asher Posted March 27, 2008 Share Posted March 27, 2008 As ds has become older, I've given him more tasks to do about the house. I've always wondered about the concept of allowances. I was given one as a child, but wasn't taught what to do with it, aside from being told, "Don't spend it all." :lol: So, my questions are: Do you give your child an allowance, if so how do you determine how much to give them? If you don't, why not? Do you discern what they should do with their money? TIA :) Quote Link to comment Share on other sites More sharing options...
Amy in NH Posted March 27, 2008 Share Posted March 27, 2008 No. We don't have enough money left at the end of the week/month to give the kids an allowance. But if they have a special activity/event going on, I'll slip them *my* allowance. Quote Link to comment Share on other sites More sharing options...
Lisa at Home Posted March 27, 2008 Share Posted March 27, 2008 Chores are a part of life no matter what age you are. The return on that is that you get to live here and be well taken care of. Everyone pitches in. And I don't get paid so why should they? :D But, my kids are given ample opportunity to do extra things if they wish to earn money, and we all work together to come up with extra opportunities to earn. How much they earn for an extra job depends on how difficult/time consuming it is. With their earnings, they are directed to give some (tithing), save same, and spend some. Dh loves finance, so he talks with the kids about money a lot. ~Lisa Quote Link to comment Share on other sites More sharing options...
Cheryl in NM Posted March 27, 2008 Share Posted March 27, 2008 Our 11 yob gets $12 every 2 weeks on payday. It was $10 every 2 weeks from 8 years old until 10 years old because he was really into the Bionicles and that's how much he needed to buy one every payday. At 10 years old we increased it to $12. At 13 we'll probably increase it to $15 and $20 at 16 years old. However, we don't pay allowance to children who have jobs. We give allowance so the child has some spending money so that means we don't buy toys, etc. except on birthdays and holidays. Ds doesn't have any chorse linked to his allowance. It is freely given for him to learn to budget and spend wisely. Although, when we go through lean times the allowance is the first thing to stop and he understands that. We have a chore/good behavior for school system where he can earn TV/electronic time. When he earns 14 hours of this time and chooses not to use the time then he gets paid cash. So now he's saving his Etime to earn the cash to buy a PS 2, which will be kept in a common area of the house. Quote Link to comment Share on other sites More sharing options...
Janet in WA Posted March 27, 2008 Share Posted March 27, 2008 As ds has become older, I've given him more tasks to do about the house. I've always wondered about the concept of allowances. I was given one as a child, but wasn't taught what to do with it, aside from being told, "Don't spend it all." :lol: So, my questions are: Do you give your child an allowance, if so how do you determine how much to give them? If you don't, why not? Do you discern what they should do with their money? TIA :) We gave our sons very modest allowances. We gave them guidance in spending habits, but didn't place any requirements on how they spent the money. The point of giving to them was that it was theirs to do with as they wished. I believe in giving children power and control in small doses. Money is power, and having it gives you control. I didn't feel the need as a parent to retain all the control in that area, and felt it was good for my children for me to give them some of it. Quote Link to comment Share on other sites More sharing options...
PineFarmMom Posted March 27, 2008 Share Posted March 27, 2008 12yo dd and 9yo ds get $15 every two weeks, on payday. They have daily chores here and they get paid for them. We require them to take $3 out of each allowance, 10% for savings and 10% for tithe. One of the big goals for the money was to teach them the pattern of tithing, saving, and learning to plan with their money. If they want something and have spent all their money, we don't help them out. They learn that they need to plan and save on their own too. I know others don't like the allowance thing. That's our way of doing it, though. Teresa Quote Link to comment Share on other sites More sharing options...
daisychics Posted March 27, 2008 Share Posted March 27, 2008 We started giving ds (6) allowance 3 months ago. We give him an allowance every Saturday $3 (I read half their age). We wanted basic allowance that isn't linked to chores but instead linked to certain spending responsibilities. For example paying for his own toys, books, candy, or games. We wanted it to be weekly so that he can save up for, say mouse trap (game his been wanting for $17) and see that if he doesn't spend his $3 for 6 saturdays, he'd have enough. He has miraculously become cheap and more conscientious about the price of toys - he'll say "Whoa! It's TEN dollars?" :D For us, it's been good, just recently he told us he doesn't want mouse trap anymore. He wants to save his money for our California trip so that he can buy legos at Legoland. I love it! Oh! I don't tell him how to spend his money. I want him to learn from his mistakes. Quote Link to comment Share on other sites More sharing options...
praisefor3 Posted March 27, 2008 Share Posted March 27, 2008 We do not give allowances as we don't believe people should get used to getting "free money." Certain responsibilities are part of being in a family and helping the household function. These include keeping your room clean, wiping down the bathroom, unloading the dishwasher, feeding the dogs, daily pickup etc. However, there are certain chores that I at one time (and occasionally still do) paid a housekeeper to do such as heavy dusting, cleaning Mom and Dad's bathroom, cleaning baseboards, etc. that I will pay my dc to do. They can earn money in that way. I also pay oldest dd to babysit when I work. I would otherwise pay day care (although in reality I wouldn't work if I had to use day care) so I pay her instead which works out good for both of us. When dc participate in activities we require they earn a portion of them (youth group trips, drama activities, etc.) We pay for necessity clothes but if dd wants a "cool" t-shirt, she buys. We got ds a wii for Christmas but he earns the money for the games. The 3 year old isn't earning money yet but she does do her share in household chores such as picking up toys. These guidelines have worked well for us for 16 years. Quote Link to comment Share on other sites More sharing options...
PariSarah Posted March 27, 2008 Share Posted March 27, 2008 Chores are a part of life no matter what age you are. The return on that is that you get to live here and be well taken care of. Everyone pitches in. And I don't get paid so why should they? :DBut, my kids are given ample opportunity to do extra things if they wish to earn money, and we all work together to come up with extra opportunities to earn. How much they earn for an extra job depends on how difficult/time consuming it is. With their earnings, they are directed to give some (tithing), save same, and spend some. Dh loves finance, so he talks with the kids about money a lot. ~Lisa No allowance. Certain number of required chores, just because that's what families do. Additional chores earn cash. We direct that all cash receipts have a certain percentage taken out for tithing and long-term savings; the rest is at his discretion. (We got all misty and goofy-happy when we realized that he was consistently and voluntarily allocating far more to both of those categories than to his latte fund.) I am now subsidizing a business start-up, however. 10yods has decided that he will earn tons of money baking banana bread. (It's a really good recipe.) I have offered to pay for all ingredients for his first bake sale. After that, he's on his own. Quote Link to comment Share on other sites More sharing options...
cin Posted March 27, 2008 Share Posted March 27, 2008 DD6 gets $5/wk. 50 cents goes to church and $2 goes into the bank. DD3 gets $1/wk (it wasn't worth the battle!); 25 cents goes to church and when it build up, we put some into her bank account. They use their allowance to buy stuff that I don't want to or can't buy. We are goign to start DD6 with a notebook to keep track of all her incoming and outgoing funds, so she can learn about frivolous spending; unlike her mom, who still spends unwisely. Quote Link to comment Share on other sites More sharing options...
Jennifer in NH Posted March 27, 2008 Share Posted March 27, 2008 No. as was stated earlier, chores are a part of living here. However, they are not without money. On birthdays and some holidays relatives will give them money. That is theirs to do with as they please...we do have certain things that just aren't allowed in the house though, so they know that! Examples are: video games, anything Spongebob, anything Bratz, etc... they don't watch too much tv, so there is less influence to just go out and buy stuff anyway! When they are teenagers I will give them a clothing allowance....on that they will have to budget in everything from socks and underwear to wintercoats...my parents did this with me and it really helped me learn how to, and how not to, spend money! Quote Link to comment Share on other sites More sharing options...
HootyTooty Posted March 27, 2008 Share Posted March 27, 2008 We just started to give our 7 yr old an allowance. He gets one dollar for every year he is. With that money he must save 50% in the bank, and then with the remaining money he can do as he wish. Quote Link to comment Share on other sites More sharing options...
Tracey in TX Posted March 27, 2008 Share Posted March 27, 2008 Our DC received allowances since they were 4y/o. We don't buy many toys, so they fund the plastic stuff themselves! The allowance is to teach budgeting and financial discipline. Ours are not related to work, as we feel each family member has a responsibility to participate in the household management. If someone wants extra money, they're welcome (encouraged!) to do extra chores. They receive approx $1 per age (ie 10 y/o gets $10--or close, anyhow) paid weekly. It goes into their bank account, but they have ATM cards. Harder to spend the money when it's not cash. While they're allowed to buy toys, there are still limitations and are required to save a percentage. Quote Link to comment Share on other sites More sharing options...
Plaid Dad Posted March 27, 2008 Share Posted March 27, 2008 We give $5/week, of which $1 is designated for charity (dd's choice) and $1 goes into savings. We retain veto power over purchases and she needs to clear the use of savings for larger purchases with us. We have put a limit on candy purchases (no more than one regular-size candy bar a week, or equivalent) because you can buy a whole lotta sugar for $3. ;) She has certain chores that are loosely tied to her allowance. In practice, if she doesn't do her chores, she forfeits part or all of her allowance for the week. Quote Link to comment Share on other sites More sharing options...
Scarlett Posted March 27, 2008 Share Posted March 27, 2008 Ds8 doesn't get paid for his daily chores as those are required for being part of this particular family. :) There are all sorts of opinions on allowances.....I give one to my ds8 not to indulge him but to help him understand how money works. More importantly how money can work for you or against you. Currently he gets $8 a week. $2 Give, $2 Long Term Save, $4 his discretion. We've been doing this for 2 years now and I've really watched him grow in terms of realizing that if he spends his $4 on junk from Wal-Mart he is totally out of money for the next week. But if he saves his $4 for a whole month he has $16 to buy something big! :) He once even saved up $100..... Quote Link to comment Share on other sites More sharing options...
Gretchen in NJ Posted March 27, 2008 Share Posted March 27, 2008 No, since I have to pay them to read. We have a quarterly reading program in which my dds have to read until they reach $50. Books are worth more or less based on difficulty, length, and how much I want them to read it. It is an all or nothing challenge. If they do not make it to $50, then they do not get any $$$$$. For every book they read over $50, I double that amount (only the over $50 part.) They are not allowed to spend this money willy-nilly. They have a savings plan and a budget. They purchase gifts for each other using this money. It has worked for us. I did have very reluctant readers. Now, I don't, but I haven't figured a plan out yet. Gretchen Quote Link to comment Share on other sites More sharing options...
asher Posted March 27, 2008 Author Share Posted March 27, 2008 Thank you all for your very helpful responses and experiences! Quote Link to comment Share on other sites More sharing options...
Suzanne in ABQ Posted March 28, 2008 Share Posted March 28, 2008 We give an allowance, but it isn't tied to chores (I agree with the other posters who said family chores are part of family life), and it isn't cash (we use the "company store" method). Their allowance ($5 per week) is promised at the beginning of the week, but is docked for attitude problems, either with school work or chores or whatever. Whining and complaining costs a dollar. Major blowouts cost the full week. I keep a record in a little book of how much they've accrued. Each week, I add another $5. If they have attitude issues, I subtract the proper amount. When they want to buy something, I pay for it (or give them cash) and subtract it from their balance. Periodically, when they've saved enough to make it worthwhile to drive to the bank, I take them and have them deposit a chunk in their bank accounts. Quote Link to comment Share on other sites More sharing options...
Mrs Mungo Posted March 28, 2008 Share Posted March 28, 2008 We give an allowance, but it isn't tied to chores (I agree with the other posters who said family chores are part of family life), and it isn't cash (we use the "company store" method). Their allowance ($5 per week) is promised at the beginning of the week, but is docked for attitude problems, either with school work or chores or whatever. Whining and complaining costs a dollar. Major blowouts cost the full week. I keep a record in a little book of how much they've accrued. Each week, I add another $5. If they have attitude issues, I subtract the proper amount. When they want to buy something, I pay for it (or give them cash) and subtract it from their balance. Periodically, when they've saved enough to make it worthwhile to drive to the bank, I take them and have them deposit a chunk in their bank accounts. Very similar here. My eldest is saving up enough that it will be worthwhile to get her a teen debit card that is a prepaid card we can put money on at any time. Quote Link to comment Share on other sites More sharing options...
Jill- OK Posted March 28, 2008 Share Posted March 28, 2008 ...the age of 12 or so, we don't give allowances. And we only give allowances to exceptionally responsible 12yos. :-) Until that time, if you want money to spend on something, you earn it by jobs that are 'above and beyond' normal ones. "Normal" jobs being...well, anything Mom or Dad ask you to do, lol. Seriously, though, it's usually something I would do, or something cosmetic. (Planting flowers as opposed to mowing the yard, for instance; mowing the yard is a necessary task, having to do with being part of the family. Mom wanting flowers is just Mom wanting flowers, and not a necessity.) The older kids having their own money (a pittance compared to what a lot of kids much younger get) keeps us from being nickled and dimed to death, when they want something, or need to go somewhere. It's not enough to keep them from needing to supplement with doing paying jobs for us, and they'll definitely be in the market for 'real' jobs as soon as they're old enough. Quote Link to comment Share on other sites More sharing options...
Jill- OK Posted March 28, 2008 Share Posted March 28, 2008 ...a teen debit card that is a prepaid card we can put money on at any time. This sounds like something I would love! Do you have a link you could share? Quote Link to comment Share on other sites More sharing options...
elegantlion Posted March 28, 2008 Share Posted March 28, 2008 Our ds10 get 6.00 per week. It is tied to chores. It includes vacuuming, trash, some laundry, and dishwasher duty. He does not get paid to clean up after himself. We feel it is important, because both dh and I were not taught money management skills at home. It is paying off. We have been giving allowance since he was about 4. He is great with his money. 10% is tithe, 10% to savings, the rest is spend. We did have a long term spend category but he has gotten so good at budgeting we eliminated it. We use old check boxes to divide the money. He has to buy his own video games, almost all of his own toys, and anything special he wants. Quote Link to comment Share on other sites More sharing options...
Kelli in TN Posted March 28, 2008 Share Posted March 28, 2008 My 12 year old and my 10 year old each get $5.00 per week. They know that they have to save up their own spending money for camps and such. My 8 year old gets $2.00 per week. My 17 year old earns her own money, pays her own car insurance and cell phone bill. My 19 year old gets $25.00 per week and we pay her bills for now. We had to help her out because her grades were slipping and she has to maintain a high GPA or lose her scholarship. So we had her cut back to working about 3-4 hours per week. We would rather help her through this tough spot than see her lose a full tuition scholarship at a good private school. We will do the same for our next one to go to college, if need be. Quote Link to comment Share on other sites More sharing options...
Cornerstone Classical Posted March 28, 2008 Share Posted March 28, 2008 Both children get $10.00 a week if they did all their chores and school work and had good behavior! Quote Link to comment Share on other sites More sharing options...
Mrs Mungo Posted March 28, 2008 Share Posted March 28, 2008 This sounds like something I would love! Do you have a link you could share? https://www.usaa.com/inet/ent_utils/McStaticPages?key=bank_youth Quote Link to comment Share on other sites More sharing options...
Ravin Posted March 29, 2008 Share Posted March 29, 2008 DD gets $4/week. It is not tied to chores or behavior. Even when things are tight I try to make sure she gets her share. It's enabled me to say "no" to a lot of impulsive requests, if she doesn't have the allowance money for them. Also I let her buy age appropriate things I wouldn't buy for her under much of any circumstances, such as licensed character toys and books. She also on occasion chooses to spend the money on me, which I don't mind at all. ;) Quote Link to comment Share on other sites More sharing options...
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