Teaching the kids the value of money with "Bucks For Stuff"

As summer is quickly and unfortunately coming to an end, I have been looking at my "Unlazy Days of Summer To Do List" to see what boxes are left to be checked.  I have checked off all of my DIY projects, and I have cleaned many a closet.  But on my list was also improving parenting skills like establishing screen time boundaries with my kids and figuring out what to do about an allowance.  The screen time boundary is working well so far and my daughter actually admitted that she liked the rule because it forced her to play outside.  It was a nice compliment, but I think the challenge will come in the winter when outside isn't always an option.  But for now, I'll check that box.  Figuring out what to do about allowance has been a little trickier.  I didn't want to just give them money - that doesn't happen in real life - no one just hands you money, you have to work for it.  I didn't want to give them a list of chores to do that I would pay them for, for two reasons: One, I'm a little controlling when it comes to how I like things done in my house (little being an understatement), and two, I have yet to be paid for making dinner, doing the laundry, driving carpool, loading the dishwasher or managing the finances for the job of stay-at-home mom, so what would that be teaching them?  I decided to go to the source for help:  My girlfriends.

One friend actually wrote a book on the subject!  Her program asks that your children choose a career to research, complete tasks related to that career, and even shadow a professional, and then you compensate your children according to the work they have done.  It is an amazing idea!  The only issue for me is that my kids have such busy school and extracurricular schedules that I fear that I would not put the effort in to make the program a success.  That said, I think it would work wonderfully for younger kids and parents would be able to get into the habit of the program well before the 2-hour nights of homework begin.  Another friend is a teacher.  She has been using a program in her classroom for years and just recently decided to try it with her own children at home.  She doesn't have a name for it, so let's call it, "Bucks for Stuff."

In this program, the theory is that kids get paid for the job they are expected to do; morning routine, going to school and completing all school and homework, and the evening routine.  For each "job" (morning, school, and evening), the kids can earn one Buck, giving them the opportunity to earn at least three Bucks a day.  If the morning and evening routines are not completed, then no Bucks are paid.  Each family has a different morning and evening routine, so not much needs to change.  The only aspect of these routines that should change is the nagging.  If you are anything like me, you are constantly asking, "Did you brush your teeth?" "Are your clothes in the hamper?" or "Is your notebook in your backpack?"  If the kids earn a Buck for completing their morning routine, then they also lose the opportunity to earn that Buck if they don't complete it.  If dishes aren't in the sink after breakfast, no Buck.  If towels are on the floor, no Buck.  I think after a few days of losing out on earning Bucks, towels will miraculously find their way to their hooks (that's the hope but we'll see).

Bucks are play paper money.  I think this is important to note because stickers and magnet stars have not worked in the past, but a payout that looks like money and gets stored in a wallet may put my kids in the mindset to participate.  And the payout will be every night, so the Bucks are stored upstairs and paid out at bedtime.  So what will the kids get to do with these Bucks?  When I introduced the program to my kids, I started with the "catalog."  The kids get to make a wish list of everything they want: iTunes gift cards, hockey sticks, tickets to a game or a show, American Girl dolls, etc.  Once their list is complete, a Bucks value is applied to each item.  The value is up to each family.  I am thinking three Bucks equals one real dollar, this way they have the chance to earn at least seven dollars a week.  My daughter put a horse (a real one) on her list, but that's getting a value of a million Bucks because I am so not getting her a horse.  My friend is a teacher and as such, she loves her laminating machine.  She made an actual catalog from her kids' lists, complete with pictures, that her children flip through like the Toys R Us Big Book that comes out at Thanksgiving.  My kids will have to do with a non-laminated, black and white list.  My teenage son does not even want to make a list.  He is happy just knowing the conversion so that he can get cash for his Bucks, which is fine with me.

There are some additional rules to this program.  One is that Bucks can be used as a form of punishment.  Not only can they lose Bucks for not doing their job, but they can be asked to pay a Buck for bad behavior.  Other consequences still exist, but this just adds another piece of ammunition to the parenting artillery.  Another rule, which I am not sure if my friend uses, is that there is no negotiating for Bucks.  I don't want to hear, "I'll feed the dog if you give me a Buck, " or "I'll only go to the store with you if you give me a Buck."  Absolutely not.  The last rule is that I get to give Bucks at my discretion for good behavior or good citizenship.  For instance, we were out to dinner last night, and a couple came to my table and complimented me on how well-behaved my children were.  That would earn them a Buck in my book.  Also, if I catch them being nice for the sake of being nice, like my son helping my daughter with her homework without me asking, and doing it without being critical of her, that would earn him a Buck.  Another friend calls that a "Gotcha" moment.  She likes to catch her kids in the act of doing a random act of kindness and compliment them big time or give them a reward for it.

So we are starting this program on Monday, which gives my daughter time to make her wish list and me time to list all tasks that fall into the morning and evening routines.  I ordered the Bucks on Amazon and I will find extra wallets around the house so that they can store their Bucks neatly.  My teacher friend laminated her bucks too, and probably had her kids make their wallets, but her kids are younger and more apt to play along.  I am looking forward to reducing my nagging.  I am looking forward to telling my kids that they can have whatever they want...as long as they pay for it with the money they earn.  Now if only I could get paid for my job!

This is just the beginning of this program for my kids.  Once they have earned Bucks and cashed them in for stuff, I am going to add an element of charity.  I would like them to donate some of their Bucks to a cause that is close to them, whether it be our synagogue or a non-profit organization, as it's an important lesson to learn that money isn't just for stuff.  Sometimes it can send a kid to camp who otherwise wouldn't get to go, and sometimes it helps find a cure for a nasty disease.  I will keep you updated on how it goes and if you would like to share your method of teaching kids the value of money, please leave me a comment - I consider you all a part of my village and would welcome your input!

xo

Beth