should not have to think about things like this until 16+. i do believe very strongly in children learning the value of money but think there are more child friendly ways of doing so.

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  12. #20
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    Quote Originally Posted by WorkingClassMum View Post
    We give the kids $1 per year of age. 50% MUST be banked and around 25% goes to a charity - just the same as they'll pay tax on years to come. They can spend the balance as they see fit but with guidance from us. .. They do not and will never get money to do normal housework help and more than anyone will pay me to do my own housework. But my kids must pay me $1 per job they don't do. They must set and clear the table, unpack the dishwasher and the dish drainer and keep their bedrooms tidy. ..My kids do get paid to do things like wash the car and also when they go to work with me to do the cleaning. They get $2.50 per stairwell that they help clean. This money gets banked for spending in the school holidays or for things like the tv DS is saving for. I also let my kids have laybuys at EB games or the toy shop. They have to work out how much to save for a deposit to pay the balance off within 8 weeks. So far they've alway paid off their laybuys within the time frame. I charge them a 10% premium if they need to borrow money or get an advance in their pocket money - DS has 'borrowed' $10 once and was incensed that he had to pay me back $11 - he's never borrowed money again. Both kids have goals written down about what they are saving for. DS will take forever to save for a snake and DD will have enough for the CD player she wants within the next few weeks. Now she has to save for Cd's LOL Both kids know they have a bank account with about $150 they've both managed to save, neither child knows about their other bank accounts where I've put away their acting money. I don't want them growing up planing to spend this money, they'll get access when they go to uni or start saving for a house etc.
    I like this. Particularly think it's really good to establish a savings attitude rather than a credit attitude early on, and like the potential to develop social responsibility through the charity component.


 

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