• 4 Pocket Allowance

Is it mine or yours?

Updated: Aug 4, 2019

One of our unexpected challenges with our allowance system, has been the issue of what is mine and what is yours.  Case in point - our oldest wanted a Playstation 3 (back in the day).  We agreed to cover half for his birthday, and he would cover the other half out of his Saving pocket. 

Now, what happens a few years later when he wants to sell the gaming system and put the money towards something else? 

We were pretty firm that while the 4 Pocket Allowance gives them independence to manage their money, it is still the money that we are giving them.  We have 3 boys and I have no intention of re-purchasing the same items over and over again. 

However, we learned from the experience.  With the next big purchase, we signed an agreement with out oldest:  we outlined where the money would come from, and who would control the ability to sell it, and the money if it were sold.  It may sound awfully tedious, but it was a great learning opportunity for our oldest, and minimizes potential issues down the road.

Is it mine or yours?, Ideas for parents about allowances and teaching kids about money and financial literacy, #4PocketAllowance

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