Give, Save, Spend

We've tried a few times to implement some type of allowance system for the kids but haven't really stuck with anything. We recently decided to implement one and stick to it. We all sat down and talked about what chores they wanted to be responsible for and what we thought they could do. Once we came up with a list we put a monetary value on them and decided payday would be on Friday. Well now they they are getting paid we had to have a way to separate their money. As a family we follow the rule that the first 10% goes to the church, 20% goes to savings and the rest goes to spending. 

We bought a shelf and some jars and put it into action. This was the only way we could think to track it. I really like how we made it part of the decor of the house so it's right where we see it all the time.

10% of any kind of money they get goes into the give jar. It could be from chores, report card money or whatever.

20% goes into the save jar. We haven't really discussed what they are saving for but we will probably use this for like when we go on vacation, for souvenirs or whatever. Something long term that they can save to spend their money on. Or maybe they'll get ambitious and start saving for a car :)

And lastly the jar that will probably stay empty most of the time, the spend jar. Tanner had me paint those letters green since money is green! This can be used for whatever they want it to be used on. 

 

If nothing else it looks really pretty in our kitchen :) Seriously though, I think this is a great way to start teaching them about money.