So, my husband and I have decided that with our daughter enteringkindergarten in the fall will come more responsibility (cleaning her room, doing homework in a timely manner, putting away her laundry). And with more responsibility will come, dare I say it, an allowance. I'm not talking much here, just a small monetry amount that will be hers to do with as she wishes.
Well, of course with me it's not that simple. I try to create a lesson in every experience. I feel that a milestone as big as starting to get an allowance needs much consideration and discussion, as it will potentially mold how she views money and deals with her finances for years to come. I know, poor kid, right?
Anyway, I heard (or read) somewhere that money received, be it an allowance, a gift or a salary, should be split into thirds–1/3 for savings, 1/3 for spending and 1/3 for charity.
I like this idea. I don't follow that rule myself, but think it could be a good starting point for my daughter to learn some financial responsibility. She also just happens to have three money banks in her room. We were going to make the amount simple like $3 a week and have her get in the habit of breaking that, and the money she makes recycling our cans, into 3's.