ML’s room is finally clean! She promises to keep it clean all summer. All I have to do is give her $1.00 at the end of the summer. It would be a great deal for me. But now that ML can recognize the different coins and do math, I’m ready to start financial literacy. In our day, it was called allowance.
Getting an allowance, saving for things and giving to others is complicated. Recently, a mom asked me for a book on saving money. I didn’t know one off the top of my head. Luckily, I found the perfect book. It’s called Start Saving, Henry! by Nancy Carlson.
Also, I’m stealing an idea from my friend. 3 Jars with lids labeled: Save, Spend and Donate. At the end of the week, ML will receive her allowance. My only request; she add money to all three jars.
Now I just need to figure out her salary. Any advice on the going rate for a first grader’s allowance?