Since Kik will be helping out around the house, we thought it was only fair to start giving her an allowance. We decided to make a chore chart so she could mark off her chores every day after she completed them.
We took a normal piece of construction paper and then drew lines to make a graph (6 by 8). We put all of her chores down one side, and then all of the days of the week across the top. We then used one of the self lamination kits to make it reusable.
Then every night before bed she gets to cross off the chores she did that day. For every day that she has all of her chores crossed off, she gets a quarter. And if she crosses off all of her chores in a week, the quarter a day is raised to $2.25. (I know it's not a lot of money, but she's 5!)
Since we didn't want her to just think that she could spend everything she earned, we also decided to get a Money Savvy Generation Piggy Bank.
The Money Savvy Piggy Bank is split into 4 separate chambers
labeled Save, Spend, Donate, and Invest.
The purpose of the Pig is to teach children about finance and healthy spending habits at a young age.
Every Monday we go over Kik's chore chart and give her the money she earned for the week. After she gets her allowance we have her put 10% into the Donate Category, and then 10% into the Save Category (for long term savings). Then she can put her remaining money into any section she wants. She knows that the Save and Donate sections are off limits, so she usually puts all of the remaining money in Spend, but I can't really blame her.
Some people think that we are trying to teach our 5 year old too much too early, but she gets so happy when she buys something with it!
To Buy - The Money Savvy Pig retails for just $16.99 and currently comes in 6 different colors. There is also a cow bank and a football bank, that can be used the same way if you're looking for something a little more non traditional. For parents of young kids I would definitely recommend it as a great tool for teaching young children about finance!
If you want to learn more, or stay up to date on current happenings, you can also connect with them via their blog, facebook, or twitter! They also have a free newsletter you can sign up for, which teaches PARENTS how to help their kids learn succesful spending habits!
To Win - Money Savvy Generation is giving away a pig to one of you (in (blue, green, pink, purple, or red)! You can enter to win on the Back to School Winner take all Giveaway!
Disclosure - I received a product for review purposes from the above company or their pr agency. Opinions in the post are strictly my owna dn I was not compensated in any way!