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Since beginning our Money Management for Children program a week ago, I have been collecting your questions. Here are my thoughts!
Q: This sounds like an allowance program and that you are paying your children to do basic chores.
A: I have been admittedly against paying our children for basic chores and fought it for a long time. Because of the makeup of our family, we needed something to hold them accountable, encourage obedience, and teach basic budgeting. The Quarter Coaching Program is what I came up with to do all three. I believe it is different than a allowance or simply paying our children for chores because so much more is involved.
Q: What happens when a child runs out of the six weekly quarters and due to disobedience he is to pay you another quarter?
A: When quarters are gone, extra chores are required. So, if the child has lost all six of this weekly quarters, then something above and beyond the norm must be done to pay the debt. The child is not allowed to get money from his spending drawer either.
Q: For what age do you suggest using the Quarter Coaching Program?
A: Our eldest, Bubs, is nine years old while Peanut is only three. Of course Bubs has a better understanding of the program but Peanut still hates to give up a quarter for disobedience. Some of this is because he has older siblings. But we encourage him to “spend” his money on things he likes so that he can see the reward. To answer your question, I believe the program can be altered to work for children aged three and up.
Q: I have joined the online book study and am reading Shepherding a Child’s Heart. Author Tedd Tripp implies that rewards and charts are not needed or good to use in parenting. Why do you use them?
A: Good question! I would guess that Mr. Tripp would agree that budgeting is something that every child should have a solid foundation in. The Quarter Coaching Program allows the child to learn basic money management in a safe environment. Second, Mr. Tripp focuses on communication and discipline. My system allows for coaching as well as consequences. Because of the three intertwined aspects, I feel this system is very different than a simple sticker chart. It demonstrates real life situation.
I love this. I have felt the same as you with rewards/allowance for basic chores. I always thought they should just do them because they are part of the family. But this is definitely more than that. A couple questions . . . I have a feeling, we will be using up a lot of quarters at first. Especially for things left out and that got put in the box (brilliant idea). Would it be better to start with dimes . . . and then work up to quarters . . . or is it better to do the quarters because then they have to do the extra chores? Also, the kids do their morning chores . . . brush teeth, make bed, pick up room, etc. Sometimes things are "forgotten" or not done right. Would you take a quarter for each chore not done or done incorrectly? Thanks!! I have five children and this will work great for us!
Shannon – I encourage you to begin giving out a lot of extra quarters. Train them with positive motivation. Then after they have been trained you can wean away the extra quarters that you give out and begin taking away quarters if needed.
You can use any currency that you choose. Whatever motivates the child. A friend uses raffle tickets. So many tickets equal a dollar.
Taking quarters depends on the offense and the heart. Did the child not get it done due to laziness, lack of organization of time, or simply didn't have time? Also, it depends on the child. As you use the system, you will learn what is best for each child.