Some of you may already know, Im a huge fan of Dave Ramsey! We use his techniques with our children. We do not give allowance but we pay them “commission” on the jobs they complete around the house that are not already expected of them. For example we don’t pay them to brush their teeth or eat their dinner but we do pay them when they take the initiative to do something extra like help put away the grocery’s, offer to walk the dogs,etc.
Come “Pay Day” the boys separate their earnings into four categories, Long Term Savings, Short Term Savings, Share, and Spend. Long Term Savings is like investing in their future so they can buy a car, money for college, etc. For Short Term Savings, they each decide on something they really want to buy, set a goal amount and save until we meet that goal. The Share portion is used to donate to what ever cause they see fit. And the Spending money is used for what ever their little hearts desire, impulse buys!
How will you use your bank?