Allowance with training wheels...

We have had this magnetic chore chart from Mellisa and Doug for a little while, but Hudson would just play with it- but I wanted to use it. He's five now and started showing an interest in paying tithing, but without any income, how do we teach it? I wanted to start giving him an allowance, but was not sure if he was ready for it- so I came up with this system.

For every magnet "sticker" he will get 1 "Bean" (which is a glass jewel thingy from the craft isle at Wal Mart). Beans have value- and can earn 7 a day from doing his chores- things that he's expected to do anyway- but if he does them on his own or the first time he gets a sticker. On saturday morning we trade all the stickers for beans that he gets to put in his jar. (We are going to decorate it) He can trade the beans at any time for these rewards that we discussed together and decided on.
He will have to learn that if he wants a new video game- he'll need to save the beans. He can get 49 beans a week- which is worth about $5 - but he doesn't just get the $5 unless he trades the beans for it- which he probably won't do. And if he has a time out for any reason he'll lose 5 beans. We already had this happen this week and he figured out really quickly that he doesn't want that to happen...

So we'll try this for a while and see how it works. I think the best part is that he's excited about it- he got to choose the rewards and the consequences- so he feels invested.