Do your kids get an allowance?

[mudnuri]

And if so, how much.

I'm debating starting an allowance for the DD's age 6 and 8. I'm not too keen on the idea of tying into housework that they have to do, as those are things they have to do anyways.

I've been thinking of giving them $5.00 per week, and requiring them to save 25%. Of course, if they wanted more $$ they could do stuff that is over and above the call of household duty, such as weeding the flower's etc. (stuff that even I dont do!).....

So how old are your kids, do they get an allowance, if so how much, and what is it tied to?

thanks
Brandy

 

[Microcell]

Dh has been talking to DD about one and she is 6. I was only thinking a couple of dollars to clean her room and get laundry downstairs.

 

[Blueeyes101817]

when i started getting an allowance i was probably 7 or 8 and i got 5 dollars..then as i got older, i did more and got more money...i got an allowance up till when i was 17 and started working full time...

 

[dizagain]

You know...we've tried the allowance thing and it just didn't work for us. I tried it in the summer and gave them extra jobs to do for extra money. I kept forgetting to give it to them, they'd lose the privilege for something or other, etc...it just died out.

I think it's a great concept, and I'd like to try again. Maybe I'll start this week...DD's are 8 and 10, and I think maybe $3 or $4 each. They have lots of birthday money left over - one keeps it and one has spent most of it. They really don't buy alot of stuff - just gum and an occasional book or small toy or lip gloss or something. I've never been a mom to buy stuff each shopping trip for them, so they're pretty well trained to "look" but not "buy".

So maybe I'll start again and see how it goes...

 

[atlnewf]

My son is 5. If he can keep his room clean (or at least clean it once a week) and keep the playroom at least walkable, he gets $1 a week. He's not quite big enough (not age wise, size wise) to help with too many of the chores, so we haven't started too many other things.

If his sister (3) helps him clean, she gets 50 cents.

Ashley

 

[ADisneygirl]

We never gave our kids an allowance. I didn't like the idea of tying helping around the house to money. If they needed something, we'd buy it. If they wanted something, sometimes they'd get it.

We did get our DD and DS a savings account when they were little, and some of the money they'd get from relatives on birthdays had to be deposited, but the rest was theirs to keep and spend. It is important to teach them how to manage their money, so when DD was 15 we got her a checking account and taught her how to balance it. DS will be getting one next year.

We always gave them money to spend if they were going out with friends, like to the movies or the mall. DD got a PT job when she was 17 to pay for her car insurance, but we didn't want her working too much as to affect her GPA.

This has worked well for us. Many people use allowances, including some of my kids friends. We just never liked the idea of paying the kids to be good or keep their rooms clean. Those things were just expected. Everyone has different ideas on money though. We just never made it a big deal.

 

[TheOtherVillainess]

$5.00 per week

$5.00 per week? You are so generous! We only got a dollar a week until we were either in HS (when we started to recieve $3.00 a week)or employed. If we had a job, we didn't get an allowance.


Your kids are so lucky.

TOV

 

[Michelemouse]

I posted this on another recent thread so I'm cutting and pasting for this one...

My kids both started getting an allowance at age 6. We do allowance a bit differently, however. The kids each get their age in dollars each week but are paid every two weeks on DHs payday. DD12 gets $12 per week and DS9 gets $9 per week. They get their allowance in a check and must take that check to the bank. At the bank they must deposit their entire check into their savings account and then may take up to 1/2 of it back as spending money. I don't think that there has been a week when they haven't taken the full 1/2 back. They each have a money box and in it are twp envelopes, along with their bankbooks. One envelope says "Invest" and one says "Donate". Each time they get their allowance they must put at least $1 in each of these envelopes. They may use their "Donate" funds toward any charity they choose. They may use their "Invest" funds toward any investment they choose. So far they have each made stock purchases and donated to several charities.

Anyway, we do it this way because we want to encourage them to save their money. Each time we go to the bank I have them take note of the balance in their accounts. Aside from the minimal interest they've received this amount reflects the same amount they have spent over the years. DD is up to more than $1000 in her account now. Our method will also give them a decent bank balance when they go off on their own someday.

We don't tie their allowance to chores or household duties as we feel those are done simply because you are part of a family. If they offer to do any extra jobs around the house we will sometimes pay them a minimal amount for that. I have, on occasion, withheld my DDs allowance because she wasn't doing her part around the house but once she got back on track she was able to reclaim that cash.

The money that the kids have left can be spent on anything they choose. I have, occasionally, indicated that I didn't think that a purchase was a wise choice, but I do leave it up to them.

I know this all sounds very involved but its really an easy system once it gets rolling. We chose to do allowance this way so the kids would have an understanding of how to handle their money.

 

[poohtown]

i don't do allowance because I feel they should be doing things because they are part of the family. During summer they have more to do because they have more time - right now they are in charge of their rooms including dusting and vacuuming, their own laundry (yes my 9 yr old does her own laundry), set and clear the table, help me with groceries, gardening, and anything I ask them. They also have to cook dinner at least twice a week.

I will, however, give them extra money for doing something extra hard - if my 9 year old mows the lawn (about 1/2 acre) she gets $5.00 for example.

I do also believe that kids really need to learn how to budge their own money. So instead of allowance on a regular basis, I give them money based on activity. For example - if they want to go to a movie I will give them $10. They have to decide if they are going to the matinee so they will have money left over, if they are going to buy candy, popcorn, etc. They also only get one movie over summer vacation so they have to decide which one they want. For back-to-school, they have a set amount and have to decide if they really need those fancy pencils compared to regular, etc.

Personal I think this works better. Both my kids are pretty responsible about money, neither have ever thrown tantrums about getting stuff, and I don't have the headaches of 'holding back allowance because they forgot to pick up their room one day'. My sister does give her kids $5.- a week and is always fighting with them over everything. But then one of my friends also gives allowance - $2 and she thinks it's working out great.

good luck whatever you choose.

 

[Lewski709]

Originally posted by Michelemouse
I posted this on another recent thread so I'm cutting and pasting for this one...

My kids both started getting an allowance at age 6. We do allowance a bit differently, however. The kids each get their age in dollars each week but are paid every two weeks on DHs payday. DD12 gets $12 per week and DS9 gets $9 per week. They get their allowance in a check and must take that check to the bank. At the bank they must deposit their entire check into their savings account and then may take up to 1/2 of it back as spending money. I don't think that there has been a week when they haven't taken the full 1/2 back. They each have a money box and in it are twp envelopes, along with their bankbooks. One envelope says "Invest" and one says "Donate". Each time they get their allowance they must put at least $1 in each of these envelopes. They may use their "Donate" funds toward any charity they choose. They may use their "Invest" funds toward any investment they choose. So far they have each made stock purchases and donated to several charities.

Anyway, we do it this way because we want to encourage them to save their money. Each time we go to the bank I have them take note of the balance in their accounts. Aside from the minimal interest they've received this amount reflects the same amount they have spent over the years. DD is up to more than $1000 in her account now. Our method will also give them a decent bank balance when they go off on their own someday.

We don't tie their allowance to chores or household duties as we feel those are done simply because you are part of a family. If they offer to do any extra jobs around the house we will sometimes pay them a minimal amount for that. I have, on occasion, withheld my DDs allowance because she wasn't doing her part around the house but once she got back on track she was able to reclaim that cash.

The money that the kids have left can be spent on anything they choose. I have, occasionally, indicated that I didn't think that a purchase was a wise choice, but I do leave it up to them.

I know this all sounds very involved but its really an easy system once it gets rolling. We chose to do allowance this way so the kids would have an understanding of how to handle their money.

I love the idea, but I just don't have the time for all of that. I never go to the bank, EVER. Ok, I take that back....I ONLY go to deposit the kids coins into their savings.

 

[jipsy]

Lord no, he's almost 22.

 

[Goofymum]

My son is so messy - he should be paying ME to clean up after him lol.

 

[Michelemouse]

Originally posted by Lewski709
I love the idea, but I just don't have the time for all of that. I never go to the bank, EVER. Ok, I take that back....I ONLY go to deposit the kids coins into their savings.

It really doesn't take much time and we only go to the bank once every two weeks. They put their money into their envelopes on the way home and that's that. They take care of their donations and we do the investments together...although it takes quite a while for them to save up to make an investment so that only happens a few times a year.

All in all I would say it takes me about a half an hour every two weeks.

 

[Lewski709]

Originally posted by Michelemouse
It really doesn't take much time and we only go to the bank once every two weeks. They put their money into their envelopes on the way home and that's that. They take care of their donations and we do the investments together...although it takes quite a while for them to save up to make an investment so that only happens a few times a year.

All in all I would say it takes me about a half an hour every two weeks.

Thanks! Definately something I will consider.

I think my kids are too young for allowance right now, 5 and 1, and don't know how we are going to approach it. I like the idea of having to earn it, but not for housework or grades. That's expected.

 

[ZachnElli]

As a former child who got a weekly allowance I believe it is about teaching your children how to handle money. My allowance was tied into household chores, but they were the "extra" household chores like the laundry (for everyone, not just me) cleaning the whole house, etc. I started saving 1/2 of all my allowance at an early age, then my babysitting money, then my part time jobs, etc. I paid for my first car with cash. We are trying to do what Lewski is doing, but have been struggling with some of the details. Thanks for posting Lewski, you have helped me figure a few things out!

 

[MJames41]

I started my kids on an allowance when they were very young (about 5 and 6). I gave them each $1 a week (around 1990) during the times I could afford it. Also, there was a catch. They could use the money on whatever they wanted, but if they did something wrong, they would lose a piece of their allowance. It was a great way of providing discipline at the same time as giving them freedom to spend on what they wish.

 

[JVL1018]

My 4 year old daughter gets $2-she has to put $1 in her bank and she gets $1 for herself-of course she never buys anything. LOL
My 2 year old son gets $1 that we put in his bank. LOL
I have read everywhere that you shoudn't tie allowance into chores-however, I do. LOL
She has to make her bed and put away the silverware to get her allowance.

 

[aprilgail2]

I don't believe in giving and allowance for chores.....she gets an allowance for being a member of the family ...if she does anything extra then she will get extra money...she gets 1.00 for every year of age....

 

[Blueeyes101817]

as i got older, my parents would give me more money for my allowance ,buti wouldnt get money to go out....for example, i would get 20 dollars a week and i chose how to spend it..if it was gone the first 2 days of the week, then i was done for hte rest of the week..it worked out well i guess..im almost 20 now and am pretty good at managing my money....i put my whole paycheck in the bank and spend the money i make from babysitting..

 

[minmate]

Maybe I'm a cheapskate (or maybe because we have 4 kids 5 and under) -- but they get quarters each week --- equal to their age (5q's for 5yo, 4q's for the 4yo, etc)... so I know that's not much.... but right now I don't expect them to use their money for their own purchases. It isn't tied into anything and they always deposit it into their piggy banks... as they get older they will get checking/savings accts. and their allowance may grow larger.

Once they are about 15 or 16, I hope that they will seek out jobs -- and my dh and I have discussed that btw their job and whatever we give them for allowance, they will have to budget like in real life -- For example, if btw their job and allowance, they make $500/month, we will have them pay us small amounts toward bills (rent, food, utilities, etc...) then allow them to spend/save the rest. The amount they give us each month will go into an interest bearing account that we will give them as they leave home at the opportune time -- be it for college, after college, on their wedding day -- but they will get it back and will hopefully have learned a double lesson -- how to budget their money and to learn and remember how to pay bills on a regular, timely basis, and to be grateful they didn't fritter away all their money on immediate items. I grimace at the thought of how much money I spent on cd's, movies, going out, etc, that all seems such a waste now... I wish I would have saved more and learned more about money at a younger age.

Also, our area schools have a Bank-at-school program that teaches kids about banking, saving, interest, etc. -- which I will have my kids participate in.