Well…back to the real world now; where things aren’t always easy and time keeps marching on anyway. I’ve already posted my physical goals and what work will look like in 2018. I’ve talked about finances some, but need to make some concrete goals to reach.
I will list each goal and when I want to complete it by. I will have little (seemingly easy to attain) goals and a couple that are way out there…as we all know that it is not us that controls how things go!
February 15: $500 baby Emergency fund
March 30: Pay off parenting time expeditor ($267.55)
June 30: $1000 Emergency Fund
December 31: $5000 emergency fund.
Considering $5000 is more than one third of what I brought home all of 2017 (including child support) that’s a HUGE number. I also know that God wants me to succeed, He wants my boys to have security even more than I do.
Yesterday, after listening to lesson two in Financial Peace University and hearing how kids the ages of my boys should start to take some responsibility with finances so they can begin to see how it really works.
It talks about giving them a commission instead of an allowance; meaning it is tied to whatever their job is.
This was easy for me.
For my younger son, who loves hockey and hates practice; his job from now on will be to not complain about attending hockey practice. Each day he goes willingly, he earns $1.00. When I explained this to him, he said goalie practice should be $2.00. Goalie practice is very difficult for him as this is his first year playing in net and he does not do well emotionally when he is not the best at something the first minute he tries it. I agreed, $2.00 for goalie practice. He will also get a $0.50 bonus for any day he goes to open hockey. His skating needs to improve, and only being on the ice will do that.
For my older son, his job is getting all his school work in on time and taking responsibility to show me the online report every day (no report, no money). He will earn $1.00 for every day that he has no missing assignments and nothing the other days that he either forgets to show me or has stuff missing. His available bonus will be $2.00 any day he goes without playing any games on the xbox.
I’m also considering adding bonuses for doing chores without arguments or reminders. I don’t usually get many arguments, but I have to remind them constantly. If I tie their responsibility to their income, that might change their tune a little bit.
My older son is ready to open a checking account and I’m excited for him. I believe he will be the saver of the two…but that little one might surprise me.
I told them that pay day will be every other Sunday. I’ll have to make a calendar to track their earnings between pay periods…their own time cards I guess you could call it.
For this money, it will come out of the money I make babysitting. I babysit two boys in the mornings before school (they take the bus from my house) and I get paid $25/week. Earnings from the last two weeks have gone straight into the $500 emergency fund.
So what will they do with their money…they will give, save, spend. They will be expected to give a portion (and I will give guidance towards tithing, but allow it to come from their hearts so they become grateful givers). As the older one will be opening up a checking account, he will have the opportunity to save money there. They younger one, I’ll likely employ the envelope system with him (give, save, spend envelopes).
For the remainder of this school year, I’m not sure that I will expect them to pay for any of their needs. From this point forward (after their first payday) they will have to spend their own money on any concessions at the arena or bowling alley. This is where the little one will go broke. I’ll add skate sharpening, and things of that nature. For now, I just want them to get used to taking responsibility to having a little bit of money.
We will have a saving discussion about maybe a waterpark day or trampoline park…something to that effect. I want to give them small attainable goals at first…so when they start thinking Disney World…they know it’s going to take some time and effort.
I’m guessing I won’t have to pay out more than $30 every two weeks so will use the leftover babysitting money to build up the payday fund. I’m so excited for these kids and their futures.
First PAYDAY will be January 28.
Dear Father in Heaven
I know how much You love your children, when I think about how much I love mine, it blows my mind that You love us even more than that…so much more.
Thank You for this opportunity to lead by example to teach these boys about finances and money management.
Help me to show grace when they need it most and to teach them to come to You when they are frustrated with the discipline of money management.
Lord, give my boys the heart of grateful givers as they have seen how amazing those gifts have been in our lives.
Continue to use me as a light in the world…