Pocket money

For a long time I Have been struggling to come up with how to teach my kids ( almost 6yrs and almost 3yrs) how money works and the concept of saving. They knew you have to have money to buy something and you cant just eat something in the shop without paying. Then my eldest started Primary school. And to instill their values at school ( Service, Persistance, Achievement, Responsibility & Knowledge) they have a value ticket system where each time they achieve one of the values they get a ticket which gets cashed in every second week for a reward. And so started my bright spark as I saw how eager my eldest was in getting her value tickets.

I started our chore ticket system. Our system is based on working for every Rand, no free hand outs. You have a daily chore ticket which has basic chores which amounts to R10 a week for my almost 6yr old and R5 for my almost 3 yr old.

Mba_daily chore

Then over the weekend they can make extra money if they help me out without me asking. Like sweeping, dusting, help do laundry etc

This whole week they were so excited to do chores and yesterday ( Sunday) they could cash in their tickets.chorechore2

After the Reward for each ticket was given they had to learn that every time they get money they have to save a portion. We set it to 10% of their earnings.

Lets hope the enthusiasm for doing their chores to earn pocket money lasts.

Reward chart

I have finally got an reward chart that works for us. It is a hand me down from my sister for my niece she gotten 7 years ago. reward chartIt is a felt chart with a area to put in the chores. And it had the things we are struggling with the most. e.g. Say please/ Thank you, Eat all your food (its a constant battle with my diva to eat coz she is so picky) and a few others.IMG_8891You then choose a target amount of stars she has to get for that week.IMG_0855 and she can choose her reward for the end of the week.IMG_8888Last week was pizza and this week is movie afternoon where she can choose any movie and we will make popcorn and have a whole cinema experience. in future if there is a movie on cinema she wants to watch we will do the whole movie and popcorn at the cinema.

Then she just have to add the stars for each chore per day. All the felt stick ons has velcro on them for extra stick.IMG_0863Then at the end of the week. the stars are tallied and if she reached target then she gets her reward.