After several years of trying different things, we set up a Money/Chores system based on free enterprise. It works great for our kids(9,13,15) and may work well for you. First off, we charge them all weekly rent based on their age. Then we provide a list of available chores that pay different amounts based on the difficulty. They are free to do chores or not do chores and they mark down what they have done on the list each week. They are also free to make money on their own and all 3 of them do.
Every Monday morning we have a family meeting. Its "payday". We pay them in cash for their chores and charge them in cash for the rent. They can either pay the rent from their savings or pay it from their income for the week.
Here is the kicker. If they can't make rent, they go into "debtor's prison". When in debtor's prison, you have to do the chores we say, when we say it and for only half the pay. This continues until rent is paid and is a HUGE motivator.
For the first several months someone was always in debtor's prison. After about 3 years of this, they all have enough money saved to easily pay the weekly rent and have all saved up a substantial amount for future expenses including a car when they turn 16.
I love this system because it teaches them that they have to earn the money that they get. Whenever they buy something, they see the value in real work. It will also help them to keep a budget in the future. It also teaches them to work proactively because they are rewarded for it. I have seen a big change in attitude toward work and earning money since we implemented this system. I have also been saving each of their "rent" money so that I can give it back to them for a car, a down payment on a house, or education.
Hope this helps!
Submitted February 03, 2019 at 12:23PM by dadofthosewhoact http://bit.ly/2t52WQW
