Continuing the discussion on essential skills for kids to learn: We need to rework our allowance system. For some time, rather than dealing with cash, I have kept a simple ledger for each child, showing income, expenses, and current balance.
It’s not working for us, for a number of reasons. The biggest reason, I think, is that our kids spend very little money. I thought one of the main things an allowance was supposed to teach was how to save up the little bit you get for something big. But the most they spend is for a new video game every few months! Consequently, their balances just go up, and become meaningless.
What do you do for allowance?