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  1. #1
    Deal GURU
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    Default Do you give your kids an allowance?Do you give your kids an

    Just curious, as my daughter is now 5 years old and
    I'm trying to figure out the best way to teach her how
    to manage her money...

    So...

    1. Do you give your kids an allowance?

    2. If so, how much for what ages?

    3. What expenses do you expect them to cover with the
    allowance?

    4. Do you tie the allowance to additional
    responsibilities?

    5. Do you give your child an opportunity to earn
    extra money? If so, how?
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  2. #2
    Deal GURU
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    My son is 12. He gets $15/week. He can either spend that on school lunches ($3/day) or make a lunch and keep the $$$. So far he has just bought his lunch and keeps the change that is left.
    It is up to him to save or not.
    Ans to Q2 - the cost of lunch every day for school
    Q4 - No
    Q5 - Yes, moving the lawn, doing something extra (other then putting away clothes or keeping his room in a walkable condition).
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  3. #3
    Deal GURU
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    1. Do you give your kids an allowance?Yes, .25 per year of age per week. So a five year old would get $1.25 per week. This is until they get a job, usually at 15.

    2. If so, how much for what ages?

    3. What expenses do you expect them to cover with the
    allowance? As long as they get an allowance they must give 10% to church and 10% for savings. The rest was, basically, spending money. They did have to use it for birthday and Christmas gifts for each other and friends.

    4. Do you tie the allowance to additional
    responsibilities? No but they always had the opportunity to work for extra money either around the house or in our family business.

    5. Do you give your child an opportunity to earn
    extra money? If so, how? Washing cars, mowing our lawn or rental property lawns, cleaning out rental property, etc.
    Dusty
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  4. #4
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    Default

    Hi Ria, My kids are now 21,18, 17, As they were growing up I didn't give them an allowance per say, as they were required to do basic chores as part of the family such as pick up their rooms ( not clean perfectly but at least straightened regularly), bathrooms and help in the kitchen at meal times. BUT I did always keep a list posted on the refrigerator of additional age appropriate chores (such as toilets, mop, vacuum, windows etc.) with amounts they would be "paid" when they were completed. So the amount of money they had each week depended on how hard they worked. Even did it with other family members.

    Even today my 18DD is doing extra work ( she cleaned the garage 2 wks ago and helped her grandfather with castrating calves ) to earn money to pay for a limo for her Military Ball this month as all her accessible money went to everything else such as dress, shoes, hair, nails etc..

    As far as how they got to spend it I only asked them to give only their tithe (10%) and 1.00-5.00 to savings depending on their age (doesn't sound like alot but to a 5-8 year old a dollar is alot of money especially if it is theirs......lol) After that they could spend it on anything they wanted.

    HTH. Takes care. Blessed Be, Helene
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  5. #5
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    This is what we will do with our son when he is a little older. He will get $1.00 per year of age and he'll get that base amount every week. He'll have the opportunity to earn more money by doing extra chores around the house. Of course, he'll have to maintain his room and help with dishes or help dad rake up leaves, etc in order to get the full amount. I don't think a kid should get rewarded for just lying around and doing nothing. I will probably start him at around age 7 or 8, when he can start to appreciate money and that things he wants will cost him some money.

    Cassie
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  6. #6
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    1. Do you give your kids an allowance? yes
    2. If so, how much for what ages? My daughter is 14, she gets $15 per week

    3. What expenses do you expect them to cover with the
    allowance? She pays all of her pets expenses (she has ferrets and guinea pigs) she buys presents for anyone (xmas, birthdays, mothers day, fathers day) I do ask that she put some in savings...she is much better than I am at it...when one of her ferrets was six, she paid the $136 vet bill herself...if you stop and look at that, it was 2 months allowance!! and she uses it for anything else she wants to buy (usually it is books) she takes good care of them, and then resells them on ebay LOL

    4. Do you tie the allowance to additional
    responsibilities? No but they always had the opportunity to work for extra money either around the house or in our family business. I agree, nope....we all need our own cash.

    5. Do you give your child an opportunity to earn
    extra money? If so, how? Occasionally if there is a big job that needs to be done and I don't have the extra time to really get it done, I could be mean and make her do it, but I do pay her for those kind of jobs....

    She already does 100% of her own cooking (she is a vegan, and a much better cook than I have ever thought about being) she also helps with out cat rescue doing litter boxes, feeding etc...and we have a farm so she also has farm animal chores to help with, and she helps with the housewook, does 100% of the dishes and 50% of the vacuuming. She hates the laundry and I dont mind so I tend to do that and most of the lawn work, although she does help with that too

    alana
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  7. #7
    Deal GURU
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    Default

    1. Do you give your kids an allowance? yes

    2. If so, how much for what ages? My daughter 17 works, so she puts half
    her check in to save for car and the other half she can spend. I give her
    money for big things. I paid for her cap and gown, her prom dresses,
    admiral's ball dresses, shoes, hair nails, stockings purses all that is
    involved.
    I pay for any school expense and I will give her money for big jobs around
    the house. She does not get a weekly allowance
    My 15 yr. old daughter gets $10 a week if she does all of her chores. $5 a
    week if she does not do all of them
    My 13 yr. old son gets the same. Their base allowance is $5 and all chores
    done is $10
    They do alot of house cleaning ( I am disabled) and they help with cooking.
    Monika

    3. What expenses do you expect them to cover with the
    allowance? She pays all of her pets expenses (she has ferrets and guinea
    pigs) she buys presents for anyone (xmas, birthdays, mothers day, fathers
    day) I do ask that she put some in savings...she is much better than I am
    at
    it...when one of her ferrets was six, she paid the $136 vet bill
    herself...if
    you stop and look at that, it was 2 months allowance!! and she uses it
    for
    anything else she wants to buy (usually it is books) she takes good care
    of
    them, and then resells them on ebay LOL

    4. Do you tie the allowance to additional
    responsibilities? No but they always had the opportunity to work for extra
    money either around the house or in our family business. I agree,
    nope....we all need our own cash.

    5. Do you give your child an opportunity to earn
    extra money? If so, how? Occasionally if there is a big job that needs
    to
    be done and I don't have the extra time to really get it done, I could
    be
    mean and make her do it, but I do pay her for those kind of jobs....

    She already does 100% of her own cooking (she is a vegan, and a much
    better
    cook than I have ever thought about being) she also helps with out cat
    rescue doing litter boxes, feeding etc...and we have a farm so she also
    has farm
    animal chores to help with, and she helps with the housewook, does 100%
    of
    the dishes and 50% of the vacuuming. She hates the laundry and I dont
    mind
    so I tend to do that and most of the lawn work, although she does help
    with
    that too

    alana
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  8. #8
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    Default

    1. Do you give your kids an allowance? Yup.

    2. If so, how much for what ages? My daughter is 3 and my son is 21 months and they get a dollar a week.

    3. What expenses do you expect them to cover with the allowance? Nothing right now. When they are older, then they have to cover anything that we don't want to buy but is acceptable. Anything that is not acceptable is not covered and they are not allowed to buy.

    4. Do you tie the allowance to additional responsibilities? Not right now. But when they are older they get chores -regular one that they are expected to do without pay and extra stuff they may get paid a little bit. Once they get a job then they are on their own but they aren't allowed a job until they are almost done with H.S.

    5. Do you give your child an opportunity to earn extra money? If so, how? See above
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