Cooper's Commissions

 I've been taking a class called "Financial Peace University" by Dave Ramsey and I am loving it! One of the things he suggests doing with your kids is not paying them "allowance", but "commissions". They have to earn money by doing things around the house and of course, as they get older, those things change. But, he had a great idea for little ones like Cooper that are just starting to grasp the concept of getting paid for work. I found this cool magnetic chart that has lots of things you can change out and little magnets you can move and clear each week, so he has four things that he does the earn money, the other things he "helps" with are just bonus for both of us, unpaid. Dave doesn't actually mention doing the chart, but I find it to be a helpful visual for us.

He feeds the dog in the evenings, makes his bed or helps change sheets (ok, I help a bit with this one, but he's getting it), helps put up laundry (he can put up his folded clothes and helps me carry the rest to where it goes), and cleans his room and closet of toys (I help a bit and give direction, but he does the majority of it himself). It's amazing how excited he gets about doing these things when he knows he will get a smiley face on his chart and put some money in his jar. I have a glass jar I keep right by the chart that we put it in as soon as he finishes his job. To make it fun, the laundry help and room are worth $1 a week, so he can see the jar looks more full with a few wadded up dollar bills (another Dave suggestion). For the other things he gets a quarter in his jar. Then, the idea is to let them find something they want to spend their money on and do it, let them choose how much they want to give for whatever they choose, and put some in their savings or leave it in the jar.
The goal is to teach them about working, giving, saving, and spending, not to mention it will eventually turn into math skills, work ethic, and much more! I wish I had known a lot more about money management before I had to do it on my own, so I hope to teach my children early to be responsible. And, I won't lie, right now, it's just plain fun!