Kid Allowance Chore Chart and Mock Checks
One day our children will grow up. They will make their own money. They will be solely responsible for managing their funds in a world full of bills and expenses. I think all parents can agree that we want to make sure they are prepared and ready to face the world with a strong foundation set in place.
The majority of people started off with an allowance as children. I didn't, I got my first job around 13. I worked under the table for a taco shop. Made like 🤔 $160 cash a week. I would also buy LOC sunglasses at the flea markets in Houston, TX. I would double my profile by selling them to the kids at my school. On top of that I would take requests for custom drawings and sell those, too.
I have kept some type of hustle going throughout my teenage years. But I got my 1st official job around 15. I waited anxiously for Friday to get here so I could cash my 1st check. I had calculated it down to the last minute I worked and knew the exact number I would see on that check. Next day, my manager hands me my check and I'm shocked... "Where is the rest of my money and who the fuck is FICA!", I thought. I go to my manager and ask her "What's going on here. I did the math myself. I'm short on my check." And she hits me with it " Girl those are the taxes, everyone gets taxes deducted from their check." 😲😨😤 I couldn't believe it. I wasn't prepared for that part. But after the initial surprised I continued to work there and continued to cash my checks. I was never taught about taxes and how the economy worked as a child. And now as an adult, I can not help but think how more financially prepare and stable I would have been if I was taught about money management at a young age. Coming from a minority household with 2 working parents, just keeping us alive and fed was the goal.
Now that I am a parent myself I reflect a lot on my childhood. Especially, when making decisions for my children and my household. One thing I saw through out my whole life was how hard my dad worked to support us. A good work ethic is important to me because of him. I wanted to teach my children this same work ethic, that way they can learn the value of a dollar. And although I want to raise business owners I also want to prepare them to be employees. So I thought it was important to start them off on the right foot. Allowances are perfect for this. Kids need the opportunity to manage their money starting at a young age, where they can make little mistakes when the stakes are low and they can learn from them.
Money management lessons in my home includes how to read checks, running a small business, profits and loss, taxes, savings and charity. Obviously, all this can not be taught overnight. It is an on going conversation/lesson. But it starts with something as simple as an allowance. Studies have shown that children who do not receive allowances at home spent more money than other kids. Children who DID receive allowances at home spent less money overall and knew how to better manage their money.
So when is the best age to start an allowance? A good rule of thumb when figuring out when to start with an allowance is when the child shows interest in handling their own money. My kids started to show interest around 4-5 years of age. You also have to decide a date to distribute this allowance every week or every 2 weeks and a day of the week to pay up. We do every 2 weeks on Fridays.
How much to give?
Well first you must decide if you want to give a SET FLAT RATE or PAY PER CHORE.
ALLOWANCE OPTION 1 - FLAT RATE
If you are leaning towards a more hassle free method than a flat rate would suit you. With this method usually the money is given weather or not the child completed all their chores for all the days of the week. To calculate it, American families typically give $0.50-$2 per year of age of the child. Definitely consider your household income and how many kids will be getting paid. Also do not set a rate that will leave you in "dept" with your child. You want to be able to pay up without having to say "I will get you next week". So take this into consideration when choosing your figure. From this they will learn consistency and structure.
ALLOWANCE OPTION 2 - PAY PER CHORE DONE
Example 1:
5 year old child. Paying $1/PER YEAR OF AGE OF THE CHILD the total possible allowance is $5. This child has 2 chores: picking up toys and feeding pets. The child is responsible for these chores Monday - Friday (5 days).
2 (chores) x 5 (days) = 10 total chores for the week or possiblites to make some money Than dived that into the total possible allowance
$5.00 (total possible allowance) ÷ 10 (total chores for the week) = .50 (per chore)
Every chore on the chart would be worth $.50. You would only pay the child for all the chores completed. If the child completed 5 chores and slacked on the other 5. Well than 💁
5 (chores completed) × $.50 (per chore) = $2.50 total allowance at the end of the week
Example 2:
10 year old child. Paying a $2 per year of age of the child (gave this child a the total possible allowance is $20. This child has 4 chores: washing dishes, picking up room, taking out the trash and clearing the table. The child is responsible for these chores Monday - Friday (5 days).
4 (chores) x 5 (days) = 20 possibilities to make some money. Than dived that into the total possible allowance.
$20.00 (total possible allowance) ÷ 20 (total chores for the week) = $1.00 (per chore)
Again, You would only pay the child for all the chores completed. If the child completed 18 chores but missed 2. Well than 💁
18 (chores completed) × $1.00 (per chore) = $18.00 total allowance
The beauty about using this formula is that no matter how many or how little of chores the child has the total possible allowance will not exceed what you are able to financially provide.
Again, In my house we do OPTION 2-PAY PER CHORE DONE and we use a Melissa & Doug Responsibility Chart to keep track. Yes it's a lot more tedious. It's something you have to keep up with it everyday😓 which can be exhausting. But I really feel the responsibility and accountability lesson comes into play with the chart. If a chore doesn't get done they need to expect not get paid for it 🤷. Just like when you are an adult💁. If you don't run your business correctly or don't go into your 9-5 job you cannot expect to make a huge profit at the end of the quarter or get a good check at the end of the pay week. If the child is feeling under the weather than you can introduce "sick days" were you pay for half the chore or the full chore (whatever YOU decide) that way they can rest without feeling obligated to "work". Here you are teaching them self care is important too! In my house when we catch someone lying, hitting or catching attitude I will "tax'' them. That is a deduction on their pay and here they learn about tax, deductions.
So your wondering what chart to use. Well you can easily make or print any chart with a Y & X axis with the value and the category areas blanks to customize it. In fact,I did this for a couple years. Eventually,I ended up purchasing the Melissa & Doug responsibility chart. I like this chart specifically bc it is magnetic, you can use a dry erase markers on it, it comes with goals and chores that are interchangeable, it's sturdy, and has fun little magnetics to reward when the goal or chore is completed.
On the Y axes of the chart they have their goals and chores: complete school work, wash dishes, manners, brush teeth, no hitting (yes I pay them for these. It has created good habits that I'm very proud of. I regret nothing), make beds, dishes, clear table, feed pet, ect. On the X axes are the days of the week. When a goal is completed for the day they put one of the little magnets to show it was so.
PAY DAY!
The allowances are distributed in the form of checks that they cash with me and their dad. The checks are basically an extension of the chart, and gives the children an opportunity to see what a real check looks like and understand how to read them. These can be done on a spread sheet on your computer. Or save yourself some time and purchase the PDF file! With your purchase you'll get 5 checks here $5.99
The majority of people started off with an allowance as children. I didn't, I got my first job around 13. I worked under the table for a taco shop. Made like 🤔 $160 cash a week. I would also buy LOC sunglasses at the flea markets in Houston, TX. I would double my profile by selling them to the kids at my school. On top of that I would take requests for custom drawings and sell those, too.
I have kept some type of hustle going throughout my teenage years. But I got my 1st official job around 15. I waited anxiously for Friday to get here so I could cash my 1st check. I had calculated it down to the last minute I worked and knew the exact number I would see on that check. Next day, my manager hands me my check and I'm shocked... "Where is the rest of my money and who the fuck is FICA!", I thought. I go to my manager and ask her "What's going on here. I did the math myself. I'm short on my check." And she hits me with it " Girl those are the taxes, everyone gets taxes deducted from their check." 😲😨😤 I couldn't believe it. I wasn't prepared for that part. But after the initial surprised I continued to work there and continued to cash my checks. I was never taught about taxes and how the economy worked as a child. And now as an adult, I can not help but think how more financially prepare and stable I would have been if I was taught about money management at a young age. Coming from a minority household with 2 working parents, just keeping us alive and fed was the goal.
Now that I am a parent myself I reflect a lot on my childhood. Especially, when making decisions for my children and my household. One thing I saw through out my whole life was how hard my dad worked to support us. A good work ethic is important to me because of him. I wanted to teach my children this same work ethic, that way they can learn the value of a dollar. And although I want to raise business owners I also want to prepare them to be employees. So I thought it was important to start them off on the right foot. Allowances are perfect for this. Kids need the opportunity to manage their money starting at a young age, where they can make little mistakes when the stakes are low and they can learn from them.
Money management lessons in my home includes how to read checks, running a small business, profits and loss, taxes, savings and charity. Obviously, all this can not be taught overnight. It is an on going conversation/lesson. But it starts with something as simple as an allowance. Studies have shown that children who do not receive allowances at home spent more money than other kids. Children who DID receive allowances at home spent less money overall and knew how to better manage their money.
So when is the best age to start an allowance? A good rule of thumb when figuring out when to start with an allowance is when the child shows interest in handling their own money. My kids started to show interest around 4-5 years of age. You also have to decide a date to distribute this allowance every week or every 2 weeks and a day of the week to pay up. We do every 2 weeks on Fridays.
How much to give?
Well first you must decide if you want to give a SET FLAT RATE or PAY PER CHORE.
ALLOWANCE OPTION 1 - FLAT RATE
If you are leaning towards a more hassle free method than a flat rate would suit you. With this method usually the money is given weather or not the child completed all their chores for all the days of the week. To calculate it, American families typically give $0.50-$2 per year of age of the child. Definitely consider your household income and how many kids will be getting paid. Also do not set a rate that will leave you in "dept" with your child. You want to be able to pay up without having to say "I will get you next week". So take this into consideration when choosing your figure. From this they will learn consistency and structure.
ALLOWANCE OPTION 2 - PAY PER CHORE DONE
- So for this option you would pay per chore done. This is how I do it in my household using a responsibility chart to keep track of all the chore done for the week. You will pay by the amount of chores that are completed by the end of the week. Here is where you would need to determine how much you give per chore. First we need to calculate a TOTAL POSSIBLE ALLOWANCE (Remember, make it a number your house hold can handle) You can do that by use the figure I mentioned above ($.50 - $3 per year of age of the child). Once you have that, divide it into how many total chores the child has for that week..
Example 1:
5 year old child. Paying $1/PER YEAR OF AGE OF THE CHILD the total possible allowance is $5. This child has 2 chores: picking up toys and feeding pets. The child is responsible for these chores Monday - Friday (5 days).
2 (chores) x 5 (days) = 10 total chores for the week or possiblites to make some money Than dived that into the total possible allowance
$5.00 (total possible allowance) ÷ 10 (total chores for the week) = .50 (per chore)
Every chore on the chart would be worth $.50. You would only pay the child for all the chores completed. If the child completed 5 chores and slacked on the other 5. Well than 💁
5 (chores completed) × $.50 (per chore) = $2.50 total allowance at the end of the week
Example 2:
10 year old child. Paying a $2 per year of age of the child (gave this child a the total possible allowance is $20. This child has 4 chores: washing dishes, picking up room, taking out the trash and clearing the table. The child is responsible for these chores Monday - Friday (5 days).
4 (chores) x 5 (days) = 20 possibilities to make some money. Than dived that into the total possible allowance.
$20.00 (total possible allowance) ÷ 20 (total chores for the week) = $1.00 (per chore)
Again, You would only pay the child for all the chores completed. If the child completed 18 chores but missed 2. Well than 💁
18 (chores completed) × $1.00 (per chore) = $18.00 total allowance
The beauty about using this formula is that no matter how many or how little of chores the child has the total possible allowance will not exceed what you are able to financially provide.
 |
On the Y axes of the chart they have their goals and chores: complete school work, wash dishes, manners, brush teeth, no hitting (yes I pay them for these. It has created good habits that I'm very proud of. I regret nothing), make beds, dishes, clear table, feed pet, ect. On the X axes are the days of the week. When a goal is completed for the day they put one of the little magnets to show it was so.
PAY DAY!
The allowances are distributed in the form of checks that they cash with me and their dad. The checks are basically an extension of the chart, and gives the children an opportunity to see what a real check looks like and understand how to read them. These can be done on a spread sheet on your computer. Or save yourself some time and purchase the PDF file! With your purchase you'll get 5 checks here $5.99
After payment you will be emailed a PDF of the check that can be printed up to 5 times.
Click link below to purchase PDFfor 5.99.. LINK HERE: http://myhomeschooledmocosas.fetchapp.com/sell/e9d9e0e6
 |
| Get 5 checks here for $5.99 After payment you will be emailed a PDF of the check that can be printed up to 5 times. Click link below to purchase. http://myhomeschooledmocosas.fetchapp.com/sell/e9d9e0e6 |
 |
| We typically put our magnets for the day at bed time. We put an "X" if that goal was not met the day. The chart helps to keep a visual on how much their allowances will turn out on Friday. CLICK LINK BELOW TO PURCHASE CHART https://www.melissaanddoug.com/magnetic-responsibility-chart---chore-chart/3789.html |
After the children cash their checks they put 10% in their savings account, 10% stashed, and 5-10% towards helping others. So in this we have managed to teach the children how to read checks, taxes, savings and charity.All that is left is running a small business, profits and loss. That we teach them with the help of our local homeschooling centers E-Club. But that is a whole another blog post.
Here my kid decided to stock the local Blessing Box with her 10% for charity.
.
This chart can be use for smaller kids as well. The chart comes with a variety of chores and goals that are interchangeable. So you can change it to fit each child. Same concept as with the older ones but instead of an allowance you can set up a reward box with cheap toys, puzzles, bubbles or a visit to the yogurt shop.
Now let me say this, In order for the chart to work in teaching it's life lessons. I have to also be consistent and hold them accountable, so I have to follow through. I don't just want to teach money management here but, with the chart, I will again also help them learn responsibility, accountability and decision making. . If one child finishes the chart and the other slacked off that week. They already know not to pull a tear fest bc they didn't complete their chart and the sibling did. You made your bed now lay in it . You have to be follow through. If this is to much OPTION 1 - A Flat Rate Allowance would probably suit your family better.
Has it work? Yes!
I've had these same charts for almost 5 years. As the years have come and gone we have modified and changed some of the goals and allowance amount. If I see one of my kids need to work on respect I put it on the Y axis of the chart as a goal. We talk about how we have not met this goal, talk about methods to do better and talk about scenarios where we could apply those methods to achieve said goal. I ask them to work on that for the week and it motivates them bc they WANT the maximum allowance. But it also helps me accomplish my goal of correcting their behavior. We have also added a way to makeup for the goals that were not met. Extra chores. That motivates them even more to act right from the get go. No one likes extra chores!
Comments
Post a Comment