Comments on: Bank of Dad – Will Your Kids Be A Client?

By: Carnival Of Twenty Something Finances | My Financial Recovery

Carnival Of Twenty Something Finances | My Financial Recovery — Mon, 27 Jul 2009 13:41:04 +0000

[...] presents Bank of Dad – Will Your Kids Be A Client? posted at My Dollar [...]

By: Have A Part Time Business? Why Moonlighting Can Suck

Have A Part Time Business? Why Moonlighting Can Suck — Thu, 16 Jul 2009 02:24:18 +0000

[...] My Dollar Plan: Bank of Dad — Will Your Kids Be A Client? [...]

By: Keith Morris

Keith Morris — Wed, 15 Jul 2009 23:07:03 +0000

Great post, Diane! This is coincidentally the topic of our live chat tonight with Denise LaBuda. Hope you’ll come and continue the conversation about how to teach kids about money tonight at 9pm EDT!

http://www.talkshoe.com/tc/51172

By: Diane

Diane — Wed, 15 Jul 2009 19:39:14 +0000

For my 13 year old, she gets 50 cents a star. This is a work in progress and changes:
1. Do homework – 5 stars if all homework is turned in when I check online website (all or nothing for week)
2. Laundry (her clothes) – 5 stars if laundry is put away the day after her laundry day (all or nothing for week)
3. Clear dining table – 1 star per day
4. Clean dishes/kitchen (3 days/wk) – 3 stars/day.. sometimes I give more for especially messy days
5. Take out trash – 1 star per day
6. Clean her bathroom – 3 stars (check her bathroom once a week for it to be clean (all or nothing)
7. Help Daddy or Mommy – bonus stars… # of stars is our discretion for volunteering to help the family (from holding brother’s hand while shopping to helping in yard).
For 13 years old— my goal is for her to get $13/wk ($6.50 to spend anyway she wants and $6.50 for bank account). She could get more if she did everything perfect every week, but 13 year olds tend to get lazy and forget. This has been a more positive experience than giving her the $13 and deducting for missed chores.

By: Paul

Paul — Wed, 15 Jul 2009 16:25:01 +0000

I really enjoyed reading this article. I must say, I have not done a very good job of teaching my kids about finances. I have 2 older children 25 and 23 and thank goodness they did not get their finance habits from me.

It is only in the last probably 5 years that my wife and I have been managing things the right way (budget, getting out of debt, etc.).

I have a question for you. I still have a 15 and 13 year old at home and would love for you to share what chores you pay for and how much. My wife and I have not been able to figure out the best way to do this.

Thanks again!