Proposal Day October 1, 2008
Posted by Tracy Gullett in Earning, Responsibility.3 comments
Well, it’s Proposal Day. Today is the day that I’m supposed to have proposals on my desk from our daughters, aged 5 and 9. On the way to school this morning, G (9) was unsure of what she was going to propose, but she said she does want jobs. Why? “So I can earn some more money.” It wasn’t an enthusiastic answer, but it was a positive answer.
M (5), on the other hand, has known what she wants her jobs to be since the time she was fired. We may actually have to negotiate her down to some more manageable occupations, though, because her preliminary list contained things like “clean the entire house.” Admittedly, she could probably clean the entire house just as well as I could… but the quality of my work in that area wouldn’t be worth 25 cents per day either.
Assuming we can get new jobs negotiated, each kid will have one week to use as a trial period. They’ll have checklists next week and will be expected to complete them every day, but they won’t be paid for it. If they do an acceptable job on their checklists for that week, then we’ll re-hire them for the following week.
I hope the girls are actually learning real-world lessons out of this. I’m not certain that it’s all sinking in, but I think some of it is. Regardless, they are both excellent kids who tend not to whine, complain, beg, fight, or blame. They’re doing a great job of being great kids, and that’s what allows us to work on programs like this checklist system to help them achieve goals beyond the basics.
And if they fail to do well at their new jobs… I’ll fire them again.
FIRED! September 20, 2008
Posted by Tracy Gullett in Earning, Responsibility.3 comments
Well, that’s it. The kids are fired.
As of today, G has emptied the dishwasher once and cleaned out Speedy’s litter box twice. Needless to say, Speedy is not happy and neither am I. G has also been neglecting her guitar, the lessons for which we are paying. Her new Nintendo DS seems to be taking up every spare moment, at the expense of her actual responsibilities. That’s something I thought would happen, and I couldn’t resist giving her an “I told you so” talk about it.
M has checked off “Garbage” every day this week. The problem is that she hasn’t done the job every day. A technicality, I know, but I can’t let it go. She has been telling her mother that she doesn’t care whether she gets to earn money or not. So now we’re letting her not.
We have informed both girls that they will not be paid for what they did – which isn’t much – this week. They are also unemployed for at least two weeks. If they come back to us with acceptable proposals, we’ll begin negotiations again. They each need to bring us a list of jobs they are willing to do and the amount they would charge for each. G (age 9) has said that she would like to keep the same jobs and just put more effort into getting them done. M (age 5) has already created a list of jobs, including “Clean the entire house”, “Dust everything”, “Brush Speedy’s hair”, and “Clean mirrors”. We’ll have to help her refine the list a bit to make it manageable for someone her age. We also need to discuss her rate of pay, as she initially proposed being paid $10 to brush the cat. I think I’d rather give the cat a cardboard box and let him take care of the brushing himself.
Including this week, they’ll each have at least three weeks of lost revenue. I’m not sure what impact that will actually have with them, but I’m interested to see whether there’s an increase in motivation the next time they find that “gotta have it” item and don’t have the money to buy it.
I’ve Threatened to Fire My Kids September 17, 2008
Posted by Tracy Gullett in Earning, Responsibility.3 comments
Our kids seem to have lost interest in their jobs checklists. With school in session and other activities going on, the check marks have been getting recorded less and less frequently. G has her Nintendo DS with a little bit of money left and no big spending goals on the horizon, so her motivation has taken a downturn. Suddenly, laundry is too hard or too inconvenient to do, the dishwasher can stay filled, and the cat is apparently expected to fend for himself most days (poor little guy).
M has also slacked off even more than usual lately. The week before last, she earned a dismal $1.25 by completing 5 of her 21 tasks. Last week, I believe there were 6 check marks. Neither of the girls has been paid for last week, however, because I was out of town over the weekend, and no one has asked for their money. We’ll see how long it takes for them to realize they’re missing their money.
After seeing that both checklists for this week are still blank, I told the girls last night that they would be fired from their jobs and lose their source of income if their performance did not improve. The threat had no impact, though. As we left for school this morning, I discovered that poor little Speedy Cat has been left to fend for himself once again.
Today’s Recommended Reading September 9, 2008
Posted by Tracy Gullett in Education.1 comment so far
Today at FOXBusiness, there was a great article by Lauren Covello talking about the importance of personal finance education for kids. As the article points out, teens are spending much more than ever, but “teenagers seem to be understanding less when it comes to their finances.” Ms. Covello cites research by an organization called Jump$tart, formed in late 1995, that believes financial education should start in Kindergarten. I couldn’t agree more!
Check out the article and feel free to discuss in our comment section.
Success! September 7, 2008
Posted by Tracy Gullett in Earning, Goals, Saving, Spending.add a comment
Thanks to dedication, diligent saving, patience, and the deal at ToysRUs, G was able to reach her goal today! She purchased a Nintendo DS Lite, an accessory pack, and her first game – “Are You Smarter Than a 5th Grader?” Including tax, she paid $145.07 in cash, which she earned with checklist jobs and extra jobs, with some birthday money rolled in as well.
As we were eating dinner, she told me how the thought of buying the game system motivated her as she was cleaning all the bathrooms in the house today. She said, “As I was scrubbing, I was thinking to myself, ‘DS…DS…DS…’”
She missed one minor thing in one of the bathrooms, but overall it was a good job. She earned $19.75 out of a possible $20. All the mirrors, sinks, counter tops, toilets, and floors are nice and clean now. Yeah, I think that’s worth twenty bucks to me.
My wife snapped some photos before G opened all the boxes. As you can tell, she is a very proud girl!
Her mom, her sister, and I are all proud of her accomplishment!
G Is Almost There! September 7, 2008
Posted by Tracy Gullett in Goals, Saving, Spending.add a comment
Ooh, the house is abuzz this morning with talk that the long-awaited Nintendo DS may actually be within reach! In today’s ToysRUs ad, there is a special offer for a 25% discount on a combination of a Nintendo DS Lite, one accessory, and one game. After doing the calculations, G and her mom figured that she could come pretty close to making this happen this week before the special expired.
G came to me with a plan to earn the money that would put her over the top. She wanted to know whether I would pay her 50 cents to clean all the bathrooms in our house. We have three and a half bathrooms here… and she was willing to clean all of them for 50 cents. OK, so the kid needs a little more training on the deal-making skills.
I told her I was willing to pay more than that if she did a really good, complete job. She thought I may bump it up to a whole dollar. But when I told her I would pay five dollars per bathroom, her jaw about hit the floor and dollar signs lit up in her eyes!
After a training session from her mom, she spent about 45 minutes on the half bath and then moved onto the jack-and-jill bathroom she shares with her sister. She’s doing a great job and is sticking with it so far. I am trying to remember the last time I saw our 9-year-old stay focused on one task with this level of determination for an hour.
Keep in mind that G has been saving up her spending money for this. She hasn’t even considered pulling money out of her saving envelope to make up the difference. As this has been somewhat of a long-term goal (several months is long-term for a kid age 9), we plan to suggest she draw from that savings envelope if she’s a few dollars short so she can take advantage of the special offer. What I won’t allow is for her to draw money out of her ING Direct savings account, because that money is for true long-term savings (her first car, for example), and has already had 401(kid) matching funds applied.
At this rate, I figure we’ll be jumping into the van around mid-afternoon and heading to ToysRUs to make the deal a reality. I hope so, anyway. My wife and I are probably just as excited to see G achieve her goal as she is to get that DS!
This Kid Won’t Give Up! September 3, 2008
Posted by Tracy Gullett in Goals, Responsibility, Saving, Spending.add a comment
G just won’t give up on her Nintendo DS goal. We haven’t tried to talk her out of it much lately. We have mentioned to her that we don’t think it’s necessary, that we don’t believe it’s worth the money, and that we think she could spend her money more wisely. But, as I’ve said before, it’s her money. She’s worked for it, she’s earned it, and she can spend it however she wants (with our oversight, of course. No machetes or penny stocks.).
Today, G brought home two Scholastic book order forms in her school folder. In the past, she has always managed to find several things she wanted to buy through the book order. She has bought a door alarm for her bedroom door, a pair of spy glasses, and has actually picked out some books as well. I don’t have any problem with these book orders. I think they’re a neat deal. I do, however, prefer the books over the toys that are offered.
As I opened her folder today and pulled out the book orders, though, she immediately told me, “I don’t want to buy anything out of those because I want to get a Nintendo DS.” She just won’t let go of that goal! She has been saving her “spending” money for what seems like a very long time with this goal in mind. After working, saving, and waiting this long, she doesn’t want to do anything to slow down her progress.
Something tells me that once she finally buys that game system – and I’m sure now that she will – that we’ll never find it in the bottom of the toy box with those other, cheaper things that she “really wanted” from her book orders in the past.
Prediction Incorrect! August 31, 2008
Posted by Tracy Gullett in Earning, Responsibility, Saving.add a comment
We had pay day afterall. The girls wanted to go outside to play with their friends, and their mom asked whether they’d done their jobs yet. Speedy Cat was apparently taken care of shortly after lunch. I asked G whether she had checked that off her checklist.
“No.”
“Why not?”
“Because you haven’t printed our new checklists for this week.”
“Why not?”
“Because we haven’t done pay day!” (and the light bulb came on).
So, we took care of pay day for last week. G earned $6.25 by taking care of the cat every day, emptying the dishwasher five times, and doing half of a load of laundry. M earned $3.25 by collecting the garbage every day, cleaning the kitchen table four times, and helping to wash dishes twice. This week has been an improvement, but as I mentioned earlier, that was mainly due to prodding by my wife and me.
G and I figured out how close she is to being able to buy a Nintendo DS with her spending money. If she earns the maximum of $10 per week from her checklist jobs, it will take her another 12 weeks to earn the remaining $48 she needs to buy the console and one game (She puts roughly 40% of her earnings into her Spending envelope). That seemed like a long time to wait, but I reminded her that her income is not limited. Her checklist pay is limited to $10 per week, but she can earn as much as she wants by negotiating a deal with a customer (me, my wife, neighbors, etc.).
The wheels began to turn, but I’ll be interested to hear what ideas, if any, she comes up with.
I Wonder Whether Today Will Be Pay Day August 31, 2008
Posted by Tracy Gullett in Earning, Responsibility.add a comment
Sundays are normally pay day at our house. The girls each turn in their checklists for the prior week, we count up the completed jobs, and I pay them out of our Kid Commission envelope. This past week being their first week back to school, I’ve had to repeatedly remind both of them to do their jobs when they are home. It’s made a difference in one sense – their checklists are more complete than in the past few weeks. There are still many more blank boxes though, which is disappointing to me and should be to them as well.
I decided today that I am not going to remind them about pay day. We’ll see how much it actually means for them. 9-year-old G, who is saving for that Nintendo DS, went through the Best Buy ad in the paper this morning, hoping to see a reduced price. Nope. They didn’t even advertise them this week. Thinking about her goal apparently didn’t motivate her to do her jobs for today. Speedy Cat continues to walk around the house in a huff, irritated that it’s nearly 10 AM and his litter box and food dish haven’t been freshened since yesterday.
We’ll see how this goes today. My prediction: Neither kid will get their jobs done for today – putting them behind for this week already – and pay day will end up being forgotten until tomorrow (at least). I’ve apparently got to work on the motivation factor.
Poor, Neglected Ukulele August 28, 2008
Posted by Tracy Gullett in Saving, Sports & Hobbies.1 comment so far
You may recall our 5-year-old’s purchase of a ukulele back in early July. M was very proud to put her $54 in cash on the counter and take home her new instrument. She had visions of taking lessons like her sister, G, does for her electric guitar. M had saved up her commission money, achieved her goal, and was very satisfied with herself. But before she could sign up for lessons (for which her parents would pay), her dad (that’s me!) gave her one requirement. She had to work with her sister to learn to play one simple song. Once she played that song for her dad, the lessons would be arranged.
Here we are, nearly two months later, and I haven’t heard my song yet. The ukulele has been taken out of its case, maybe, half a dozen times, and always for a very short duration. On the other hand, the electric keyboard I bought when I was about 11 or 12 years old has been getting plenty of playing time. M announced recently that she would like to take piano lessons. Given the choice between lessons on the ukulele versus the piano, she wants to take the piano lessons.
The seemingly wasted ukulele purchase doesn’t bother me. It was her money. She set a goal, worked toward it, and achieved it. The fact that the goal wasn’t quite as interesting as she thought it might be doesn’t take away from the fact that she achieved it. I always thought that the ukulele was just something she wanted to have to be like her sister. It actually makes me feel good that she is showing some independence by wanting to play piano, something in which her sister has never shown interest. Besides, I’m interested in learning to play guitar, so I’m thinking I can borrow the ukulele to get started.
If I would have laid out the cash for the ukulele, I’d be irritated that she hasn’t even given it much of a chance. I’d be on her case to practice, have her signed up for lessons, and would generally drive her to hate it. Not fun. But since it was her money and her decision, it eases the pressure from me. Who knows – she may eventually decide to play it some more when she’s ready. In the meantime, we’ll try piano lessons.