Putting The Kids To Work!

Recently, some friends of ours shared that they were doing Financial Peace Jr. (FPJ) with their kids.   They told us of how it motivated their children to work around the house.   As well as, earn some money to purchase additional toys and games, save some money to buy a car when they turn 16, and give some money to the charity of their choice.

We’ve been struggling with how to do allowances, or whatever you want to call them.   We knew it was important for our kids to have some experience with money, but neither of us was comfortable with just handing them a set amount of money each week.   With the ringing endorsement of FPJ from our friends, it was easy for us to make the decision to order a set for each of the boys.

Our box arrived last Friday.   We studied the contents and the “Instruction Manual” over the weekend. And, we implemented the program today.

I am very happy to say that I have had very industrious boys today.   I know that today was only “Day 1″ and the fun will probably wear off quickly, but right now I have:

• a clean kitchen floor
• a clean breakfast room floor
• a clean entry floor
• a vacuumed living room
• a vacuumed dining room
• an empty mail box
• a clean boy bathroom
• a tidy back yard
• a clean dining table
• and an empty dishwasher

And I didn’t have to do any of it!   Oh, I guess I should tell   you what my kids are getting in return for their hard work.

The premise of FPJ is that each child should have a “Commission Worksheet”. On this worksheet you list the jobs you expect the child to do and the amount they will be “earn a commission” if they do the job and do it correctly.   (For the record, let me say I like this so much better than having an allowance.)   For my guys, they have the opportunity to earn a little over $5.00 per week, unless their jobs get “sniped.”   The boys have all day to do their list of about 8 jobs along with school work and fun time.   At 8pm, any job that is not complete on their Work-To-Do-List can be taken by anyone in the house that wants to do the job.   The rule goes “If you don’t work, you don’t get paid.”   So, whoever does the job earns the pay.

I was surprised to watch a version of “The Tortoise and the Hare” play out in our house today.   The boy who I thought would be the tortoise, ended up being the hare!   He had three jobs sniped from him after 8 o’clock tonight.   I guess we’ll see how this plays out tomorrow…

Anyway, with their $5 income, they are required to put at least 10% toward giving, at least 10% toward saving, and the rest can go in spending.   The “saving” aspect of FPJ is spearheaded by a “Saving To Buy With Cash” poster.   We printed off pictures of the Pirate Lego Kit for Tigger and the Indiana Jones Lego Kit for Woody.   We attached the picture to their poster that lists the amount they have, along with the amount they need.   As of today, they each have about $30 and are working to earn the remaining $60-$70 so they can each purchase a kit.   The picture serves as motivation to help them see what awaits at the “Finish Line.”

I really hope this works.   I would love for my kids to understand money before they moved out of the house.   I know I didn’t really have a clue of how to handle money until Hubby and I decided to get out of debt several years ago.   I hope and pray that my children will never have to feel the chains of debt.   I’m still amazed at how much better I sleep now that I don’t have to worry about money.   I hope they will never know a sleepless night due to poor financial decisions.   I hope they learn that debt-free and delayed gratification, really are the best kinds of gratification.

I will be interested to see what the boys decide to do with their money on the next pay day.   Will they save more than the required 10%?   Will they take all of their “spending” money and blow it on candy and junk?   Either way, at least I’ll have clean floors!