We are bad at sticking to chore lists in this house. We are even worse at setting a weekly allowance and sticking with it.
The boys want to earn money and I don’t blame them. I actually want them to have their own for a few reasons. One, it teaches responsibility and the value of the dollar. Plus, there are some dumb things that 7 & 10 year old boys want that I don’t want to spend my precious dollars on.
I’m thinking Beyblade here. Anyone have kids who play with them? Please explain it to me!
They can save and purchase and go shopping themselves. They feel pride when they use their own money that they have worked hard to earn and think harder about what they really need.
The boys love the computer. They love being online. They love being able to do things themselves ~ be in charge and take responsibility.
We found Tykoon. A wonderful, kid-friendly site, dedicated to the financial educational of our children.
Together we set up our account. There is a parent dashboard and a log-in for both boys. We all have our own area to turn to.
We then easily set up our chore list ~ was this a daily chore? weekly? What day of the week?
Finally, the boys favorite part. What allowance would they earn each week and how were they going to divide it up among Save, Spend, & Give. We chatted with each of them separately and helped them choose which percentage would go where. Each boy has a different set-up. My oldest wanted to Save more than his brother. No surprise there.
I really liked that you could go in at anytime and add a chore and extra money. For example, sometimes one of the boys will go to work with Hubby. If he helps him out at work, then they will earn an additional amount to their allowance. Tykoon will keep track of it all.
You can also have the No Money option. We have brush teeth on our daily chore list, as it IS a chore for my kids, but they of course don’t get paid for that. Though they would like to!
As our first couple of weeks have gone by, the boys are really getting into it. They love anything to do with the computer and I like seeing how much they are collecting in their Save & Give piles.
Our next step will be to add the App to my phone. I’ve been reluctant just because it gives them another excuse to use my phone. But I think it may make our steps even easier and they will dig using my phone too.
Spread the Tykoon word to family and friends. When 5 sign up you earn a $25 Amazon GC! Cool!
What does your family use to keep track of chores and allowances?
I participated in a campaign on behalf of Mom Central Consulting for Tykoon. I received a promotional item as a thank-you for participating.