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An Allowance Question

July 16th, 2010 at 10:29 pm

DD is now officially 8-years-old, and we're thinking it's allowance time. I've read and pondered many things about kids and allowances, but mine was tied to chores. Should they be? How much? I have no idea.

I welcome any allowance guidance from those
who have been through the fire.

Posted in Offspring | 6 Comments »

6 Responses to “An Allowance Question”

  1. MonkeyMama Says:
    July 16th, 2010 at 11:07 pm 1279318061
    1279318061

    You are going to get a lot of opinions on this one! Big Grin
    What we have done is started giving an allowance when our kids turn 5. 5 made sense to us because they started school and were old enough to contribute around the house. We sat the kids down and told them since they were 5, they would have added responsibilities around the house. OF course, in addition, with this age and responsibility, they would be able to manage some of their own money. All of the above is just part of learning how to be an adult.

    We are doing $2/week for both kids now - the youngest just started. It seems to be ample for their needs (but not too much). My eldest has $150 in the bank right now, and buys gifts with his own money, etc. I can't tell you how many times my eldest has asked for something I would never buy him. The answer then becomes, "If you want to pay it out of your allowance, be my guest." Even at 5, they think harder about where they spend their money when it comes from their own piggy bank.

    Our parents were both pretty much the same way and we are both very good with money management, so I feel, "if it ain't broke, why fix it." Of course, the idea is that the kids will already have some basic money management skills when they can get real jobs and earn their own money.

  2. MonkeyMama Says:
    July 16th, 2010 at 11:09 pm 1279318192
    1279318192

    P.S. To clarify - allowance tied to chores? Sort of, but not really. They have to do their chores, regardless. It's what responsible people do.

  3. sagegirl Says:
    July 17th, 2010 at 12:09 am 1279321763
    1279321763

    My kids earn money for extra chores. We don't pay for general things that they required to do on a daily basis--empty dishwasher, pick up laundry, clean rooms, feed dogs. But, we offer money for chores like helping with yard work, special projects around the house, babysitting little brother, etc.

    I agree with monkey mama in that it is very interesting to see them ponder whether it is worth it to spend their own money for something they want. Mine have become pretty good savers for their age.

  4. whitestripe Says:
    July 17th, 2010 at 03:24 am 1279333488
    1279333488

    my allowance was never tied to my chores. my chores were my chores and they HAD to be done (though - if i didn't get my chores done, i couldn't do stuff like hang out with friends etc). i got 50c for each year i was (so when i was 12 i got $6 a week).

  5. creditcardfree Says:
    July 17th, 2010 at 04:47 am 1279338426
    1279338426

    My girls get monthly allowance based on their age ($10 and $13). Sure not a lot, but they look forward to it and can spend it on whatever they want. The money is not tied to chores, but they do have chores and responsibilities. I have the right to withhold or reduce allowance, but that has never been necessary.

    In order to spend their money they must have it with them. I never cover purchases for them, since I do not want to encourage borrowing on credit! Smile

  6. My English Castle Says:
    July 18th, 2010 at 11:04 pm 1279490664
    1279490664

    Thanks for all your input. We'll decide on this over the week. I DO wish I got paid for my regular chores--sigh.

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