Allowances for your children

[harkatsmom]

Just wondering if anyone gives their child a weekly allowance?

If you do, how much do they get, and what is expected to be done for that allowance?

I have a 4 and 6 yr old and I think that I should start my 6 yr old soon...

I also think that some type of chores should be done to earn this...

What do you guys think?

[jenna321]

I don't give allowances . That being said , I also don't just hand over money freely . Chores are part of being in a family. If my son wants a couple bucks to go to the store then fine. He does well in school, he's a polite kid who helps out in the home, even just on his own he'll tidy up. Now if he wants to save up to buy something or gist or whatever a job shall be thought of and price agreed upon. He does however start a newspaper route in a week so he'll have his own money and he's already a bit of a hoader with his $.

[harkatsmom]

Good for you Jenna, it sounds like you have a wonderful son
Still not sure what I am going to do...
I want my kids to be good with money, and now of days with all of the plastic, most don't understand the value of money IMO...

[NSangel]

harkat: i think if you can afford it, kids should be given an allowance as long as they are doing some age appropriate responsibilities. And to the question of how much? well, I read somewhere that $1 per year of life per week is reasonable. I just wish i could afford to give my 11 year old that every week.

But if you think about it. If you do pay them that, then when they want that can of pop, or choc bar when your out, or $ store item, they can purchase it themselves. so really, i probably spend that on him every week in extras anyway.

[tammy8701]

I don't give allowances . That being said , I also don't just hand over money freely . Chores are part of being in a family. If my son wants a couple bucks to go to the store then fine. He does well in school, he's a polite kid who helps out in the home, even just on his own he'll tidy up. Now if he wants to save up to buy something or gist or whatever a job shall be thought of and price agreed upon. He does however start a newspaper route in a week so he'll have his own money and he's already a bit of a hoader with his $.

your son sounds like mine he his the same way, the only differece is he has a job at macdonalds and is 15 he has all ready bought in 4 months a snowmachine and a motocycle so when he goes next may for his 365 he hads the bike and it is paid for,now his goal is to save up for a truck(you think he was 30 lol)

[Milton4doe]

"Super Nanny" says $1 per age of child. They can be given some age appropriate chores and earn some allowance to save or buy a "treat".
I agree with this and intend to use this idea when the time is right.....when is the time right?

[2busy2bme]

I do not give allowances out either...I have a 14 yr old who does a lot of chores (dishes, vaccuums, cleans yard etc) A 10 yr old who is starting to do more chores (sets table, clears table, sweaps , looks after lizard ,etc) and an 8 yr old who will help with everything(washes the car, cleans windows, feeds dogs etc) All three are responsible for their own rooms as well. And all three do age apropriate chores. I clean the floors and the bathroom and the more "intense" stuff LOL
When I kids want o go somewhere with their friends (movie, pool , Bday party etc) i will give them the money they need as long as there chores are done.

With a family of 5 soon to be 6 everyone has to help out. My kids also help with dinner, garden work, and always help bring in groceries.

If chores are not done they do not get their extra privelages. Most chores only need to be done weekly, some daily. When school starts back homework is always first then I get a little more lax about chores. But I still expect them done on the weekend.

[smb127]

I don't give my kids an allowance, but I put $10 in a bank account for them every week. This way when they want something the can pay (well I move the money around). This summer I gave them $150 from their accounts to spend on what ever they wanted since we were not going on a trip. My DS (8) has spent all his money while the DD (10) still has $50 left.

They also get gift cards from my parents for their birthdays and Christmas (they still get gifts too) and they have learnt to save for what they want.

They do however get an allowance at their fathers place and it is based on chores. The more they do, the more they get. Chores at my place are just a part of living.

[harkatsmom]

See I agree that chores should be mandatory after all a family is a team, and teamwork is how a home runs smoothly.

That said, I do not carry cash around and only have plastic.

My biggest concern is to teach them the value of money and the importance of saving up for things you really want.

I worry that they will see me spending on my debit card and think that money is a never ending source which it isn't.

I think that I will try the dollar per year thing, and see how that works.

Neither one of my daughter need nor want for anything, but I am not so sure that I am doing right with this...

[2busy2bme]

I find when my kids have money it is stressful....My 14 yr old(Daughter) spends it quickly. My 10 yr old(son) can not ever make his mind up and takes forever to pick something out, even holds up lineups to run back and change his mind and my 8 yr old son loses it and cries because he can not find it . LOL!

When I say stressful I mean for me and them LOL!

[2busy2bme]

Plus...sorry thought about this after. My kids get money from other stuff, My daughter Babysits my boys get money from the toothfairy and all three get money and gcs from family.

[NSangel]

well, another thought if you do do the allowance thing, strongly encourage them to deposit half into a bank account. and let them watch it grow. some kids don't need much to spend on.

there was a free software (trial) for kids that set up an acct, it was kewl. showed their allowance how much would be saved, if it would be matched by parents at a certain pt, or allowed to earn interest.

very visual, ryan really liked it til the trial ran out

he ended up using his savings to fix that room he destroyed.

[harkatsmom]

My 6 year old is very anxious to get her own account, so I am going to do this
Hopefully it will teach her the value of a dollar by going this route.
Thanks for all of your help and suggestions you guys...
I truly appreciate it!!!

[tracyo]

Wow, some great advice. My son is almost 10 and hounding me.....even about an hour ago to get an allowance. I tend to give him or buy him things quite frequently. Too frequently I think. He is under the impression I should just give him money and he won't have to do anything. I have tried to explain that he is a member of this house and if he helps out and gets things done, then we have more time to spend together as a family. He gets other rewards though.....tv, game privileges, outings etc. It is a great debate. My hubby and I are trying to get a happy medium on this subject.......

[Grey]

Found this old thread while looking for discussions about allowances.
Very interesting.