We are always looking for ways to make more money "sense" in our family. I am an extremely frugal person, and want to pass this on to my children. I want them to know the value of money, and how important saving is.
I was thrilled to have the chance to review The Money Smart Family System by Steve & Annette Economides. It thought the system was a compeltely different approach than what we were doing (which was NOT working for us), and we tried it out.
The idea behind The Money Smart Family System is that the family has a "Time Sheet"for the kids, and have tasks during the entire day. If they complete the tasks, they earn "points" which add up to money. For example, each day they have morning, school, chores, and round up. If the child completes all of the tasks, they earn 4 points for that day. Morning items might include finishing breakfast and getting ready on their own. Round up is finishing up all of the tasks still left to do in the day. The system is really customizable to your own family (which we loved) and the tasks can be adjusted according to a child's age. They also have sections with suggestions based on age!
We were just giving an allowance to my daughter based on 1 task in the week: The living room needed to be cleaned. This NEVER worked because she would leave it until the last minute and then it would not get done really well. I like the idea of a daily time sheet because it keeps everyone on task every day. We also loved how it allowed our 5 year old to get involved. We had just been giving him an allowance, but we were able to incorporate him finishing meals, cleaning up, etc as a part of his "points."
The children responded well to this system, and we have copied several time sheets so that they can fill them out. We have the time sheet on our fridge, and we sign off on it every day.