Monday, August 11, 2008

Give, Save, Spend

Katie wants. Evan wants. Erin wants. In order to determine which wants to fill, and which will be ignored, the lovies have been given a list of chores that will earn them extra cash. Said cash can then be turned into the fulfillment of their assorted wants. It will be interesting to see how much effort they choose to turn into cash this week. I want a maid, but this is the next best thing.
There is a catch. The extra chores are not compensated unless all the regular chores (the ones required of them for being members of this household) are completed and reasonably maintained. This does wonders to avoid the rush to hop on the extra (and higher paying) chores while ignoring their own messy bedrooms and laundry piles. The girls have been dynamos declaring that "I can't believe we said we were bored when there is so much to do around here!" Seriously.
Their earning frenzy presented an opportunity to talk again about giving and saving. We have offered them a suggested starting point of giving 10% and saving 10% of their earnings which will still leave 80% for their assorted wants. They have savings accounts that their Grandma says are for a car one day, and their Dad and I have made them an offer of matching savings while stressing that any money going into that account will be off limits to them. They are welcome to increase those amounts, or keep a separate savings toward large purchases, but only money in the grandparent savings accounts will be eligible for parental matching incentives which are contingent on their giving. All three have requested "direct deposit" into their savings and a tithe fund. Alrighty then.

1 comment:

Fannie said...

Good for you. How are our children supposed to learn fiscal responsibility if we don't take the time to teach them?!