“The Best Way to teach your kids about taxes is by eating 30% of their ice cream.”
— Bill Murray
It’s important to know the difference between wants and needs. Big sisters cover needs. Twins cover wants. What is a need? Food in the kitchen, safe home, doctors bills, shoes that fit, basic clothes for school. What counts as a want? Eating out, entertainment, extra clothes & shoes, updated electronics. Allowance steps into play with the wants. Kids get allowance from chores.
How to earn allowance:
- Cleaning and putting away dishes- everyday
- Trash/ recycling- everyday
- Clean the weekely assigned room- once a week (twins get a bonas if Charlotte or I don’t do our)
- Wash sheets- at least once a month
At first the twins were excited about all the money and then they truly realized the work that went into earning the money and the responsibility of people counting on them to get it done. They begged to go back to the old way but we held strong.
For me it was great because the twins were accountable for keeping the home tidy and it stopped the nagging for stuff cause I just have to say save your allowance. Sometimes if things come up we will front them the money but it’s always been fully repaid with their hard work around the house.