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  1. #21
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    Quote Originally Posted by felicita View Post
    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.
    Me too. I'm not sure I'd be diligent enough to monitor it but I think it's great. Developing a sense of the worth of both saving an contributing to charity is fantastic.

  2. #22
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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.
    How old were your kids when you started to apply these rules and until they fully understood what it was about and could do all the correct calculations involved?
    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 )


 

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