Kids and Allowances
We have never given our kids allowances. They have never asked either. But as they get older, I am beginning to think maybe we should – afterall, they really need to learn how to manage their money.
Here are my questions to you:
1. Do your kids get a regular allowance?
2. If so, how much?
3. At what age did they start getting an allowance?
4. Do they have certain chores or requirements attached to their allowance?
5. If they get an allowance, what types of purchases are now their responsibility as opposed to something you will buy for them?
I know I have some very smart, savvy readers! Share what works for you and your family. My kids will love the input, I’m sure.
My kids started getting an allowance when they hit age 5. It’s not tied to chores. They get $7 a week. They’ve learned so much from the experience of having their own money. They mastered practical skills like mental addition, decimals, and estimation at a very young age. They’ve learned to consider the real value of their purchases and been forced to set priorities. They’ve also learned the joy of being generous–buying treats for each other, their friends, or us and donating money to charity. They’re so money savvy now that at age 9 and 11, they have a preliminary understanding of credit, loans, and interest. When my son loaned money to his younger sister, he charged her interest!
Mostly they spend money on toys and stuff I’m not willing to buy for them–electronic games and gizmos, stuffed animals, certain books, toys I consider to be junky, and whimsical things. Of course, they also buy some candy. We do veto some purchases.
I still buy them books, art supplies, outdoor play equipment, and items I feel are educational or nurture valuable skills or interests.
I give my kids an allowance. We just started giving an allowance to our 7-year-olds. They get $2 a week. My older boys (12 and 14) get $10 a week. We’ve tried a couple of allowance routines. We initially tied their allowance to chores. They had some chores they had to do just because they live in this house too and some chores they got paid for. Now I’m just giving them their allowance and not tying it to chores. [Although they are still required to do their chores.] We’ve been doing that for a week so I can’t really tell you how it’s working yet. The kids need to use their allowance to pay for their entertainment [unless we go together as a family], so whatever they buy when they go to the mall, video games, movies, school dances, toys, etc.
V & Christine – thanks for your input. I think we may start allowances this summer. I don’t think we’ll tie it to chores either, but the kids will have to pay for more of their own things.
I never got an allowance but had to earn priviledges like going out and eating with my friends. If I wanted anything special, I had to earn it. I guess it’s the same thing as getting an allowance.
We haven’t talked about an allowance yet for our kids. But it won’t be for chores and the things that they should do simply by being members of the family. It would be for the extra things like washing the car without being asked or doing a chore that is on my list and not theirs just because they felt like being nice or something along those lines. The other stuff like keeping their rooms clean, taking out the trash, and unloading the dishwasher just comes along with the responsibilites of belonging to a family.
Just my opinion.
I never got an allowance. We didn’t have much money, so there weren’t many opportunities for doing chores and making money. I just did without the extras.
My husband and I haven’t discussed an allowance or pay for our children, but I’m sure we won’t just give them money for no reason. I’m sure they will have to earn it, the same way that I do.
Thank you for all the suggestions. I am trying to think of how much of an allowance to give and yes it should be for things they want not need. Love the site!