Begin planning your home economy by:
Allow two to three hours to choose jobs, bonuses, and fines, and an additional two to three hours to prepare all of the materials.
On the first day of the program, introduce your children to the home economy. Approximately a week after the introduction, assign jobs and provide short training sessions.
Allow two to three hours to complete these activities.
Every month, children earn paychecks and bonus money, pay fines, pay rent for their rooms, and purchase prizes, all with MyHE currency. Parents/caregivers typically either conduct all of these activities on the same day, or spread them out over the course of the month.
Allow one to two hours per month to complete these activities.
If you can answer “Yes!” to the following questions, MyHE will work for you and your family.
This site is meant to provide support for families who want to implement MyHE. You may customize any attributes of the program to better fit your family dynamics. Discuss and share the Program Guide with caregivers to involve them in decisions as you establish your economy.
Your selections can be from the lists we provide or based on your household norms. You may choose to involve your children in creating the bonus and fine lists, but this is optional. Once the lists are ready, post them in your home and refer to them as needed. You can also use additional materials such as bank logs and handouts (some examples are provided on the MyHE Materials Page). Please contact our team if you have any questions!
Each child has a “job” or set of jobs. This is the key component of MyHE; it is the foundation from which all other pieces of the program build.
The following info includes ideas for jobs and suggested salaries using the simulated money available on the Materials Page. Should you choose to use real money, please adjust the salaries based on your family’s financial situation.
Types of jobs vary by household and each child’s capabilities.
It’s recommended that adults or oldest children hold the job of “banker.”
Ideas and considerations:
The jobs below are options for your consideration. A child is not required to hold each of the jobs for MyHE to run successfully.
Jobs |
Description |
Weekly Salary |
---|---|---|
Banker (optional parent role)* |
Keep bank records for family. Accept deposits and pay withdrawals. Deposit remaining cash in House Bank. |
$200 |
Police Officer (optional parent role)* |
Check for violations of house rules. Hand out tickets for children who break rules. (Predefined rules and possible fines are recommended. Parents should decide when a child gets a ticket or distributes a ticket.) |
$175 |
Vet |
Maintain the health and well-being of all family pets. This may include feeding, playing with, or cleaning up after them. |
$150 |
Chef |
Assist parents with dinner preparation and cleanup. May also help prepare lunches or snacks. |
$150 |
Clerk |
Help keep family organized. Update family calendar and messages. |
$100 |
Custodian |
Keep family rooms and yard straightened. Help keep toys and books organized. |
$100 |
Dry cleaner |
Help parents fold and put away family laundry. |
$100 |
Technology supervisor |
Turn lights and electronics off when appropriate. Charge electronic devices and help family with technology needs. |
$100 |
Meteorologist |
Keep family updated on daily weather and upcoming weather events. Keep track of forecast and share with family. |
$100 |
*These roles are required as part of the Home Economy. If a child has completed each role, it is suggested that the parent act as an auditor, examining financial records to ensure accuracy in payments, record keeping, and timing.
Jobs should have appropriate salary. Highest pay goes to the most responsible or most needed job(s). (As an example, see the suggested job list above.)
Ideas and considerations:
TIP: Create a cash box with slots, one for each cash denomination. This is where your household will keep excess cash and act as a “bank.” We recommend that each child only hold about $200 in cash and deposit the rest in the cash box.
In addition to the salaries that children can earn from their jobs, they can earn bonus money by behaving well or completing small jobs around the house.
Children need to earn bonuses to make rent and save up for short and long-term savings rewards.
Ideas and considerations:
Activity |
Bonus Amount |
---|---|
Wake up on time |
$5 |
Act as a great team player at sports practice |
$10 |
Help a sibling with homework |
$10 |
Rake leaves |
$15 |
Take on a sick sibling’s work (“Internship”) |
$15 |
TIPS:
The obligation to pay rent is central to the Home Economy. These are key concepts:
Activity |
Bonus Amount |
---|---|
Suggested weekly rent |
$250 |
One-time room, bed, or technology purchase |
$750 |
Ideas and considerations:
This section is optional for your household. Below are some considerations if you wish to include fines in your Home Economy.
In the Home Economy, the role of fines is to help children understand costs and consequences—it is not to punish them. The list of fines should be short and direct, matching your household priorities.
Fines should not be imposed on top of other penalties. For example, if a child is expected to clean their room to earn a salary, there should not be a fine for the messy room on top of the impacted salary.
Our list is an example:
Rule |
Ticket Amount |
---|---|
Dishonesty |
$500 |
Rudeness |
$100 |
Messy room |
$100 |
Missing work |
$50 |
Tardiness |
$50 |
Although the Police Officers write tickets for fines, you control the process through an offense log. As you correct a child, you can mention that you’re adding the violation to the log. Then, when “Ticket Day” comes, the Police Officers write tickets based on the entries in your log. In this way you retain explicit authority over dealing with misbehavior.
TIPS:
Children who make their rent payments and manage to save additional money can reap:
Long-term rewards
TIP:
You can also incorporate donating as part of your child’s budget or savings goals. This can be a fun way for children to give to their favorite charity.
Rewards do not have to be tangible gifts or objects. They can simply be time with family or extra time to do activities the child enjoys.