The title sums it up. Is it tied to chores? Just given out? Looking for new ideas because our system of chores and allowance being tied is just not working.
post #1 of 12
6/20/10 at 9:26pm
Dd (15) gets $10 cash, $10 in her bank account (no debit card yet) and $75 in clothing allowance each month. She's starting her first job in a few weeks and we will talk about the benefits of saving. I think we also might put a small requirement so that she saves the bare minimum and learns how what she does makes a big difference.
Ds (12) gets $10 cash, $10 in the bank, and his clothing allowance ($75) will start in the fall. Again monthly.
Ds (9) gets $10 cash, and $10 in the bank. Also monthly.
Both boys have lobbied to get the same as their sister did at an earlier age. I've held tight because I think of these advances as a right of passage that is earned by both age and patience. Dd will get a debit card when she turns 16, and then it will be easier for her to splurge on a purchase.
These amounts are what we can afford. We are well-to-do but far from rich. Every family should choose the amount for themselves, but I do believe every kid needs some discretionary money.
Chores are done on an as-needed basis. No money attached, except for baking cookies, for which I pay $4/2 dozen, and I provide the ingredients. Why this particular job? I dunno.
I have noticed that on occasion one of the kids will pay another a small fee for doing an assigned duty. I'll note to both parites that it's a Black Market Deal, but it's up to them.
One thing I wish we'd done was what my parents did... discussed the investments for education. My parents made them and talked about them alot. DH and I have been quieter, but have built up a nice beginning for the kids. Now I hope the kids understand the value of these investments.