There are lots of opinions out there about how to handle allowance for kids. Some people feel that allowance should be tied to chores and others do not. I think there is absolute validity to both opinions. In our family we chose to focus on how to manage money, and allow chores to be an expected part of family life.
So I started focusing on setting up an allowance system for my boys.
I realize that by the time my boys are on their own everything about banking will likely be digital. I mean, it’s practically that way now! But I want my boys to understand how to document money coming in and money going out.
So I created these registers for them to keep track of the added allowance each week, and then the things they spend their money on.
To keep track of their money we needed some jars. A lot of people use mason jars but I was worried about my boys turning those mason jars into a pile of broken glass. So I bought some plastic ball freezer jars instead.
I used an exacto knife to cut a hole in the jar lids to make it easy to add money to the jars.
Now our jars are almost ready for allowance…almost.
I found clipart to represent each of the categories we are using for allowance. I printed the images onto Square1 vinyl.
Just peel and stick!
Because the jars have a little bit of curve to them some of the photos were too tall. I cut the corners a bit to fit.
We are having the boys divide their allowance into 4 categories: Spend, Save, Donate, and Invest. Each week we give our boys 50 cents for every year they are old. The bulk of the money is divided between spend and save with a much smaller portion going into donate and invest.
We are teaching our boys that save is for short term goals, and invest is for something big such as a car or college.
For now it is working well. They boys can choose how they want to spend their money. And when they buy junk and it breaks in a week…it’s a lesson. Or when they spend all their money on the snack bar…it’s a lesson. But also, when they see the invest jar building up…it’s a lesson. And when they put their donations in the offering at church…it’s a lesson. I’m loving all these lessons they are learning!
On the cover of their registers I left a large white space for the boys to add some decoration. Let their artistic sides out to play as well.