We were talking about pocket money on a homeschooling list. I wrote out what we did/do:
Throughout the week, when the children (age about 4-11 yo) did ‘above and beyond the call of duty!’, they got given a reward ring (from a large peanut butter jar – not to be twisted, kept round, and kept safe – they were responsible for it – gave them a clip to keep them on in their special drawer.) NOT for dishes, setting table, helping with laundry, nor making beds – these were the everyday things they did.
~ I had a notebook for each child that I stuck a sticker in with a citation “for being a wonderful hostess for our guests”, “for sticking at maths and getting to the end”, “for being compassionate to younger brother” – valuing positive virtues and behaviours. (They find these books periodically and still sit to read them at 12+14 yo!)
~ Saturday morning was banking/trading day. Count up of rings, a time of encouragement, read out the citations in front of the whole family (and choosing their favourite citation), and I would bag items from the bottom gift drawer they could choose blind (could only poke bag with index finger – this was a funny part of the process) and 5 rings would be equiv to a $2 item (not food). They could save up more rings and bank real money [because money is for spending, saving, investing to make more money, and for giving away].
Also Sat morn was getting toys out of toy jail (the things repeatedly left lying around) – often with a cost of 2+ reward rings.
~ Now they are 12+14YO, we’ve just started rings again now worth 50c for an impeccably tidy bedroom (each day), also the chn can earn rings (cos I never have money on me!) for ironing shirts ($2 for 5 shirts of good quality iron), and 3 batches of cooking (of what Mum wants) also netts $2. This money goes towards camps and special events they want to go to (they pay half).
~ If grandparents give them money I do not expect them to buy foodstuffs with it. Banking some IS expected.