Carter becomes a teenager next month. Blake and I have been discussing a new approach at allowance.
He'll receive $75 at the beginning of the month to budget, save and spend.
All of his monthly expenses will have to come out of this money, so he will have to stay aware of his spending and make smart choices. If he does not, he will have to sacrifice.
This money will go towards outings with friends (movies, paintball, Disneyland, birthday gifts for friends, etc) and we will not supplement if he doesn't plan. He will have to miss out on things if he doesn't have the money.
For the first few months, we will insist he saves half for the month to ensure he transitions well. We will help him monitor his account online, balance his ledger and more. He already has a check card linked to his account, so he has some experience.
We will provide the basics, of course.......including clothing and his Disneyland pass is already paid. But, his allowance each month will go towards entertainment and extra things he'd like to buy for himself. Extra things = Elite socks, a Disneyland pass upgrade, etc.
This is a big move and if we move forward with it, I want it to be long term. I know there will be some tears and lessons learned.....but we think he's ready.