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Release Date: Jan 28, 2009
Genre: Finance
© 2008 Adam Williams

I have mentioned before that I use the IPhone app "Spend" to keep track of my kids' allowance. I also wanted to mention how I use it in my parenting in general. This approach can easily be used with a desktop computer or a notebook, too. I just don't like doing all the math with six kids!

I give my kids an allowance of 50 cents per year of age a week. So my eight year old gets $4 a week. Of that, they are to give at least 10% to God. I used to have at least a 10% savings rule, but most of the kids do really, really well with savings. I was also giving them interest for savings, but I was in danger of going bankrupt! The kids use their money for extras–like a shake or a happy meal if we get fast food. Or for music downloads on ITunes.

When the kids do something exceptional, I give them bonuses which is 10% of their weekly allowance. It makes it fair and it's easy to remember. This afternoon, the 4yo asked the 6yo if he wanted to sit in her chair at the nursing home. I about fell OFF my chair! That was definitely bonus worthy. On the other hand, when they do something unacceptable, they are fined 10% of their allowance. Just today I increased the fine for physical injury to 20%. I'm adopting a no tolerance policy. I'll have less hitting and if not, at least I'll have more money. 🙂 Actually, the way it works is the injured party gets the payment from the perpetrator–just like in adult life.

This kind of system may not work for you if your kids aren't motivated by money. My kids cry and cry if they get a fine. Works for me!

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