Having several sons, I have had to devise several plans. I do not give out allowance, nor do I pay the boys for chores around the house. I believe each of the boys needs to learn that they must contribute to the well being of the family.
If there is a task that I would pay someone else to do, I will pay the boys to do it. However, I expect a professional job. An example would be carpet cleaning. We rent a machine and the boys get the difference between the rental and what I would pay for the carpets to be cleaned.
All of the boys may work at the properties that I own or manage. They can also be fired. They each work according to their abilities. They also know that the more they learn, the more they can do, the more money they make. One of my sons is working with the neighbor to learn how to finish a basement. He is working for free. He knows that the skills he learns, he can take to our job site and make money.
Several of the boys go through the neighborhood. They help shovel walks, mow yards, or help with whatever. I am trying to teach them that one doesn't always have to be paid to help someone. The boys have a reputation of helping others. Neighbors are also likely to call them when there is something they need done and there is money involved.
As far as saving money, I require a minimum of 30% for savings. 10% is for charity. They get to spend 60% of what they make. Savings is non-refundable...until college. This does not apply to the ones not on the college path.
I am teaching the boys about investing and compounding interest. They are partners in several of my business ventures. We talk about business deals, depending on their level of understanding. I am a follower of "Rich Dad, Poor Dad". Working for someone else is fine...but one doesn't have to do that to survive.
Of course, I do this in my spare time!
