Tanya also has a hybrid system for allowances. She found it was best for her family because her kids started asking about every single chore and how much they could earn.
Having those core chores allows her kids to learn that everyone pitches in and the allowance gives them a chance to start managing money on their own and earn some extra cash.
Speaking of earning cash, Tanya has implemented a pretty awesome idea with the hustle list.
…..So there are certainly core chores that you see because you’re part of the family.
And then I have what I call the hustle list.
The hustle list are things that you can do if you want to make money, so those things are delineated.
…My son, as an example, he raked out all of the leaves in our backyard and it took him a couple of hours to do so.
Her kids get so into it, they sometimes ‘bid’ for jobs, like they did for organizing the Tupperware!
Now see this wasn’t enough on the hustle list. I just opened up the can.
I want to pull out my hair when I saw those tops and bottom not organized out.
So to clean up the Tupperware, [I said] ‘I’ll pay two bucks.’
So then they start bidding.
[He said] ‘I’ll do it for three.’
And Gabrielle says I’ll do $2.99…
We finally landed on a price.
…So in the few hours yesterday he earned $16. And guess what?
Those were chores that I didn’t want to do that I didn’t have to do.
Besides an allowance, there are other ways you can pass on money lessons.
Teaching Your Kids Money Through Goals
Teaching kids about money doesn’t have to be a boring lecture. You can engage them on their level and interest by focusing on their dreams and goals.
Goalsetter lets kids sign up for goals that are important to them (like dance class, soccer, robotics club, or giving to a cause) and lets parents automatically save for their kid’s goals – big or small along with them.
Do you have friends and family who are looking for the perfect gift for your kid? Tell them about Goalsetter!
They can also contribute to your kid’s Goalsetter account by giving them GoalCards instead of giftcards or traditional gifts (that may or may not get used). How wonderful would it be that their gift fueled a dream?
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Elle Martinez helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second..