Kids and allowance?

[mommaU4]

My DS10 has recently started asking me for and allowance. I told him we'd think about it.
I'm not sure why he needs one since we get him everything he needs and, within reason, most of what he wants.
I'm not even sure how much to give. Can't afford too much. And should it be tied to chores or is it better to keep those two seperate?
Moms/Dads, I need advice. Thanks!!

 

[Blondy876]

My six year old gets an allowance. We give her $2 a week for keeping her things picked up. If she does extra things we give her extra $ depending on what it is. We have taught her (ie. forced her sometimes) to divide her allowance between savings, charity and spending money. So far it's working for us.

 

[Swimnoid]

You should get some good debate on this. Some people base allowance on chores but others feel being part of a family means you have responsiblities you shouldnt have to be paid for. Both good points. In our case, when DD was younger we didnt give her an allowance. We weren't opposed to it just didnt seem necessary. When she was around middle school age we gave her a certain amount every two weeks. She could use it anyway she wanted BUT this included school lunch. So if she wanted to use it for something other than lunch she would be responsible for packing her own. By the time she was 15 she had a job so she earned her own spending money and we provided everything else. It did help a little bit with teaching her budgeting etc.

 

[WatchinCaptKangaroo]

I think allowance, no matter how it is given is a good tool to instill budgeting and saving at a young age.

 

[mommaU4]

You should get some good debate on this.

Uh oh, I don't really want a debate. Just other's advice and experiences so I can take them into consideration when I ultimately make up my own mind.

So far the info has been great and very civil. Thanks!!!

 

[arkansas mom]

Our 9yo ds has chores to do but doesn't get paid for them. I tell him that as soon as I start getting paid for cooking his dinner and washing his undies, I'll pay him for making his bed
He gets paid, however, for extra work he does. Raking, sweeping garage, ...

 

[CajunDixie]

At this time both boys (12 & 15) only get money from us for "extra" chore type jobs. If they go work with DH (self-employed) they get paid hourly for the work they do. They both mow a couple of places in the summer also. I don't force them to do anything specific with their money but if they don't have enough money to pay for their cell phones they are out of luck.

Younger DS is very charitable and buys items for the local food pantry when he sees a good sale on something like soap, shampoo, soups or other items. He also is big on small cash donations when he sees a place like a gas station or store collecting money for an ill child or someone who has lost their house to a fire. Older DS still does charitable things like buying from his brother's school fund-raiser and buying a few things for the pantry.

 

[Grumpy's Gal]

how about $6 a week. $3 for whatever and $3 that MUST go into a saving acct. NOt tied to chores.

Maybe can spend that $$ on scholastic book orders from school ,etc.

 

[clh2]

Only you know your children and what motivates them.

Our DD, 11, does get a weekly allowance of $5. This is not tied to her chores. The reason we do not tie chores to allowance is - the day I hear "I don't need the money, I'm not doing the chores," I would most likely flip my gasket.

There are many benefits of kids having an allowance. They get to learn how to save up for things, they learn very quickly that some items are just junk, and won't last 5 minutes, or that they will be get sick of an item very quickly. At this age, they can learn how to spend money, how to save, how to budget, as well as the painful lessons of what happens when they have blown it on junk, and now can't get something they really want. Not to mention the "pain" of losing a buck or two of their own money.

At this age, the money gives them more "lessons" than anything - which IMHO are very valuable. I know a lady in her early 30's, who never has learned how to spend money, nor how to save it. She is ran up a huge amount of student loans, yet thought of nothing of charging anything until her cards were maxed out. Her financial situation has spiraled out of control. Much of it due to not knowing how to manage money.

If you move forward with an allowance - be clear with your DD on what it should be used for - i.e. the only restriction we have with DD is - she can't buy junk food within 2 hours of mealtime. Since DD's allowance is only $5/week, we don't expect her to pay for "normal-priced clothes", an occasional movie, or her lunches. (Heck at her school - they won't take cash anyway.) If she wants a specific name-brand item of clothing - she will have to pay the difference between the non-branded and the brand-name item.


Our DD wanted to buy a roll-top desk several years ago, and DH said we would pay half - if she wanted to pay half. She saved her allowance, birthday and Christmas money for about 6 months - and we found a great rolltop desk on e-bay for $400. She has always taken great pride in that desk. As well she should - she paid for 1/2 of it.

Good Luck in your decision!

 

[aprilgail2]

My daughter gets 6.00 now...we use 1.00 per year of age and it is NOT tied in with chores in any way....She is learning to mangage her money very well so far...she banks most of it but will save up until she has enough for something she "really " wants...a lot of time by the time she she has enough a month later, she no longer wants it LOL....