Tip Tuesday: Keeping Track of Kids’ Allowances

Tip Tuesday ~ Our Cozy Den

Tip Tuesday at Our Cozy Den -- Keeping Track of Kids' Allowances!

It’s SO much easier to manage than trying to hand out cash to all the kids, and trusting younger ones not to lose it! And since I have it with me at the store, there is no more whining: I can simply say, “Sophie, you have $4.13. That’s how much you have today to spend.” The kids know that is the bottom line! 

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Our Chore and Allowance System

chores and allowance

Like any family, we’ve played around with our chore system quite a bit, but we finally have something that works well for us!

For every chore the kids complete – the put move the magnet to show that it is done. Once I have checked it to make sure it is done to my standards, they get a sticker on their sticker sheets.

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They also get a sticker for each subject that is completed each day – for a total possibility of 10-12 stickers per day.

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Once they have earned their stickers, they may use them throughout the week for media time as desired. A sticker is worth 5 minutes on the ipad, ipod touch, computer or wii.IMG_2386

If they use the stickers, I check them off with a sharpie, like this:

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On Sunday night, or “payday”, I count all the remaining stickers and cash them in for 10 cents each, which becomes their allowance. So basically, they are choosing if they want their stickers to be media time or money. I keep a “bank account” in ledger form for each one of my kids in our family binder in the kitchen:
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And each kid’s bank account looks like this:

They tithe 10% on all earned income (non-gifts), 20% goes into retirement (we’re setting it aside for an IRA when they are old enough), and 70% goes into the spending fund.

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Before we head out to a store where I think they might want to spend money, we check the balance of the account before we go. We also just started making the kids pay for half the cost of their extra-curriculars, so Connor recently shelled out $20 for a $40 Lego inventors class held here in town.

Leave a link in the comments if you have blogged about your own family’s chore system! I love to read about what works in other families!

chores and allowance