We have adapted our money system from here (of course my favorite blogger and newest friend).
In our family (as of the past school year) Kylie gets $2 a week and Reese gets $1 a week for doing chores. When Kylie turns 8 I think she will start earning her age in allowance. But as of right now this is how we are doing it. We are giving them an allowance to help teach them about money and how to spend, save and give. We do the 10%, 20%, 70% rule. Where they give 10% to charity and 20% in savings and they get the rest. So, each Sunday we get out our banking box and they get paid. The girls love it. And Kylie is really catching on to this savings thing! Its fun to see her ask questions about money, make bad (in our eyes) purchases (better now than latter, right?) like a $4 pen from school:), see her pay a full tithing to help those around her and my favorite thing at the moment is when she bribes Reese. The other day at the gym kids center Kylie wanted Reese to climb a rock wall and Reese was scared so Kylie said if she climbed the wall she would take her to the dollar store and buy her 2 things. They worked on that climbing wall for 2 days and Reese did it! And Kylie was good on her word.
I write down to keep track of what is in their savings.
