Update #1: The Allowance Contract

So far so good with the allowance contract.  If you haven’t read the original click this Allowance Contract.  This is an update after more than two weeks of the contract.  We created a pay statement for my daughter which breaks down her pay, taxes, sick time, and vacation time.  She will receive it every two weeks.  It will read much like a normal pay stub with here gross pay, net pay, taxes, and such.   Below is a photo of the current statement.

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I have made some updates to it and will post it on the next update.

She has already made her first purchase from her earnings.

Retrospec Longboard

 

In the original post, we forget to add how she receives vacation time and sick leave.  Each month she will get 1 day of both.  The vacation time needs to be requested in advance but no less than 24 hours prior to the date requested.  Sick time can be used as she needs to.  There are scenarios where she will not be charged for these days.  She will not be charged vacation time for family vacations or family outings. She will not be charged sick time for major illnesses or being sick for more than a day.  In cases like this, the contract is suspended until we come to an agreement on returning her back to action. We also will not hold the Corona Virus lockdown against her either. Not that she has it, just being on lockdown sucks.   She does have the ability to save up days as well and use them together.

Our next steps are to open up an account for her so that she can learn to deposit money and balance her account.  We also are going to come up with a constructive way for her to pay bills, notionally.  I also want to develop bonuses for her.  This is an incentive for her to go above and beyond her current duties to earn a little more.  I will probably wait a month or two to make sure she is going to stick with this.

So far we are off to a good start with this and hope that she can stay with it.  Stay with us as we update more in the future and get some perspective from her as well.

Thanks for following.