There comes a time in everyone’s life when they have to figure out how to handle money.
Being fiscally responsible doesn’t come naturally to some adults because they were never properly taught how to master the skill. But one mom is hoping to teach her daughter early on and Lynn Brooks’s clever idea to educate Londyn about handling money could end up benefiting a lot of kids. Lynn claims she didn’t come up with the idea herself; she just saw something similar on Facebook and decided to make it her own.
Now, Lynn’s genius system is going viral as more and more parents hear about it and decide to implement a system of their own.
In an effort to teach her daughter about responsibility and handling her money, she created a poster board with a work schedule that includes chores and school work. Londyn earns $1 per day, plus she can get “overtime” pay on weekends and “bonuses” for doing well at school.
“I saw this from a Mom through Facebook,” Lynn explained. “I was inspired to create something based off of her idea. Not only is my daughter learning responsibilities, she’s also learning her math in the process thereof. If she gets in trouble, she will have to forfeit a weeks’ pay.”
On Friday of each week, Lynn tallies up Londyn’s efforts and writes out a paycheck.
Londyn is welcome to use some of her money for fun stuff, but she also has to contribute to the family household. Lynn includes living expenses like electricity, internet, and water, that Londyn must pay for from her earnings.
(However, Lynn doesn’t actually use her daughter’s money for these essentials. Instead, she puts that money straight into “the vault” for a rainy day.)
For her discretionary funds, Londyn can shop at her mom’s little shopping center. She’s allowed to buy any treats she likes, but “she isn’t allowed to buy more than what she can consume each day over a weeks period of time.”
Londyn loves earning her own money so much, she’s even branching out. Check out this very professional-looking lemonade stand! This child is going places.
Lynn has been surprised but thrilled by all of the positive attention this idea has garnered online.
“I didn’t realize what a special project this could be not only for us but for many,” she said. “My daughter is confident, learning, and is improving so much. It’s borderline bribery, however, we ALL feel great when we get rewarded and being acknowledged for doing a great job. Make this project your own. It’s fun.”
What a great idea! This could really help a lot of kids learn to appreciate the value of a dollar. It also helps them with their math skills.
Please share this idea with other parents who could use these tips!