Sunday, January 3, 2010

Bank of Dad

For the New Year, we have decided to start Mason on an allowance. There are lots of different philosophies about when to start an allowance and how much it should be, but we settled on $3 per week (calculated on 1/2 Mason's age) and it is not based on a set number of chores; those are to be done regardless.

With this new found money, Mason wanted to make a purchase. We paid him his $3 (two in bills and one in change) and we were off to do chores. Our last stop was Target. Mason found a Lego set that he 'had' to have. The Lego set was $12. We explained to Mason that Daddy would loan him the $10 and that he would have to pay us back when we got home. "Deal," Mason said.

Upon returning home, there was much Lego playing and all was right with the world.

Today, however, the bill came due. At first there were questions. "Why do I have to pay you the money, daddy? You are supposed to pay me?" Then the nashing of teeth. "Awwww! I don't want to pay you my money!" he yelled, dropping to the floor.
Mommy stepped in with a quick diagram, explaining where the money came from and what it went towards. She picked up a tablet and drew the following diagram on the back.

It began to sink in that Daddy was owed $10. Mason went to retrieve his piggy bank and dumped it out on the floor. What we found is that Mason has not spent a penny of the money he has ever been given! He poured out $63 in cash and another $2o in coins! Mason is a little saver. He counted out $10 and handed it over proudly.

"A pleasure doing business with you," I said. We shook hands and I began to say, "You know, most banks charge ...".
"Uh, Doug, don't complicate things," Noel interrupted. Ahh, she knows me well.
(all photos courtesy of Mason)


Indiana Lori said...

Awesome! I wish the girls were ready for allowance. I tried to give them a dollar once and they were upset that it wasn't a coin. Coins make more noise.

Happy New Year!

Randall said...

Now, if you are not too busy, would you please explain this simple concept to the US Congress?

RP in Colorado Springs