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Do any of you give your children an allowance? And if so how much and how often? I would also love to know what you expect them to pay for with their money. I have felt like a teller at times with my kids needing money to go to ballgames, dances, birthday gifts and the such. I would love to start teaching them about how to manage money and I think this would be a good start. I am just not sure about how much, how often and what they would be responsible for to buy.
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my kids are too small for me to give you any good advice on this but I give dd 1$ on friday. SHe has to clean the toy room to get it. I know its just a token but to her its like a million dollars!!!!!!!!! She is saveing for a trampolean (sp) and at this rait it will only take her 10 yrs, Do you think she will still want it?
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My kids can each earn one dollar per year of age per week. Out of that they are expected to save a certain amount in a savings account, and their church offering comes from this as well. They are expected to use the remaining spending money to help pay for special karate classes, fishing tournaments, any special clothing items (Dh and I buy the necessities, they buy the wants), extras at invited outings (i.e. We pay for the tickets, they pay for souvenirs. Or, we pay for tickets, they pay for treats if we aren't providing them that night.)
They each have a chart with a list of chores that have to be done each day and a list of tasks that may be done for money. That's how they can earn their allowance (we call it a commission, since they have to earn it). No commission can be earned unless the expected chores are completed. And, the child may not get all the money possible in a week depending on how motivated they were to complete the payed tasks. They learn very quickly that money is tied to work.
My oldest DS is starting to run around on his own. So, I'm not sure how we'll handle all these extra expenses. But, I'm sure it will just be a matter of him having to pick his priorities and plan. He's learned how to budget quite well so far.
I know this sounds a little confusing, but it really isn't. The younger kids used an envelope system to start (one for saving, one for giving-church, one for spending), until they got the hang of it. Now, they can tell you all about their money. DD even gets her $1 a week and I put it directly into her savings right now.
Also, any extra money they get as gifts, for doing odd jobs, etc. gets split as least half into savings and half into spending.
Their savings money can be used for major things later - like cars, college, etc.
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My DD's are still to little but it's something to start thinking about when our house gets built!
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We do not give allowance.......I do not get paid to do chores, and my children will not get paid either. They live here, they eat here, they sleep here, etc.....so they are doing what is needed to help the house run smoother......iff they don't pull their weight, their quality of life sufffers.............if they don't put the laundry in the utility room, it doesn't get washed, if they don't help carry in groceries, they don't eat.....if they don't do dishes, there are no dishes to make supper with = no food cooked.
I do not pay my children for good grades either.
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We will start giving my oldest an allowance soon (he is 4). We haven't figured what it is for but it will associated with tasks. I had an allowance as a child and I think it is important especially to learn the value of a dollar and budgeting.
When the kiddos get older (above age 13) we will give a clothing allowance. My parents did this for my brother and I and it was wonderful. We were not expected to buy a suit or dress for special events but everything else ..... boy was it painful to buy underwear and socks so we wanted these items for Christmas. My brother went for quality over quantitiy and I loved variety so I went for quantity. The biggest thing was we learned the hard way to take care of our clothes (since we had to replace it with "our" money).
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my daughter is only $5 so she's at that age where people like to give her money...so far the rule is that "paper" money goes into her car savings(she wants a pink Volkswagon with Daisy wheels and has $56 saved)and the change she is aloud to spend...Wal Marts game center has a game she loves that's 50 cents to play and I've taught her that the coin star is a game...you put in coins and it gives you paper dollars for your car -she loves that and saves for that too...the coin star is a cool game...thay take a little fee...but for now it helps her to save..so for me thats good.
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Originally Posted by boys everywhere
We do not give allowance.......I do not get paid to do chores, and my children will not get paid either. They live here, they eat here, they sleep here, etc.....so they are doing what is needed to help the house run smoother......iff they don't pull their weight, their quality of life sufffers.............if they don't put the laundry in the utility room, it doesn't get washed, if they don't help carry in groceries, they don't eat.....if they don't do dishes, there are no dishes to make supper with = no food cooked.
I do not pay my children for good grades either.
I totally agree with this. I needed to edit to clarify that we Will give ds an allowance, it just won't be tied to chores. Just my opinion, but tying $ to chores seems to me like let's get through the drudgery to get the paycheck. I try to make 'work' more fun, therefore, not something to be looked up on as drudgery. Now that is not to say that my ds won't get an allowance, he will when he's the right age, he's 5 now and we'll probably start it at around 7. And in addition, if he wants to earn some extra $, having him do some tasks for me - that would be great, I'd gladly pay him for that. Everyone in this house helps out, whether it be picking up toys, helping put away groceries, emptying the dishwasher, feeding the cat, etc. When ds asks me to help him put away his toys, unless he was a wild man and got out everything he has, dh and I will. But we expect the same in return, so when something needs to be done, we all pitch in and do it. It goes so much faster, teaches cooperation and that we are all in it together.
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Originally Posted by Stormy
I totally agree with this. I needed to edit to clarify that we Will give ds an allowance, it just won't be tied to chores. Just my opinion, but tying $ to chores seems to me like let's get through the drudgery to get the paycheck.
I agree. My kid's allowance is in no way tied to chores. It is for the sole purpose of teaching financial responsibility. They are expected to help out around the house as we all are, but it is not tied to their allowance.
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I agree to a point with the money not being tied to chores theme. That's why our kids have chores that are expected of them without being paid. The paid tasks are tasks that would normally be done by/for DH and I (i.e. wash the car). We try to make them the "above and beyond" jobs. Things that aren't necessary to keep the household running. We just don't want the kids to see the money as a handout either. We want them to feel like they had a part in earning it. Sometimes, we even post "overtime" jobs where they can earn extra.