Do you give your kids an allowance? How do you determine what is an appropriate allowance for each of your kids? We have two kids three years apart in age, and so our allowance strategy is the older you are, the more allowance you get, and I think that’s the basic premise behind most families’ allowance structure. My thinking was broadly altered though this past weekend, when I had a great conversation with another parent, who happens to be a financial planner. It got me rethinking how we determine our kids’ allowances, and how we budget kid expenses.

My Financial Planner friend’s youngest is 8 years old. his middle child is 11, and his oldest just turned 13 – together he pays out $25.00 per week in allowance to his 3 kids. Hearing that put me to shame, and made me pray that our kids would never compare allowances! At the same time, after talking to him, and hearing his rationalizations, I think it’s time for my kids to get an incredible increase in allowances, but at the same time it will mean and incredible increase in responsibilities. It only makes sense.

His argument is pretty simple. When budgeting, and looking at “kid related expenses” he realized he paid more than $25.00 per week out to his kids’ entertainment, or even simple requests like a candy bar at the pool, or a toy at the store. In giving his kids’ these higher allowances, it has become a lesson in economics for them. They learn to budget their money, and decide what they feel is worth the expense.

With the increase in allowance, of course came an increase in responsibilities for each of my friend’s children. If they do not do a particular chore, their allowance is automatically cut in half! Now that my kids are older, they can definitely handle the increase in responsibility, and having a monetary value attached to each is an incentive I know will work with them.

Giving our kids a weekly allowance, and putting a monetary value on the chores they do around the house gives them financial-life lessons, and an added sense of responsibility. In return, we will have a little bit cleaner house. (Momma will be happy!) Plus, our kids know that money is tight, but in earning their allowance, helping out with things at home and buying some of their own “treats”, they will develop a sense of being able to contribute to our family’s well-being.

I’d love to hear your thoughts about kids’ allowances!
MomsBudgetPlan.com

Those who have been following my blog know about my weekly $10 Stockpile posts. Up until a couple of weeks ago, I had been delegating $10 per week to stockpiling on products our family uses on a regular basis. While pay periods got thin, and I had to put the stockpiling on hold, that does not mean I’ve given up on my $10 Stockpile concept. For the next month though, I am refocusing my $10 stockpile efforts to getting prepared for an upcoming camping staycation.

There are one to two whole weeks throughout the year that both hubby & I put away all of our work stuff. We make time off from our work lives and totally focus on family. It’s a time we have to budget for, as it’s a lessening of income, no doubt. My online business in some respects keeps going, plus there are ways for me to still be making some money, and hubby gets some paid time off. Over the years though, we have learned to budget ahead for our staycations, so this next month our extra $10 stockpiling budget item is going toward that. Plan ahead. Make ahead. Save ahead. ;)

These are what we’re budgeting for…
Meals – We may share some meals with the other families camping with us – so that each of us potlucks it, we eat the same meal together, and each provide a dish. Big family meal, where those who may not want to camp still come out and we have a huge group to feed. Then there are family only meals – breakfast and lunch we have together as a family. I don’t mind going grocery shopping at some point during the staycation; however, I’m using our $10 stockpile budget for camping staycation now – making some freezer meals, and planning others to keep spending down to a minimum before we start it.

Outdoor living expenses -We spend most of our time outside during our campng staycation. Those expenses, like sunscreen and mosquito repellent come into play when you consider the expense for several days/nights of each. Not to mention making sure we are stocked up on first-aid, allergy and other medications. Prepare for the unexpected.

Personal care products -This is where my previous $10 stockpiling efforts will benefit us this year. We are covered, for the most part, in this area. There are a few 1st aid products I want to add to our kit, like grown up band-aids and Neosporin. Otherwise, we are set, in this staycation budget category, including toiletries, and other personal care needs.

Family Entertainment -Now granted, a lot of our entertainment is free. It comes from spending time with family and friends. On our camping staycation, we pretty much just hang out with each other inside, and out and don’t require much in the way of expense. Because we do have access to a TV, computer, game system and there are at least 10-12 kids to entertain, we parents do cave and allow them online game, or game system time, not to mention the big movie night. This camping staycation category though does not really take a big chunk out of the budget.

The unexpected – There is always something. We have to plan for whatever we may not have planned for in a way. Things like replacing camping equipment, or buying supplies may be necessary. Last year it was seam sealer for the tent that we didn’t discover we needed until it rained!

Planning the camping staycation budget ahead of time, and having already stockpiled on some of the things we will need, we have put ourselves in a good position to afford to take this upcoming time off. We aren’t budgeting for a huge Disney vacation, we’re keeping it local, and therefore don’t need a huge budget. But we still want to make sure that financially we are ready for our family’s camping staycation.

You have a family budget in place. Now the hard part begins—sticking to your family budget. With the demands of all the wants and needs of kids, it can be challenging to keep a close eye on your money matters. Here are some simple tips to save money and help you stick to your family budget:

1. Cut out cable – On average, the least expensive cable package can run anywhere from $35-$40 per month. Multiply that times twelve months and you end up with a whopping $420-$480 per year! Do away with this single bill and your family can save almost $500 every year. Now that’s an incentive!

2. Limit movie rentals – Many families choose to rent movies for a family night instead of going to the movies. While rentals are a huge money saver, it can still get expensive if you go overboard. Limit your rentals to once every couple of weeks, for example.

3. Return movies on time – Another cost that adds up quickly is overdue rental fees. For the cost of a few days past due on one movie, you could purchase that movie and watch it forever if you wanted to. Write yourself a note so you won’t forget to return your movie rentals on time. Even better, try using an online video rental service like Netflix. You’ll pay the same each month, pay no late fees, and get new movies every time you return one.

4. Plan meals before shopping – Once you have shopped your pantry, and what you have on hand, create a grocery list from your menu plan. Never go grocery shopping on an empty stomach either. This will help you avoid impulse shopping. You may think it’s silly, but you will be amazed at the results if you try it. A menu planning service, like Once A Week Cooking can help even further with both meal planning and preparation.

5. Buy off-brand products – Most off-brand products taste much the same as their counterparts. Be sure, if you do buy name-brand that you use coupons whenever you can. For the most part, if you are trying to stick to a budget, buying off-brand products can save you a lot of money. And don’t forget to clip and use coupons, too!

6. Bring your lunch to work – Once again, do the numbers. If you spend a minimum of $5.00 per day on lunch (that’s a cheap lunch!), at the end of the week, you’ve racked up $25.00. With gas prices on the rise every day, that extra $25.00 in the family budget could come in handy if you drive to work, too. Instead of eating out, fix your lunch to bring with you.

7. Drink water – Sodas are easy to grab and run with, but water is much healthier for you. Instead of spending money on canned soft drinks, buy a family-size pack of bottled water. Better yet, invest in a filtered water pitcher, and reusable water bottles. While it may cost you a bit more upfront, in the end you will save money and drink healthier.

When your budget is in place, it can sometimes be difficult to stick to it, but making small changes can help create a few pockets of savings along the way. These are just a few tricks you can use to help trim some expense off your family budget, and give you a little bit of financial breathing room.

My Tweets

  • @carriekirby I know me too! thought there would be a "part 2", but knew it early this afternoon. So much hanging for next season!
  • @carriekirby It's okey - I'll have all summer to come to grips with it. *sigh* Tho - I couldn't tell who'd return next season by the ending!
  • There is a west coast friend of mine who would kill me if she saw ANY #greysanatomy updates before she saw this episode! U NO WHO U R

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