Westwood Financial Contract and Uh oh!

Kevin was reading in an ensign from the 80's that talked about allowance and children. It suggested having kids learn the value of money by paying for their own clothes. We have thought it out and came up with this contract. We already had an allowance in place but it was a dollar a week which wouldn't be enough for them to pay for their own shoes, clothes, backpacks etc. They did get paid more if they mowed the lawn or babysat but we wanted a set amount weekly. With this contract, part of Andrew's chores are to mow the lawn, Luke does the weed-eating and Danika is required to babysit 2 hours a week. If she does more than she will be paid extra for her time. We hope that the kids will learn how to manage their money wisely. The younger 3 will still be payed with mommy and daddy bucks but when they turn 8 will move to the contract.
We started at the beginning of last year keeping track of the older kids amounts in transaction registers. I  usually keep them and write amounts but I like that the kids can see what they have and why something has been subtracted (ie. leaving toys out that go to the mommy and daddy buck store, or for not completing a chore). They can cash out when they want it.

 I hope we are teaching them to be responsible for the money they are given and now that they have to pay for their own things will learn the value of it.
Here is what our contract says.

WESTWOOD FINANCIAL CONTRACT

We the mother and father of the Westwood household designate a portion of our income to our children. The following rules and guidelines apply.

Each child will receive half their age weekly in dollars.

It is a requirement to have chores completed and completed well to receive the full amount.  The following deductions will apply:
-$.50 for every required nag to complete task
-$1.00 for every chore undone

2. Child is required to pay 10% in tithing and 10% to savings.

3. Child is required to buy own clothes, gifts for friends or family and to pay their own way into activities when invited by friends (ie. rollerblading, jump zone).

4. Lying about completing a chore will be a forfeit of weekly allowance and extra chores will be applied.

5. Items left out in areas other than bedrooms (ie. shoes, backpacks) will be placed in the Mommy and Daddy buck store and can be retrieved for $.25 cents.

6. Clothes left on the floor at anytime will be considered a chore undone and is subject to the $1.00 fee as stated above.

7. Chores halfway completed will also be considered as a chore undone.


By signing this contract you agree to the terms and conditions stated and agree to comply.


_______________________      
Child's signature
_________________________                                                        Parent's signature

As to the Uh oh.... I had a neighbor come over to have me cut his hair. While cutting his hair BriLynn decided to cut hers. AHHHH So I had  to cut it short in order to blend in what she snipped off.  

It's nice that she has naturally curly hair, it makes the shorter part blend it better.

So that is the second time she has cut her own hair. Hopefully we are done with that :)