Sunday, June 7, 2009

a lesson in finances

We are beginning to teach Madeline about money, saving, and budgeting. She is also learning the difference between a chore and a responsibility. Keeping her room clean, putting her close away, schoolwork, and feeding her rabbit are responsibilities and she does not earn an allowance for that. Cleaning up the doggie poopy once a week, emptying the silverware from the dishwasher, feeding the dogs, & clearing the dinner table are chores and for that she earns an allowance each week. She has to put 20% towards savings and 10% towards tithing and the rest she may spend on anything she wants. Additionally, if I or Kelly have to do any of her chores during the week then she has to pay us the specified amount given to that particular chore. NOW ONTO THE LESSON, Last week Madeline did not put away her clean clothes which sat in the basket for 4 days. Finally, after giving her enough time, in my mind, I began to put her clothes away and start adding by 5¢ per clothing item. Madeline finally caught on at about 30¢ and began to quickly put away her clothes. When all was said and done I had put away 17 clothing items. Tonight when she it was time to pay her her allowance she had to pay me 85¢ which she was not happy about. She cried and pleaded that she did not have to pay me but in the gave in and cried for about ten minutes after I put the money in my jar.