Because I constantly check in with the folks who purchase The Ultimate Allowance, I frequently get questions in my email box about little things (which are always big things:-). Usually they are simple but here are a few I thought I’d share from a dad with three sons. He’s about to start the 8-year old on The Ultimate Allowance and her are his questions…
Here are his specific questions and my answers following them:
1) Who pays outings, e.g., going to the zoo, waterpark, camping trips?
Well, this is PLAY MONEY and is spent from the PLAY JAR and you can either make them responsible for the whole thing (I think you said the oldest was 8?) or I think a better idea is to have him save enough in his play jar for anything he wants to spend. You can make a system for your family where they pay 1/4 or 1/2. Whatever you think would be able to work for all three.
2) What if they want to move money from one jar (category of saving) to other…say sacrifice play money for savings or vice versa?
NO…it’s a system. Go back to the system conversation. Talk to them about the need for play and ask them this question…what would happen with your best friend if you never played with him? He’d go away! Exactly…so does money. Talk about adults who feel guilty spending their money or are so afraid (scarcity belief) to spend their money that they are stressed and never have any fun enjoying the fruits of their labor.
3) When starting with second of three sons, how do you handle hand me downs? The oldest will have bought the clothes so younger won’t need money for that and oldest wont get anything for it.
First, remember that you supplied most of the money for those clothes in the first place so it’s not really like the oldest one bought his own clothes. Second, things just are the way they are. Kids will always want their own clothes by the way…just saying… :-). I wouldn’t worry about that or bring it up.
4. If you realize they need money for other things at the start, do you give more to add to budget? Once it really gets going you likely can’t because it might defeat the purpose?
I think it’s up to the parent to really think the money through. Yes, you involve the child the whole way, but you’re the one who really knows what you spend on them:-)
Hope that helps. Keep it up! I’m very proud of you!!!