Parents: Anyone have thoughts on weekly allowances?

[Arugula Latte]

My kids are five and eight, but we haven't given them allowances yet.

We've started to consider it, though. Any advice on how much, whether to tie chores into it, whether to put any restrictions on it (e.g. you must save X amount), etc?

Thanks. :hi:

[Sperk]

1. Yeah, I need one.....my kids spend all my money

:evilgrin:

[cornermouse]

2. It depends on your kids, their personalities, and what they're likely

to do with cash.

Do they want to buy everything they see or do they already show some self restraint?

Are they likely to work harder at doing chores for money or are they likely to decide that they don't really need money bad enough to work for it?

Do you have the time and energy to spend on setting up a budget with a savings plan and doing some follow-up to make sure they stick to it?

It really depends on your kids. You know them, we don't.

[Midlodemocrat]

3. Well after 15 years, this is the decision we finally made.

We give the 13yo $13, and the 15yo $15 on a Visa Buxx card. If the 13yo does all his chores/schoolwork without bitching he gets the money, if the 15yo does all her chores without bitching she gets the money. So far, it has worked out. We don't give the 8yo an allowance...yet.

So far, they don't have to save any, but that will probably come, and they have to pay for movies, etc. with it. They can save it or spend it every week, it is up to them.

[radwriter0555]

4. Not yet? My kid has done chores since she was a toddler, from picking up

her room to helping with dishes, doing her own laundry, picking up dog poop in the yard. I have to remind her of the dog poop, and I don't blame her! But the others she does willingly and all we have to do is ask.

She has gotten an allowance since we got our first dog and she was responsible for 'de-pooping the yard'. She used to get $5 a week, and then 2 years ago she proved herself to be such a wonderful help since I was sidelined with an auto accident and a subsequent injury, that I raised it to $7 a week with lots of extras thrown in.

She doesn't do anything "for the money", she does it because she wants to. All I have to do is ask. She's a great kid.

So, add chores in one at a time... don't make a huge list like they've gotten a job. But start with one thing at a time. Kids must be of help around the house or else they are far too dependent on being waited on. We have a housekeeper weekly, but Liv is still responsible for daily chores.

An allowance is for them to spend however they choose... there is an IMMEDIATE change in what they MUST have once they have to pay for it themselves. That magazine suddenly isn't quite so necessary, when at the end of the week, they have no money. I try to guide my kid in how she should spend her money, such as "is it really important to spend $3.50 on a soda at the movie?" Think about it. You spend the money on a soda you're drinking for an hour."

Don't take it too serious. No lectures... just guidance and support.

[Arugula Latte]

5. Well, they've done some chores

although, admittedly, we need to increase the workload. We just haven't tied it into weekly money.

Thanks for your thoughts!

[WildClarySage]

6. We decided not to do allowance because we provide our son

with what he needs and he has extra opportunities to earn money around the house (like helping drag branches in the spring or rake leaves in the fall) for 'wants' but his chores (ie. cat box duty, emptying the dishwasher daily) he does because he's a member of the family and all family members contribute to the running and care of the house.

Later we will probably start doling a regular 'pay' including witholding 'taxes' (really money put aside for college) so that he gets a dose of what earning income is like, but for a 10 yr old, what we do now works.

[Debbi801]

7. We give them one dollar per school grade right now...

So, my 4th grader gets 4 dollars a week and my 6th grader gets 6 dollars a week. We give it to them on a monthly basis at the beginning of the month. Firstly, because we were terrible about remembering to give it to them each week. Secondly, because it gives them a larger amount to play with, practice saving, budgeting, etc. We try to encourage putting some of it into their savings accounts each month, too.

While both kids are expected to do some chores, we do not tie the allowance to the chores they do. However, for certain issues, we do charge them back. Both kids have a tendency to leave a room with lights and/or TV still going and never go back to turn them off. So, if they leave the TV or lights on when they leave a room for good (like to go outside to play, eat a meal, go to bed), we charge them 25 cents.

Hope this helps.
Debbi

[wakemeupwhenitsover]

8. I quit tying chores to allowances pdq.

They got an allowance for spending money because dad & mom have spending money. They did chores around the house because dad & mom have chores around the house. When they were little & allowances were tied to chores & it was their birthday or Christmas & they got cash as a present from family, they were more apt to say that they didn't need to do chores because they had plenty of money.

Just how we did it.

[Telly Savalas]

9. Good idea.

We'll file that one away, cause our kid just turned three.

[wakemeupwhenitsover]

11. 3 is the cutes age! n/t

[wolfgirl]

10. This is always a tough subject.

My guys have always had responsibilities that were a part of being the family - pick up your toys, put away your clothes, etc.
When they started 1st grade, we began to give them additional chores that were paid jobs -i.e., helping wash dishes, bringing in the mail/newspaper, that sort of thing. As they grew older, some of the paid chores became regular responsibilities that go along with being a part of a family and we found new chores that would be paid - i.e., mowing the lawn, working in the garden, scrubbing bathrooms, etc.

With the payment, they were required to put aside a certain percentage as savings, and the rest was theirs to blow or count or save or whatever.

They learned there are things you do just because you are part of a family and they learned that when you shirk your responsibilities, you lose.

They are 19 now, one has an Air Force scholarship and starting his sophomore year this fall(he is spending this summer in Colorado doing construction work). The other one has a Navy scholarship and is currently in Norfolk getting a taste of life on a submarine, and when he returns will be working as a lifeguard for the remainder of the summer. He will be a sophomore this fall as well.

Both are pretty frugal, but generous with their favorite charities & friends. They aren't into designer clothes or having all the latest gadgets. They watch for sales and shop at second hand shops. So far, so good....

(edited to correct my terrible typing!!)

[Dervill Crow]

12. We gave them a dollar for each year of age.

When they got old enough to be proficient at doing things around the house, e.g. make espresso, vacuum, etc., they could supplement their earnings.