Do you have a family bank?

Photo Credit: Diane Helentjaris on Unsplash.com

Here's an audio clip so you can listen to the Mom Tip while you fold the laundry!

Hi, I’m Regan Barnes from Momivate, and this is your two-minute Mom Tip empowering you to elevate your mothering experience.

Today’s topic is your FAMILY BANK! What’s that? You don’t have one? Sure you do! Just grab a notebook and separate a few pages for an account for each child who’s over the age of 4 or 5. Draw lines to make a column for the date, a wider column for the transaction, a column for the specific amount, and then a column with the running total.

Next, create a system where each child *earns* deposits into their account... 

Our family has four ways the children can earn money, an acronym called CLAP because we applaud their efforts! Monday through Friday, they can earn a point in each of these four areas: 
C for Chores, 
L for Learning, 
A for Attitude, 
and P for Preparation. 

So that’s up to 20 points by the end of the week. We pay a penny per year of age per point, so if the ten year old gets fifteen points, that’s 1.50 that week. As an added incentive, we are willing to double their money if they get within two points of a perfect score.

The child is encouraged to give part of their deposit to a charity, another portion to their older selves (aka savings). The remainder they are allowed to spend -- or save -- as they see fit. 

When the child wants to buy something, they can decide based on their Family Bank account balance. If they have enough money, *they* decide to buy or not. If they don't have enough money, then that lack of money is the deciding factor. THIS IS SO NICE for me as the Mom... I am no longer the bad guy who says no!  In fact, I can show love and sympathy when they don't have enough money! Heck, I've been there before myself. Plus, I can use it as motivation to get their CLAP done in the future. Older kids can even be in charge of paying for their own clothes and entertainment. Richard & Linda Eyre’s book The Entitlement Trap has several great ideas for this Family Economy.

So grab a notebook, Mama, and get your Family Bank going today! Then share if this practice elevates your mothering!