Kids kids and money

An Incentive Program for Kids

Good morning everyone! Well Kathy is gone for the next 2 weeks for the most part and the kids are here so you guessed it, I’m taking care of them (mostly Joe, the 9 yr. old.) Kathy and I implemented a new incentive program for Joe in which today is the first day.

It’s called Mom Dollars (well the person who I read about it from calls it Dad Dollars but since there ain’t no dads in this house, it’s called mom dollars.)

mom money

Anyway, it’s a simple program. Each morning Joe has things he needs to do like a) wake his self up with the assistance of a brand new alarm clock b) dress himself for school without be told to and c) be at the kitchen table by 7:20am. If he does these things he gets 2 mom dollars.

Then if he’s done his breakfast and has brushed his teeth and is ready to leave for school at 8am he gets an extra mom dollar. He can accumulate extra mom dollars throughout the day by doing little extra chores. For instance, if he scoops the cat litter pans he’ll earn 1 mom dollar per cat litter pan (there are 5!) or if he loads or unloads the dishwasher he’ll earn 2 mom dollars. If he feeds the cats he’ll earn 2 mom dollars but if he feeds the cats without us asking him to do it he’ll earn double mom dollars. A lot of chores if he does without being asked he earns double.

Ohhh and he earns 2 mom dollars per chapter for any book he chooses to read, but my personal favorite is he earns 4 mom dollars per chapter for any book on business, money, real estate, or personal development (I need to find some kid versions of these types of books.)

Of course you’re wondering what the heck does he do with these mom dollars? Well he’s got rewards he can spend them on. For instance, if he wants a friend over after school that is 5 mom dollars. If he wants to do his homework after dinner instead of after school that’s 5 mom dollars. If he wants to earn 1 hour at the batting cage that’s 10 mom dollars. He can earn the entire family a night at pizza hut if he wants for 20 mom dollars. If he wants to play video games for 2 hours on Thursdays that’s 30 mom dollars (we have a No Video Game rule on Thursdays.) Or he can earn 60 mom dollars to go to a fun place of his choice like chuck e. cheese, laserdome, monkey joes.

Then there are the penalties. If he talks back he has to pay 10 mom dollars back to the bank. If he doesn’t listen the first time he has to pay 10 mom dollars back to the bank. If he says “can’t” for instance “I can’t fall asleep by myself” or “I can’t go upstairs to my room by myself” etc. etc. You get the point….then that costs him 30 mom dollars! Or failing any test is 30 mom dollars too!

We’re trying to teach him about responsibility, earning money plus budgeting your money for things that you’d like some day, plus I want him to never say can’t again because it drives me up a wall. He’ll say he can’t do something that I know darn well he can do then after he tries it he realizes he can do it! And I want him to always get rewarded more so for learning about money and things of that nature. (Note: I’m trying my hardest to ensure that he doesn’t end up financially illiterate like his 17 yr. old brother!)

He just negotiated with me at the kitchen table lol I’ll tell ya about that in my next post after I take him to school. He’s working on being ready by 8 so he can earn 1 mom dollar because he didn’t earn his first 2 mom dollars this morning because I had to go wake him up at 7:05 and tell him to wake up and get dressed (he’s alarm had been going off for 5 minutes lol)

Btw, you can create your own Mom Money or Dad Dollars!

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