The BM is an idiot when it comes to money. She does not save, she cannot live within her means, and she is incompetent to teach SD10 anything other than spend spend spend. So I came up with a process.
To figure allowances I have a little process for both bio and step. They have a chore chart with various tasks. Some tasks pay money, because child need a way to learn to work for their money. Some do not pay money, because sometimes being a member of a home means you do things because they need done. At the end of the week I pay them. However they MUST take 10% of their earnings and put it in savings, because it is important to learn to save. The rest they may spend, because that is the easy part and fun part for a kid. If they want a bigger item they need to save a few weeks.
But I was thinking that learning to be charitable might be a good thing too. I was thinking that perhaps setting a portion aside for a charity might be a good lesson. 5% for kids, animals, medical, troops, whatever they want. I know it will not be much at first and that is not really the point. It is the lesson.
The only other lesson in money SD gets is at her BM's where you get money you spend money, NOW. Oh, and you only spend money on yourself, you do not buy things for anyone else. Not only is that a waste of money, but the time you spend on it is a waste of time. Her grandma gave her $3.00 (three) for her birthday and told her to walk herself to the store. Which is better than BM's present - she watched TV with her that day.
I think putting something
I think putting something aside for a charity is a great idea! I'm going to do that with DS when he is old enough to understand. Dh and I are big on giving. Hasn't rubbed off too much on SD, but I am hoping my child is giving. What a wonderful way to teach them.
Also, even though it won't be much at first, have them save it and then choose a charity every 6 months. Maybe instead of just giving cash they can donate items that they shop for? Organizations are always looking for food items or stuff to send to the troops or toys for kids in children's hospitals, etc.
This is something I have
This is something I have always done with my kids - every year in November we go through their toys and they pick what they don't play with/want any more and we donate it to charity.
I also have the same sort of jobs chart as the OP - with some being justs because every one in the house contributes, and some they earn money for. We also save 10% of earned money - and I do like the charity idea! Going to instigate that too - thanks
Things my parents did to
Things my parents did to teach us the value of a dollar, maybe you can use some of these, as I am definitely going to do this with my kids:
1. Whenever we pass a homeless person, they gave us a dollar and made us give it to them.
2. Every day we were given one quarter and taken to the deli on the way home from school (this was when chips still cost a quarter), and were told every time--you can either save this quarter up so you can have 2 quarters tomorrow, and buy 2 bags of chips, or you can spend it now.
3. Every birthday/Christmas, instead of given gifts, we were given 20 dollars, and they brought us to Toys-R-Us and said we can use that money to buy anything we want, as long as it was under 20 dollars. If we wanted something more expensive, we were told that we could save it up for the next time around. Yes, we had a piggy bank for that very purpose.
4. 5 dollars a week as "allowance" once we hit middle school. It went up to $40 a month in the first two years of HS, then $80 in the last two. It included our lunch money ($1 a day) but that was all we were allowed. It also included clothes, and anything else we might have wanted. No extras. If we ran out, sorry, we had to bring leftovers to school. Then we were given a certain amount per year of college to spend.
5. My dad also made me read these books: Rich Dad, Poor Dad, Automatic Millionaire, How to play the stock market etc., most were about financial education. At the end of reading all the books he requested, I was given an investment account that I cannot take money out of EXCEPT for what I earned through the stock market.
I know that now--I'm in NYC
I know that now--I'm in NYC so we see them a lot too. However, regardless of if they were (which my parents are probably aware of), it was about seeing them dirty and decrepit (fake or not) that they hoped would leave a lasting impression on me.
They always said "It's better to be the one who has the ability to give the dollar, than the one who needs to take it."
I Orange County CA (think
I Orange County CA (think Disneyland) we have street corner beggers soliciting from cars stopped for red lights. Some have admitted to getting as much as $100 a day. If you think about it its sounds reasonable. $.50 every red light on average adds up quickly.
Once I got a can of store brand baked beans and the next guy I saw who had a sign saying he was hungry I gave him the beans. He wasn't happy.
Once I saw a woman who did look destitute, dirty and not begging just sitting on the sidewalk. I got a bag of dog food and gave her my 1/2 untouched left over sandwich. Manna from heaven she thought from the look on her face.
In todays world... I
In todays world...
I introduced my first pair to Microsoft Excel...
and taught them how to prepare a budget...
School books, Gas, income, savings, entertainment, insurance,maintenance...
Each semester for college, there would obviously be a shortfall.
But they had to show me thier budget...
And outline how much they were going to need...
Many times they would FORGET... items...
others they tried to Say they needed Way more than they needed...
But the whole point of the exercise...
GET them to think and plan ahead...
So I would help them outline,REDUCE and plan, then I would subsidize... the shortfall...
They are both very self sufficient young ladies now at 25&26
Starting that process with the second pair...
As for Charity... bring them to local soup kitchen, Food pantry, and have them voluteer... other places like the salvation army, Habitat for humanity, a woman's shelter...
But giving money to misc. Vagrants...
I don't feel there is a LESSON there...
I absolutly would NOT
I absolutly would NOT incourge giving on the street like that. I hate it when I see the begger, and when I see the giver inthis situation. NO. There are so many state and city programs to provide this help. If someone truly needs it they need to start with themselves, then move to the programs, not the street corner. I would allow for the controlled donations - animal shelter, Toys for Tots, St. Judes, etc.
- The grass is always green on the other side of the fence, but someone’s dog is pooping there too.
- Some baggage should be taken out and left on the curb with the rest of the trash.
Sounds like a great idea!
Sounds like a great idea! Saving and giving are two things my SS's will probably never understand. We see them a total of about 3 weeks every year, spread out across holidays & school breaks. My SS11 was just asking me yesterday about money and budgeting and I was so glad. He and his brother, SS9, have no concept of work. BM had one job over 10 years ago, and held that for only a couple of months. She lives with her parents and her sister, who also has 2 kids. Two people in the house work at actual jobs. BM collects child support. She had the nerve to borrow twenty bucks from my SS11 then tell him she couldn't pay him back because my DH hasn't paid child support in 3 years. Are you kidding me?!?!? She is borrowing money for free from her 11 year old son, thinking she can use my DH's hard earned money to pay it back. Coming from the 30+ BM who lives with parents and somehow had the $$$ to get her nose pierced, haircuts, new clothes, etc. Give me a break.
Good for you for teaching this necessary life skill. I wish my SSs were around more often so I could do the same.