When is the right time to introduce allowance? The all-too-regular pleas to visit the toy aisle every time we go to the grocery store have answered that question for us. "Can we just look at the toys" never means "Can we just look at the toys".
We started things off with a reward chart last year, which worked really well at first, but then a bit of a 'credit crunch' occurred; advances on a couple of bigger ticket rewards and then a lapse in best behaviour (not to mention that the bank would often lose track on the sticker count). It was a great way to introduce the concepts around earning and value though.
But now it's time to step things up, because I don't think I hold single-handed responsible for adopting the entire Littlest Pet Shop population.
We started things off by sorting out change and tallying up the piggy bank count (which made me realize that our daughter has become independently change wealthy on a five year old level). And going forward I love the idea encouraging a division between spending, saving and giving. Click here for a great piece on this. There are also so many learning moments to share with money; sorting, denominations, comparing, patterns.
So all Barbies, Polly Pockets and critters take note - there's a new banker in town!