Progress with the kids

Posted on 05. Jan, 2010 by in Kids, kids and money



This new mom money incentive program is going to work out very well I think. Joe worked his tail off doing little things after school so he could pay 15 mom dollars to have 3 friends come over! I would ask if he is sure because if he keeps doing that everyday he’ll be constantly blowing his money on that instead of saving for other things. I told him to make sure he manages his money probably so he can get all that he wants.

Oh and his friends were telling him to make sure he wakes up on time so he earns easy money in the morning and suggesting other things for him to do (they saw his list.)

So last night for the first time ever….and I mean ever…..Joe got in bed, had is tv on for only 10 minutes (cuz we got home from cub scouts late) and when the timer went off on the tv he did not turn it back on (as I told him he would lose mom money and certain privileges for that cuz he needs to go to sleep) and he actually laid in bed without shedding 1 tear because it was time to fall asleep without the tv on. I was amazed. He just needed the hallway light on and he was good to go.

This morning, he came into my room at 7:10am dressed and ready to go down stairs to the kitchen table (he has to be there by 7:20!) He saw his 2 mom dollars sitting on the table and he was like “YESSSS, I should wake up like this more often.” He then said “I’d like cereal for breakfast please. I’m gonna feed the cats now though.” I said “no problem.” So because no one asked him to feed the cats he earned 4 mom dollars!

Plus, I gave him 5 mom dollars for answering our Secrets of The Millionaire Mind card right this morning. It was about Getting Paid Based on Results and Not Time. He gave a suitable answer for a 9 yr. old. I told him to study the card and perhaps I’ll ask him again later so he can earn another 5 mom dollars.




And for the 2nd day in the row he was early for school! He was super excited and I gotta be honest with you….so was I. I told him that I was super proud of him in the way he went to bed last night and how he woke up and got dressed and ready on time today.

He learned yesterday about counting your money and making sure you receive the proper amount that you’re suppose and also to make sure you count to ensure you have the correct change. He definitely learned about responsibility this morning and he’s learning that he’s getting paid based on HIS results and not by time. We discussed that on the way to school. I let him know that if take this mentality into the grown up world then you’re income is endless. He is also learned about money management…..because this morning he said “I have 12 mom dollars, so I have enough to have 2 friends come over after school, but I’m not so sure I’ll spend it on that quite yet.” :-)

I’m very happy with his progress so far and we’re only on day 2.

As for Brandon,. the 17 yr. old. Kathy and I decided that come February 1st that we’re no longer going to be on his ass about money or getting a job or paying his bills or any of that. He knows that he’s got bills that are due, he knows when they are due and he is smart enough to know that if you make $140 a month and owe at least $250 a month that mathematically it doesn’t work out. He also knows that his truck is in the shop again (inspection) and that he needs to fix and sell his 4-wheeler to do get it out.

So I had a talk with him the other night and let him know that come Feb. 1 all of his responsibilities are 100% his and we will not be on his butt anymore about money. He no longer has any consequences from us in regards to his bills. His car insurance will be in his name by Feb. 1, he’s got his own checking account, and his mom will send him a monthly bill, which will include penalties if not paid on time (he owes her a lot of money for paying to get his truck fixed when he first got it.)

I told him that he’s going to be 18 the end of this month and he’s going to be graduating in 5 or 6 months so he’s going to experience the real world of responsibilities now and what happens if you don’t take care of yours. I told him he will be fielding calls and letters from his insurance company if he doesn’t pay his insurance on time and he will deal with the consequences if they cancel his insurance mostly meaning you can’t drive ANY car and your rate will most likely be higher the next time around. And he will be dealing with NSF charges if the money isn’t in his account when it’s suppose to be.

He’s also aware that he’s only allowed to use his mom’s car to get to and from school and work and that’s it. If he wants to go anywhere extra he needs HIS truck so therefore he needs to be motivated on his own to fix and sell his quad because we aren’t going to push him anymore. We’ve been doing it for over a year now and he’s obviously not listening. I said it’s up to you now….if you want to drive your girlfriend to the movies or the mall or whatever then you’ll fix and sell your quad so you can get your car out of the shop. It’s that simple. You KNOW what you have to do, it’s up to you whether you want to do those things or not.

He was thrilled that we weren’t going to bother him about money anymore lol but he still is a little confused about his future. He doesn’t know what he wants to do, which is fine, he’s only 17 but I told him you have to figure something out because we’re giving you until you graduate and then you’ll either have to have a F/T job and pay rent for an apartment (and go to school if you want) or you can have a F/T job, if you want, and/or go to school if you want but you’ll have to pay rent for living HERE too. This is the real world now. (Btw, he doesn’t know that we’ll be saving his rent money that he pays to us for living at home and giving it back to him. So, shhhhhhhh don’t tell him.)

I informed him that he still has his normal rules, i.e. curfew, girlfriend not allowed over when we’re not home, etc. but we just won’t bother him about money. I did let him know that we still will be on his butt about school and finishing his eagle scout thing though.

I think our talk worked though. When I came home from the store yesterday he was following up on jobs where he sent in his resume and he had been working on his 1 badge for Eagle Scouts. He actually finished that one and did the first 2 questions of his NEXT badge. I was like “hmmmmm, that’s odd.” lmao Usually, I have to be on his butt constantly getting him to do his scouts stuff. But hey….I’m not going to complain.

I feel so much better knowing that we’re not gonna be on his butt about money. I’ve been getting so frustrated and angry with him that I couldn’t stand to be around him. It was really frustrating to Kathy and I how he’s been so lazy and unmotivated about everything. So the other day I asked my mom for advice and she mentioned the plan above. I told Kathy about it and she said let’s try it cause nothing else is working!

I love my mom! I think she’s an amazingly, smart, wonderful woman! I get a lot of advice from her now that I have kids in my life. I tell me mom often how wonderful I think she is. Funny how things change from when we were kids to now that we’re adults and we realize “gosh, mom did know what she was talking about!”

Here’s some homework for everyone….if you’re lucky enough that your mom is still in your life, take some time out of your day RIGHT NOW and call her and tell her Thank You and that you Love Her!

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