31 responses

  1. Dustin | Engaged Marriage
    April 7, 2010

    Thanks for the sweet spreadsheet! :)

    This is something we really need to start implementing with our five-year-old son. I totally agree with Dave on the idea of earning “commissions” rather than giving “allowances.”

    • Brad Chaffee
      April 8, 2010

      Me too Dustin. Allowances give the wrong impression, while commissions attach work to money. If you go your whole life and think you are entitled to money even if you’ve done nothing to get it, that’s a whole lot of trouble down the road. More like a train wreck waiting to happen.

  2. Neal
    April 8, 2010

    Excellent and timely.

    Even though I’m a CFP I haven’t done a great job at this. Having said that my two grown kids are really good w/money. My third is still young and we’ll see.

    I’m going to try to implement these ideas.
    THanks!

    • Brad Chaffee
      April 8, 2010

      Your story proves that there are multiple ways to get the job done. Obviously you have taught your children sound money principles, and that is more than some people do. I look forward to reading your newly released book in a few weeks! Congratulations on that btw! That’s exciting stuff! :D

  3. Kristia@Family Balance Sheet
    April 8, 2010

    We really need to start teaching our 4 yo about money, spending and saving. I haven’t decided how I want to approach it though. I believe that the whole family does work around the house to make it function properly so I don’t know if I want to attach money to daily tasks.

    I’m going to have to look into Dave’s children’s books. Thanks for the excel sheet.

    • Brad Chaffee
      April 8, 2010

      I understand your concerns Kristia, that’s why there are only 2 items on the list for my son to accomplish. There are other things that he does simply because he is a part of the family. I don’t think it’s a good idea to just pass out money for nothing so it has to be attached to something, and work is the best thing to attach it to in my opinion. Dave Ramsey even makes that same point in the FPU lessons.

      Thanks for sharing your thoughts. :D

  4. ctreit
    April 8, 2010

    Our little guys are still young. They get excited when they get coins or “tickets” which is their name for money. They know that you can buy stuff with these coins and tickets, but they have not figure out yet what to use the money for. So, they are happy as can be to put it all into their piggy bank. We hope that by saving all their money for now we lay the foundation so that they equate money with savings.

  5. Alice
    April 8, 2010

    This was awesome! I have featured this for April 9 as my Financial Friday post by the Financial Nanny on Regarding Nannies! Thanks Brad!

    http://www.regardingnannies.com

  6. Tim
    April 16, 2010

    It might be a little advanced for the child to comprehend time value of money and the concept of interest. I think that if a child learns that he or she can’t spend money that isn’t there, they will be better off than most children.

    I can remember when I was little, my brother and I wanted a Nintendo system. My parents gave us a notebook where we would log our chores. Once we each got to a certain number of chores, we were able to get the Nintendo. It was a great lesson, and we REALLY appreciated the new toy.

  7. Kristy
    June 29, 2010

    Hi Brad – I love the spreadsheet you put together for Commissions. Unfortunately, I can’t get it to unzip. Not sure what I’m doing wrong, but I haven’t seen any other spreadsheets out there that even come close to what you put together. Any ideas how I can get this to open?

    • Brad Chaffee
      June 29, 2010

      First thank you Kristy! Second, I am not sure what the problem could be but I would love to try and help you figure it out.

      Do you have Microsoft Office or Open Office?

      I used Microsoft Office 2007 to create this spreadsheet, but you should be still able to access it with 2003. However, some of the features may not be compatible.

      I just tried to click the link myself and had an error myself. I just renewed the link and was successful opening the file the second time. At the top you will notice it says READ-ONLY, ignore that and click save as and you will be able to customize the worksheet.

      I hope this helps, let me know if I can be of anymore assistance. :D

      • Kristy
        June 30, 2010

        Hi Brad – I have Microsoft Office 2007. When I unzip, I just get a few folders and then I’m stuck. I guess I’m looking for an excel spreadsheet that I can just click on, but I’m not finding it.

      • Brad Chaffee
        June 30, 2010

        hi kristy, I'm not sure how to solve that for you. It's not a zip file
        though it's just an excel file. When you click the link a box should
        pop up asking you if you want to open the file. Once you click open MS
        Office Excel should then open and the spreadsheet should be right in
        front of you. You can then save it to your computer to modify it.

        Do you have a mac or a pc? I've never seen an option
        to \”unzip\” when I left click the link. I have a pc.

      • Brad Chaffee
        June 30, 2010

        hi kristy, I'm not sure how to solve that for you. It's not a zip file
        though it's just an excel file. When you click the link a box should
        pop up asking you if you want to open the file. Once you click open MS
        Office Excel should then open and the spreadsheet should be right in
        front of you. You can then save it to your computer to modify it.

        Do you have a mac or a pc? I've never seen an option
        to \”unzip\” when I left click the link. I have a pc.

  8. Kirsten Deeds
    January 1, 2011

    Fantastic Spreadsheet! We’re getting our 9 and 10 year old started with the financial peace junior. Unfortunately, I only bought ONE set so was looking for an extra spreadsheet for the commission chart when I came across your blog post. I’ll give it a try!

    Thanks! :-D

  9. Bill at FamZoo
    March 8, 2011

    Brad, just stumbled upon your cool spreadsheet from a reference in this recent post:
    http://woodridge.patch.com/articles/how-to-teach-your-children-the-value-of-money

    I used a spreadsheet as well, but then got tired of pulling it up to show each of the 5 kids, so, being an even nerdier nerd, I built a website for them that ultimately, after adding lots of bells and whistles, turned into FamZoo.

    Folks who don’t want to use an online service like FamZoo might consider implementing your spreadsheet in Google docs for shared access amongst the family. I just uploaded your spreadsheet into my Google Docs account to test it out, and seems to work fine (no graph though).

    Cheers,
    Bill

  10. Marvin
    March 21, 2011

    Hi. I too am having an issue downloading and opening this Zip file. Obviously I can download it, but there is not one file that will open through excel, and or anything else. I tried winzip and winrar. I thought it just may open up into excel, however, its a zip file….Any remedies? I am excited to see the working version of your comission sheet. We are implementing this, mostly in part to Dave Ramsey, but glad to see you have this. Hopefully, we can get this to work.

    C.Stewart

    • Brad Chaffee
      March 21, 2011

      Not sure what the problem is. The link to the Excel spreadsheet copied right from the post itself is: http://www.enemyofdebt.com/Commission%20Worksheet.xlsx. It’s not a zip file. Let me know if you continue to have trouble and perhaps I can try emailing it to you or something. Thanks for your interest. :D

  11. John
    July 20, 2011

    I take my kids to the bank, show them where I work and how much money I make and where all the money goes. I show them how long I need to work to pay for whatever they want. They actually ask for less things now.

    • Brad Chaffee
      July 20, 2011

      I feel the same way and it bothers me that talking about money is sometimes considered taboo. I’m the same way with my my 5 year old. No wonder so many people in so many places can’t manage money. Kids certainly don’t learn it in schools. Personally I say it’s right up there with Language, Science, & Mathematics. :)

      I guess the schools aren’t looking for well-rounded. Great comment thanks for stropping by! :D

  12. Jennifer
    February 18, 2012

    Thanks so much for this awesome spreadsheet! My husband and I just watched a few of the Dave Ramsey videos and I was anxious to re-do our kid’s chore charts. I really love that I can incorporate your worksheet into my save-spend-give lesson for them. Thank you so much!!!!!!!!!!!

    • Brad Chaffee
      February 18, 2012

      No problem Jennifer I’m glad I created something useful for you. You’re very welcome! :D

  13. Mark
    October 14, 2012

    Thanks for the most excellent spreadsheet! A long time ago, I heard it best to give your children $1/wk x their age. A 10 yrs old would earn $10/wk while a 13 yrs old would earn $13/wk. Sounds like a lot at first glance; however, $10/wk would yield only $5/wk in discretionary spending. I used your spreadsheets to create values on six (6) main areas of responsibility and weighted them accordingly. We’ll check in later to report our progress.

    • Brad Chaffee
      October 14, 2012

      Excellent Mark, I can’t wait to hear an update man!

      I also love your $1/wk (times age) approach. that seems more than fair. Thanks for sharing!! :D

Leave a Reply

 

 

 

Back to top
mobile desktop