Monday is payday at one specific Common Cents home, which means the kiddos receive their weekly slice if they successfully completed their chores the week prior. [key word: successfully]
Why not Friday, you ask?
In an effort to illustrate money mindfulness while educating our kids, we made a collective choice to make payday Monday instead of the typical Friday. The thought is that paying out slices at the beginning of the week as opposed to the beginning of the weekend will encourage our kids to be more mindful about where they allocate their funds, because there is less opportunity for them to spend that money during the school week. Their money has time to age. It has time to cool. They have time to imagine elaborate ways to spend it! It’s not merely in their hands one moment, and inside a store cash register the next. It’s marinating.
In full transparency, we didn’t come up with this concept. We actually scooped the idea from Sam Copolla’s character, Dan Fusco, the salty hardware store owner in Saturday Night Fever. In the 1977 film, Mr. Fusco refused to pay Tony [John Travolta] his wages on Fridays, because he was certain Tony would spend it all on partying over the weekend. Although it’s unlikely that your toddler has big plans to blow their slice over the weekend, it doesn’t hurt to begin conditioning them to let their money cool and collect. Sometimes we all need a sagely reminder that we do not need to spend all our cash the moment it hits our bank account. Thanks Mr. Fusco!
Essentially, the concept is simple: encourage your kids to age their money. Establish the habit for them--let the money sit. How long should the money age? As long as you can! But thirty days is a strong benchmark. Not too long, not too short. The longer they can avoid touching their earnings, the less compelled they will be to spend on superfluous items. Initially, the resistance may be strong, but we have no doubt, you are stronger.
Want more fun ideas to change the way your kids think about money? Read our blog on changing up the language in your house here!
Ca$hing in on change,
The Common Cents Crew