I pay VERY high
Because I want to teach actual money management
Not just give him mad money
Its money Is be spending on him ANYWAY
This way he learns how to manage it slowly
Gradually increased responsibility
And that goes up every year
on his half birthday
Along with what he's responsible for paying for
With the end goal being that by 14.5 he's paying for
- All personal needs
(clothes, entertainment, etc.)
- All academic needs
- All sports needs
(fees, uniforms, travel)
- % of rent & utilities & grocery
(which Ill stick in my savings for him when he moves out, may or may not tell him)
So that when he gets his first WOW! paycheck
(Wow that's a lot of money,
Wow there's none left!)
It isn't a wow.
Its normal
And he's been managing his money with a saftey net for a few years already.
I started off "small" ($3 a week, with a $2 bonus for great attitude & a job well done)
$7 with a $3 bonus
$10 with a $5 bonus
$20 with a $10 bonus
Etc.
If he were 14.5 right now, he'd be getting $400 a week (including any bonuses) to cover cost of living in our area for what all of his expenses would be on his own at the lowest level possible). With about 4/5ths of that turning right back around toward bills.
This past year MY money has been upside down... So we took a break until we had steady income to plan out. Which was also a good lesson.
____________
At 6-9 my sons chores were the same (I'm on my phone or is just cut & paste, I may miss a couple). My sons ADHDc, so his daily checklist was ALSO about routines & balance (playtime, hygeine. helping, etc.) All 'mys' on this list mean HIS.
Daily
- wake up / make my bed
- shower / teeth
- breakfast / wash dishes
- play
- school
- help with projects
- help with dinner
- help with dishes
- clean toilet
- bedtime schtuff
WEEKLY
- wash my sheets
- wash my clothes (and put away)
- pick a chore x2 (like dog walking, floor washing, etc.)
There's a few things Im forgetting. But that's basically it.