Allowance for Jacob

This morning while we were eating our breakfast, Jacob was talking about the things he wants for his birthday. I can not help but smile hearing him say the lists. These are on his list: an iPhone, a pet (puppy or fish), Diary of a Wimpy Kid book, and his own set of scriptures. Who knows what else he would add to the lists before his birthday comes in July, lol. Anyway, I was thinking that it is time for him to understand money or its concept. He needs to understand that he can not get whatever he wants without working to get it. He is old enough to help in he house, and so I was thinking of giving him a job or tell him to help in the house for that is how he earns the money or allowance.


Suze Orman had great advice. She said give the child 1o cents per minute for the time he/she takes to do a task.Jacob is already 7 year old and I have decided to give him $1 a day. I will also make him a chart. If he does everything on the chart he gets paid the fully $1. For everything he doesn't do, I will deduct 10 cents. Whining and throwing temper tantrums are also deductions. I will have him do things that really help me around the house (sorting his toys, cleaning his room, emptying the dishwasher, sweeping the floor). He also put his dirty clothes on the laundry basket and sort them out according to colors. Anything that will really help me can be a chore.

What do you guys think? Do you have any suggestions? Please share them with us; thank you!