My Bank's Kids Menu
When my son Ryan was seven and my daughter Lily was five, we implemented a household “pay for performance” program in lieu of an allowance. We charted simple, but meaningful chores that gave them an opportunity to contribute AND earn spending money - their first taste of the real world when it comes to making an income. The three tier compensation system was simple but effective: Tier 3: If you put your toys away, you got $ .50 Tier 2: If you folded laundry, you got $1 Tier 1