UltimateMama loves to link educational moments with the daily routine of her family.  So, that is why she has implemented a $1 per week chore-based allowance for her 5 year old.  Linking chores and household work to earning money is a terrific way to teach children the value of hard work as well elementary money management.  To earn her one dollar per week, UltimateMama’s oldest daughter has to make her bed each morning, get dressed on her own (UltimateMama lays out her school uniform on weekdays or playtime attire on weekends on her daughter’s nightstand), help with any clean-up efforts surrounding her playtime activities, and remember to take off her shoes at the front door.  After 5 weeks, UltimateMama asks her daughter if she wants to trade her five $1 bills in for a crisp $5 bill.  After 10 weeks, she can trade in for a $10 bill.  And on it goes……. UltimateMama feels that a $1 per week allowance is age appropriate for a 5 year old and will happily re-visit increases as her daughter gets older and responsibilities increase.

UltimateMama teaches her daughter how to earn and manage money while her daughter can save up to buy something valuable — such as a college education 🙂