Allowances

I never had an allowance when I was growing up. I think my parents were vaguely aware of the concept, but couldn't come up with a system that worked.

This article has some good ideas, though, I think.

• begin allowance on fourth birthday (mature enough to begin understanding concept of money)
  

• divide allowance in three parts (for example, spending money, saving money and giving money) - all gift money is split this way too.
  

• have allowance grow by fifty cents each year (ex. when he’s five, he’ll get $2.50. When he’s ten, he’ll get $5.)

• have allowance be "automatic" - not based on any specific behaviour. Allow child to earn extra money doing EXTRA chores. (Child doesn't get paid for regular chores like making bed, etc.)

Obviously, the author and his wife have discussed this and come up with a "plan". I think we should do that too (when the time comes).