Allowance – The Power of Saving

It’s hard to believe that the kids are out of school and summer has begun.  It is during these few short weeks (albeit some days, in my own mind, it is nine long weeks), that I become the chore enforcer.  The school year is jam-packed with sports, homework and after-school activities so I admit, my follow-through on chores is lack-luster.   Summer vacation can bring the loss of structure and the influx of boredom, which is the ripe time to assign chores.

The perfect-boredom buster, regardless of age, is ChorePad!

ChorePad is a free app that allows you to assign tasks based on the day of the week and assign points and rewards.  As the kids collect the points, they can take advantage of the rewards that you set up.

There are so many fun ideas for rewards: ice cream for dinner, date night with Mom or Dad, cash allowance, picnic at the park, gift cards, a treat off the ice cream truck… you get the idea.  Think about the things your kids love to do and create your rewards accordingly.   A new one this year, as my kids are getting older, is matching their savings contributions.   If they elect to receive $10 allowance after accruing the right amount of stars, consider matching it.  Encourage older kids who have babysitting or lawn mowing jobs that you will match that as well, if they put half into savings.

This is the perfect opportunity to teach your children the value of saving.  It may even motivate lackadaisical kids, teaching them that saving their money can make them more money!

Diane E. Guimond
Wealth Advisor!