New Habit: Allowance

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Biggie has made some recent purchases, which allows me to start from scratch in accounting his allowance, which prompts me to re-commit giving him an allowance a weekly ritual.

Some tweaks I’m making this time around:

I’m now adding another category: a Book Allowance. I got this idea from Read-Aloud Revival. Not only does it make it easier to split his eight dollars (per week) across four categories instead of the previous three (Spending, Saving, Giving), but I have in mind a monthly ritual of shopping at the local bookstore with Biggie. I think having an allowance is kind of abstract for him right now, and I’m not sure he’s getting the full benefits of having assets and resources to manage. Going to the bookstore once a month with cash in hand will, I hope, give him an opportunity to make some concrete decisions about whether to save or spend (and what to spend on). And whatever he spends on will grow his own personal library. Maybe it will strengthen his connection to books; maybe it will also encourage him to support local businesses. Who knows? I think there’s enough positive potential there to give it a try.

I’m also adding interest to his Savings pot. 10% a week.

I’ve also experimented with different ways of keeping track of his allowance, and I’ve decided the best way is to make it very visible and public. As I said, I’m worried that money is still a little too abstract for him when it’s just numbers somewhere, and I’ve found it too annoying to make it all cold hard cash. So I’m going to buy some post-it posters, and just write it out (and make him do the math, natch) week after week.

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