Today was our three boys last day of school. There is much talk around the ol’ blogosphere about summer activities, chores and money. We have never given our children an allowance, but feel that they are all well aware that they are part of the team and that certain things are expected when you are part of a family. We decided a long time ago that we wouldn’t be paying anyone to be a part of the family. Goodness know these men wouldn’t be able to afford me! But I digress-
At various times our children have approached us about contracting for special jobs to earn money. Those conversations are always welcome. We also opened savings accounts for them when they were very young, like 5 years old. What has worked like a charm for us is this: We match dollar for dollar, any amount the boys choose to put in their savings account. They cannot withdraw the money for 6 – 9 months after depositing. Out of the three boys, only one withdrawal has been made, ever. It was when our oldest was 14 and went to Mexico on a Mission Trip. Very worthy cause.
Now our oldest is 15 and wants a car. We have told him that we will match whatever he saves, dollar for dollar again, for the car. So if he only saves $250, he’ll be able to get himself a nice Chevette like I drove, for $500. The cool thing is, I can guarantee he’ll be the only one driving a little red Chevette, here in North Scottsdale.
Works for me.