Comments on: Allowance – Yay or Nay?

By: Melissa@LillePunkin

Melissa@LillePunkin — Thu, 15 Dec 2011 03:55:50 +0000

Our two youngest are too young for an allowance, but our 7 year old gets one. Unfortunately, I am like you and often forget. You would think he would remind me, but he forgets too! I remember best when I put up a weekly chart and mark it off as he does the chores.

I find an allowance also helps him further appreciate the value of money because money is now linked to a work effort rather than just something you ask mom and dad for.

By: Alisa @ Earn My Keep

Alisa @ Earn My Keep — Tue, 13 Dec 2011 02:43:18 +0000

This is SO fun! :) OK…I have quick thoughts on all. Here goes:

When is the perfect age to start giving an allowance? My vote is four. As soon as a kid understands that money exists, you’re ready to get started.

How much do you pay for a child’s weekly allowance? Rules of thumb are $1 for every year of age (so a 7-yr-old would earn $7) OR $1 for every year in school (so a 2nd grader would earn $2). I pay my seven-year-old $37.50. It’s methodical craziness. Here’s the background: https://earnmykeep.com/thought-of-the-week/205-yes-i-pay-my-seven-year-old-3750-a-week

Do you require certain jobs/chores to be done before giving an allowance? YES. Real jobs. Last week my daughter was a tour guide and my son was an actor. This week they’re cheesemakers. Do you happen to know any real cheesemakers? I have no idea how they make cheese.

What are your biggest challenges with allowances? LOL! Thus far my biggest challenge has been staying in front of my program — anticipating my kid’s next financial experience. But that’s clearly not the norm for everyone.

And I’ve got some ideas on your “reasons why I stink at giving an allowance regularly”:

* I never know what is a “fair” amount. (Email me — I’ll help you figure it out!)

* I rarely have enough cash (especially small bills) to pay all 5 of my kids. (Check out MoneyTrail.net and FamZoo.com — both virtual family banks started by amazingly wonderful parents. I was not paid for this endorsement. They don’t even know I’m making it. Maybe I’ll tell them…)

* I forget. (Who wouldn’t?? Check this out — it applies for any money program: https://earnmykeep.com/hey-alisa/201-alisa-says-that-your-children-should-get-paid-regularly-and-this-should-be-a-very-consistent-thingid-be-afraid-to-start-the-kids-on-this-and-then-have-some-off-weeks-michelle-goodreadscom)

* My husband is a stickler for only giving the kids an allowance if they have done certain things….and often they haven’t done everything. (Consider a sliding scale…certain chores can be worth certain amounts. Also consider making them responsible for paying for things they really want or need (school lunches, entertainment with friends). They’re more likely to make sure they have the money if it directly affects their lives!)

:), Alisa.

By: Lolli

Lolli — Tue, 13 Dec 2011 02:27:44 +0000

In reply to Lori. Excellent tips and advice! Thank you!!

By: Lori

Lori — Tue, 13 Dec 2011 00:12:31 +0000

To Allowance or not? We decided quite some time ago to do this with our kiddos. Here are our parameters…
– We pay the kids once a month according to their age. Our 14 year old gets $14.
– I pull out the cash from the bank in small denominations…lots of ones.
– They are required to divide it as follows: 10% tithe, the balance divided between saving and spending. This is where the teaching comes in…my spender learns to budget and ask “do I REALLY want this?” and my saver we encourage to spend on something like a game every so often. BOTH are important, spending and saving, it’s just moderation.
– Here’s the tricky part. It’s not necessarily linked to chores. We keep the option to not pay if they are in serious disobedience, but essentially, they are a part of the family and chores go along with that. The allowance for us has been a teaching tool for finances.
-I think we started around age 5 and it has been wonderful! They are learning, and don’t bug me for cash all the time! :)