We have a raward system in place for my son who is nearly finsished 2nd grade. The higher his grades are the more money he will get to spend for the summer. My plan was to have him put some of it away in his first bank account and to let him spend the rest more or less as he pleased.
However I am having a couple of concerns. First of all I know that DS is going to be gettting mostly Cs and Bs with his final report card as I am in contact with the school and his teachers on a a regular basis. However DS is acting as if he is going to get rather a lot more money than he will be. I keep trying to explain to him that if he get sthe grade we are expecting him to that he will not be getting enough to buy a brand new bike and video games etc etc. The idea is for him to start learning about money not learning about spending. I just know he is going to be upset and dissapointed when he realises that he won't be getting as much as he thinks he should, even though this has been explained to him, and will have a fit or two *sigh* The joys of raising an ADD kid with no concept of the future or reality.
The other problem is my hubby. I'm having a hard time keeping him on board with the plan. He talks with DS as if he will be able to afford all these things and I've caught him telling DS that he will pay any extra costs for these things if his behaviour is good etc. I think he tries to make up for his crappy childhood by spoiling our kids and he gets caught up in the thrill.
I am going to have to have a sit down with hubby and then DS about this and soon! School is nearly out and the report cards will be out even sooner.