Our Family

Our Family

Saturday, May 5, 2012

Give, Save, Spend

This week we started Camden on a commission based allowance.  We thought that he was old enough to start earning his own money, so we came up with some jobs that he needed to perform in order to earn his money.  Some tasks are just standard jobs, that are just part of being a kiddo, pick-up your toys, put your plate in the sink etc.  So Camden's jobs are to take all the things that are recyclable out to the bin for me, which is in the garage, he helps me put away the laundry and puts all his clothes away, and he put all the silverware away, sans the sharp knives!  If he does his jobs every day without complaining he gets paid.  If he doesn't do them or has a very bad attitude about it he doesn't get paid. 

So far the first week has been great, he has been very excited about it and as soon as I tell him to come do his job he comes running!  We decided on $3 a week and then I divided that by 7 days so that he rewarded every day instead of having to wait until the very end of the week. 

I then went and got 3 small mason jars at the dollar store and wrote on them Give, Save, Spend.  We put 10% of his commissions in the give jar, 40% in the save jar, and 50% in the spend jar.  He is so excited about taking his give money to church tomorrow!  We will also put his save money in his piggy bank tomorrow, and then on Monday when Randy is home we will go to the store and see if he wants to spend his spend money.  We have decided to start him off young at teaching him how to handle his money.  While we will still buy him things, we will not buy everything.  If there is something he really wants, he will have to save for it etc. 

Here's hoping that he doesn't put us in the poor house!

 So excited about putting his money in!
If you look closely, you can see give written on the jar!

1 comment:

  1. What a great learning tool for Camden. At $3 per week, I doubt that he'll put you in the poor house but what you ARE doing is helping him understand how you and Randy handle finances. He's one lucky kid.