I received some sound advice from Crystal that I wanted to share with you. I LOVED this idea. I WISH I was that planned out with my children but I love the fact that now that I have this information, I can share it with you and one day, I can share it with my kids for my future grandkids.
Crystal said that in her family there are chores to do. She pays for chores done around the house. There is a list posted on the fridge of these chores.
Okay, not so different than our home but very different in thought-process here’s why: In our home we have a chore list on the fridge as well. I never paid my children for chores. I didn’t want my kids to grow up thinking that someone was going to pay them for throwing out their trash. I wanted them to learn that as a family things had to be done for the good of the family. Doug pays his children for chores.
Crystal pays for chores each week.
I never paid for chores. Doug pays like Crystal weekly.
Crystal sits down once a month for bill paying. Not her own but get this; her children’s.
I never did this. Doug never does this.
Crystal has her children give a minimum of 10% to charity and 10% to savings of total earnings. Then she charges them 20% for room and board. This is where it gets good! Her reasoning is she is setting them up for life. This is how a paycheck goes. You don’t get a paycheck then just blow it on anything! You have a responsibility to give back to your community. You have a responsibility to save for your future, and you will have housing and living expenses. Your work goes towards living your life responsibly!
Haha! I love it! It gets better!
Crystal says her children are allowed to do with the 60% of their leftover income what they will. Her son#1 is materialistic so he buys with gusto and is in debt up to his eyeballs. DEBT??? How does a 12 year-old get in debt? She acts as a bank. If they want to buy something and don’t have the money for it, they can borrow from her, up to a pre-approved limit, with interest! Then each month, during bill paying day, they must pay the minimum monthly payment and the interest that accrues or the balance avoiding the interest. I LOVED that!
Son#2 is frugal. He will ask for everything in the store but when she says, “Did you bring your money?”, suddenly the item isn’t important. He will figure out the cost of something but she says he hates interest so he only borrows, if anything, what he can pay off the balance for the following bill paying day.
I asked her about when they get older and want cell phones and cars how will she handle that? She says cell phones will cost a certain dollar amount based on a percentage of what it cost her and any overages will be their responsibility. Cars will be bought with matching funds. Gas and insurance will be paid with a job they secure on their own.
Gosh, I have to tell you, I really like this. I think it works. I think it really works!