I was folding towels today and O was nearby. I asked him if he wanted to make a little money and help me out. "You mean pocket money?" he replied very excited. I gave him some towels to fold and we sat and negotiated a fee for his help. He is not very good at the negotiation part. While he understands money and seems to kind of understand the power of it, he really doesn't get the big picture yet. He is right on the cusp of understanding and I think pocket money will help him out. We negotiated $0.60 for him to fold the share of towels I gave him. After he was finished we talked about negotiating a better price for a job well done. He talked me up to $0.70. Then we counted out the change together and put it in his envelope. Then he started asking what else he could do for some pocket money. We talked a bit about the difference between a regular, set allowance and earning extra money by doing extra jobs. I have struggled with this because I feel like there are certain things that every family member should have to contribute towards the household without expecting pay for it. However, the thought of him taking over some daily jobs that I currently do would help us both. I would have more time to myself and he would be gaining responsibility (feeding the dog and cats, loading the dishwasher, etc.). I'm sure it will all evolve as we move through it.
As with anything regarding parenting, you have these great plans and ideas that never seem to work out once you are there. I want him to have his own money to do with as he pleases and, hopefully, to learn how to manage, budget, etc before he has to head out into the world and do it for real. But, he needs to work for it, appreciate what he receives in gifts (for birthdays etc.) and figure out what value he puts on monetary items. A lesson that can only be taught through living it.
We all have our own experiences with money and it is often amazing to me the different views people have concerning money. C and I decided years ago that the bulk of our funds would go towards traveling to see our families (primarily) since we were so far away from them and to see different places in the world. That is what is important to us. But don't think I don't notice when we go to the home of a peer and they seem to have so much more than we do. We can't do it all and we've chosen what is important to us. I mean, I really would like some nice furniture for the house but not if it means we have to miss Christmas with our families. Another thing, education. I don't think it ever occurred to us to set up college education funds for the kids. Both of us had to work our way through college and apply for scholarships. Why should our kids have it any easier?! You can't appreciate something unless you work for it. Of course, we will help out where and however we can but we won't give the kids the idea that their education is covered. Our retirement is more important than their education. Goodness knows I don't want them to have to take care of us one day. One of my friends once mentioned how upset her husband was at his brother because he hadn't bothered setting up education funds for his kids. It was something he never had and he is making sure his child has that for his future. I just don't think that it is a parental requirement to pay for post high school education.
Anyway, how did I get here?? So, the idea of pocket money has hit home with our 6 year old. I look forward to watching him grow in this realm. And I really hope I don't screw it up.