How do you handle allowances for your kids?

[PRINCESS VIJA]

We don't have allowances set up yet, and I want to get this in place so the kids learn how to handle money. I have some questions for you to help me sort through all of this! I would love to hear from alot of people! how do you handle this?


1. How much do you give your kids?

2. What do they have to do to earn it? Chores? Do you have job charts?

3. If you assign chores to allowances what do you do if they don't do the chores?

4. Do you make them save some of their money?

5. Do you have them split up the money into savings, charity, spending...etc?

6. How do you have them "save" their money... piggy bank, bank account, etc

7. What is the "save" money for... a bigger ticket item they want, saving for future big ticket items like car, college, etc.

8. How tightly do you monitor their "spending money".
(example, DD wants to buy a $15 book. But she keeps spending her birthday money on little stuff like lip gloss, those .50 cent candy dispensers at the grocery store, etc - do you curtail that spending so she can learn what it means to save up for the book?)

 

[golfgal]

We don't do allowance. We gave the kids the choice of getting an allowance or just doing stuff around the house as asked and we pay for movies, etc. They can earn money but doing things we don't like to do like scrubbing the kitchen floor. That money goes for things we won't buy like video games. They all babysit now and DS15 will probably get a job this summer so they do have other sources of income.

 

[sassyat30]

We don't do allowance, either.

Doing chores is part of being a family and helping the house run smoothly.

 

[ilisao]

The kids get $1.00 for each year of age. Therefore, DS gets $6/week and DD will soon get $9. However, they may not keep all that money to just blow. For DS, $2 goes into savings, $2 goes towards tzedakah (charity) and $2 into the piggy bank. For DD, $3 will go into savings, $3 into tzedakah and $3 into the piggy bank.

Allowance is not tied to chores as I feel chores are something you have to do as part of this family. However, I have taken money from them (and put it into their savings envelopes, though they don't know that) for misbehaving.

 

[momof3disneyholics]

My kids don't have a set allowance, but they earn money with each task they do. If they clean their rooms, they'll get around 10.00. If they help with other things like cleaning windows, or sweeping or vacuuming, they usually get around 20.00.

 

[breezy1077]

We don't do an allowance instead we pay my son interest at the end of the month based on what he has in his "ATM". We pay 10% interest. My parents will pay him money for doing chores on their farm. BTW - he's saving his money for Disney

 

[famofsix]

we don't give the kids an allowance

They all have savings from birthdays and whatnot.

We do give them extra benefits based on behavior when they want something.

 

[taximomfor4]

I am just starting my brother's chore plan (but on a much cheaper level). I assigned chores to each kid (about 4 chores. Some are daily things, some are less often). They will get paid an allowance once per week IF their chores were MAINTAINED CORRECTLY. If they did shoddy work, or skipped out, they will be "Fired." Being fired means that I will coach them in the proper way to get the chores done for a few weeks, so they'll still be doing them but FOR FREE. Once they've begun doing them properly again and done so for a few weeks, I will rehire them (they'll get paid again).

We have a very small house, with a whole lot of people. I am beginning a new job very, very soon. Cooperation is going to be absolutely necessary. So while paying for helping around the house has always been NOT my thing, it's working wonderfully at my brother'[s house so we are giving it a go.

Difference: my brother pays very generously. We do not. But for kids who've never gotten allowances, a little allowance should be pretty awesome! We will give only $3-5 per week. $5 for my teen aged dd, $3 for the others.

We are going to give them a statement each week, and put their $ into savings. If they want some of it, we deduct it from their statement and give them the $ they need. I think my 9yo dd will blow through hers right away each week, but my 8yo son wants his in the bank.

Wish me luck! part of the rule is that we do NOT have to be reminding them. They have to check the chores list on the fridge. And no computer, tv, video games till the chores are done.

Beth

 

[freckles and boo]

Our kids get $1/year/week. $8 a week for the eight-year-old. $5 a week for the five-year-old. One dollar of that goes into long term savings. One dollar is currently a Disney Dollar for them to spend on vacation (two more days!). When we get back they will have to save one dollar for long term and one dollar for spending on our next vacation. They are expected to make their beds, help with the cats, pick up their toys, and dirty clothes, put away their clean clothes, etc. If they aren't particularly helpful they lose privileges or toys, but not their allowances.

 

[HamTown]

My DS7 gets an allowance of $2 per week (he's in 2nd grade). We bought him a piggy bank with 4 chambers http://www.msgen.com/assembled/money_savvy_pig.html. One quarter must go into each chamber and then the other dollar he can distribute any way he likes.

My DD4 will start Kindergarten in the fall and she'll get 50 cents a week.

This is just really a small attempt to get them to manage their own money. It is not tied to chores and we pay for all their meals, movies, etc. My son collects small flags so he took his wallet to Busch Gardens last week and bought a flag from Scotland. He might buy ice cream at school once a month with his own money.

We're going to NYC this summer and they will both have money saved. I can already tell that being able to buy something for themselves makes it a little more special.

 

[MoniqueU]

No allowance here either. I just open my wallet when there is an activity like the movies, ice skating, game rentals etc.
I expect all my kids to help out whether I am paying them are not and I expect to shell out a certain amount for activities for the kids.

They want for nothing. I don't constantly buy them stuff but christmas and birthdays usually have them set for the year.

 

[luvmy2sams]

DD9 receives $5 & DS4 receives $2 each week.

We don't tie their allowances to their daily chores since we feel those things go along with being in a family. If DD is trying to earn money for a specific item, however, we do sometimes give her the option to do some chores outside her normal responsibilities to earn a little extra cash.

The kids are allowed to spend/save/donate their money as they wish, with veto power always being held by us on any purchases they wish to make. DD is very good about allocating her money so that some is saved and some is spent (usually on Webkinz these days). DS likes to save all month and then buy Ninja Turtles.

 

[JVL1018]

We don't have allowances set up yet, and I want to get this in place so the kids learn how to handle money. I have some questions for you to help me sort through all of this! I would love to hear from alot of people! how do you handle this?


1. How much do you give your kids?
$1 per year, so right now $8 and $6 each

2. What do they have to do to earn it? Chores? Do you have job charts?
Yes they have to do their chores, I have no charts, but they have to clean their rooms once a week, clean the playroom when asked, set the table and clear their dishes

3. If you assign chores to allowances what do you do if they don't do the chores?
They don;t get allowance if their room isn't clean-that's never happened though-they're too money hungry for that

4. Do you make them save some of their money?
Yes

5. Do you have them split up the money into savings, charity, spending...etc?
Yes-savings doesn't get touched, it's for when they need a car or college or whatever, charity is usually $1 to church offering-or they can save it and make a donation to something else, spending is on toys

6. How do you have them "save" their money... piggy bank, bank account, etc
The savings for the future go into the bank accounts, the savings for themselves go into their piggy banks-right now DS is saving for Indiana Jones Wii & DS games, but he keeps buying Legos instead-he finally told me no matter what do NOT let him buy anything until his Indy games come out. He has a hard time not spending, but he's learning.
The kids can spend that money on whatever they want, it's up to them.
My daughter recently spent $50 at Build a Bear and then $30 on an outfit for her American Girl doll. She's happy with her purchases, but I think it surprised her how fast almost $100 goes, she spend a while saving that. Good lesson!

7. What is the "save" money for... a bigger ticket item they want, saving for future big ticket items like car, college, etc.
The future whatever that may be

8. How tightly do you monitor their "spending money".
(example, DD wants to buy a $15 book. But she keeps spending her birthday money on little stuff like lip gloss, those .50 cent candy dispensers at the grocery store, etc - do you curtail that spending so she can learn what it means to save up for the book?)
Nope, they learn eventually that if you keep spending $$ on little stuff you'll never have enough for the big stuff. They need to learn that themselves. My daughter has already gotten it, and as you can see above, my son is getting it now, too.

...

 

[PRINCESS VIJA]

Thank you to all of you for your replies. There are some great ideas! I think I will be taking a lot of those ideas and making it work for our family.

 

[aprilgail2]

my daughter get $1.00 per year of age so she is up to 8.00 a week now. It is not tied to any kind of chores- its her "paycheck" for her job of going to school, doing her homework and trying her hardest with her school work.
As far as chores are goign if I am cleaning the living room adn she is home I will say hey give me a hand, dust that table, sweep the floor etc...we don't have set things, we just give each other a hand with whatever needs to be done or cleaning her room or my room kitchen whatever.