I too (IMO) think it is a little over the top. Yes I do believe the charity and the banking of 50% of the money is a good idea, but them paying a premium to borrow money from me, is too much for me.
Maybe when DS starts high school, but not before then. Im not sure if kids under the age of 10/12 can comprehend this all. Especially if they can't even do the sums/calculations themselves.
Maybe that is why your son ended up paying you $11,- when only borrowing $10,- I wonder if he was able to correctly calculate how much he would end up having to pay for borrowing a little money. Im sure that if he had known what it would cost him in the end, he wouldn't have borrowed the money in the first place.
Yet I guess we all have different ways of doing things and if this works with you and your kids, than kudos to you
For DS it would be too complicated though (Not for me as Im pretty good with maths having a bachelor in science )
Pregnant for the first-time?
Not sure where to start? We can help!
Our Insider Programs for pregnancy first-timers will lead you step-by-step through the 14 Pregnancy Must Dos!