Here’s a little something that I implemented recently and has been working really well so far, so I thought I would share. We decided it was time for our big 4 year old to have his own chores, and get some allowance when they were accomplished. So – at the end of the day, after dinner, we go through the list and add a little round sticker on the day’s accomplished tasks. Then, at the end of the week at our weekly family meeting (yes – in such a busy house, we HAVE to have one of those), we count up his stickers. For every sticker, he gets to place a nickel on the circle. We then count out each of the nickels one by one.
He has three jars to put his money – one for giving, one for saving, and one for spending. Ten percent goes into each of the first two, and the remaining 80 percent goes into his spending jar. If he does every single chore for every single day, he’d earn $2.80 a week. That’s $145.60 for the year. 80 percent of that is $116.48. (Not bad for a 4 year old’s annual income!) The savings will go into his college fund, the giving will go to a cause that he gets to choose around the holidays, and the spending is up to him (with some encouragement on our part.)
So far, it seems to have worked pretty well at keeping that little guy in his bed until 6:00 am – and that in itself makes the whole thing worth it. He has yet to do every single thing every day – but that’s ok. I will definitely switch around some of the chores, and eventually raise the payout as we grow into different needs.
(Inspired by something I found online here and embellished)