I have been spending much time recently trying to work out how to keep track of our family’s finances. With all the different outgoings and two very random work-from-home incomes it can be somewhat tricky to keep things organised. Factor in fun days out, pocket money and visits to friends and you end up with something quite confusing!
We have tried different systems before, working out child savings and things like that.
What has been most on my mind has been pocket money, and I don’t just mean how much we want to give to the little ones each week.
Pocket money is a tricky thing, I find. Of course any money they save up, find or receive as a present is theirs to keep, but is it theirs to spend? What if Memily saves up enough money to buy a toy she would really like, but said toy does not fit in with our family’s values or philosophy?
That’s a very difficult choice to make.
I have been trying to find a way to help the children manage their own finances, there are some great ideas on Pinterest for home management folders and also ideas for chore / reward charts, but nothing that I found to be quite right for children.
For now we keep everyone’s pocket money in glass jars in our kitchen cupboard, making it easy for everyone to see just how much they have been able to save up.
I have been thinking about how to best help the little ones feel responsible for their financial choices, and I have come up with an idea that I think might work.
There are boxes for the amount of money received, how much of it they want to save, how much they want to donate, how much they want to spend, what they spent it on, and finally a box of what is left to keep a running total of spendable pocket money.
So far this system is working well for us, and it makes it easy for me to see just how much money to keep aside for donations, how much I should keep in my purse for possible trips to the toy shop and such.
I am looking forward to seeing how this system will evolve to exactly fit our needs!