Well, the boys got their first check last weekend. They were all excited when we started calling them into the room one by one. We presented each of them with their stub and a paper check. We explained the check stub to them and how they could earn extra money and lose money. We also spoke about how their income was very private.
Phil and I had talked about the privacy issue before hand because they were getting different rates and didn't want an uproar. They seemed to take that part pretty well. Probably because we said they'd get a deduction for not following rules. (Wellllllll, we had to have some recourse.)
We took them to the bank and opened up accounts. They were thrilled up until they found out that $10 of their income would be put on hold until the cards came in. HAHAHA.... Reality bites. Phil and I allowed them to have $5.00 cash. We again gave them schpeel about how once the money was gone it was gone.
This is how the rest of the afternoon went:
10 minutes after leaving the bank we stopped at a convenience store...do you see where this is going?
C's money was completely wiped out.
E2 and E1 decided to pull their money. *face palm* Oh boy! I had to discourage that. Then E2 tells E1 that he'll buy E1's things for him so that E1 won't have to spend his money.
Ummmmm...Nope!! I had to stop that and then made a mental note to tell Phil that we needed to talk about charity and generosity to our six year old. But at this point, I could just see his money being spent and then jealousy arising later.
The boys finally decided on their things. E1 walked out with $1.70 and E2 walked out with $3.60.
Sunday:
This is where it starts getting fun!
E1: "Can we go to McDonald's?"
Me: "Sure. Are you buying?"
E1: (glares at me)
Me: "Well, we aren't planning on eating out right now. We have lunch here. I'll drive you but you don't even have enough for a happy meal."
E1: "Never mind."
Later:
C: "Mom, my X-Box Live ran out. Can we renew?"
Me: "You have an allowance. Save for it."
C: (walks off)
The best part they are keeping up with their chores. We've had to remind them a few times and they got their deductions. But it didn't take long for them to get the picture.
Phil has been witness to all of the fun and admits that this is one of the best ideas I've had so far. We are loving it! It's well worth the money we are giving them and it's saving us a ton of money!!
