"If you would be wealthy, think of saving as well as getting."

Several months ago, Mel and I implemented a chore and allowance system for the boys, so they will learn to manage consumption with limited resources. Outside of normal gifting times (birthdays, etc.), we don’t buy them anything they don’t need.

They begin with $5 payable on the same day each week, but the money is conditional. If they do not maintain or carry out their various duties to standard, we ding them with a $1 penalty for each occurrence. I have imposed $2 fines for egregious offenses like Will maliciously kicking Haden (we have two boys, remember). On the other hand, we give $1 bonuses for the occasional outstanding behavior.

We keep track of it on the chalkboard in the sitting room. When I fine one of them, I make them write the penalty on the board to drive the point home even more.

Now, for the vital part: RESULTS

This has been more effective with Will than with Haden. They both like money, but Will’s love for cash dwarfs Haden’s. In addition to that, Haden is not as mature as Will. I think Haden thinks we’ll just buy him what he wants anyway. Will grasped the consequences in the first couple of weeks, and has really ramped up both his domestic performance and his saving habit.

Unfortunately, Haden has not learned his lesson. He still doesn’t show any initiative towards chores. Several times, he has cried over something he couldn’t afford, only to waste the following week’s scant allowance on trifles.

| Posted in » allowance, financial