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How much do you budget for your family's weekly pocket money?post #1 of 2212/29/11 at 5:00amThread StarterI am wondering what everyone finds a reasonable amount for weekly spending money for each of your family members. How do you manage personal pocket money in your family? What does it cover?post #2 of 2212/29/11 at 9:42am
Dh and I each get $20/week. 12YO gets $10/week allowance. When we have less money coming in, we each get less spending money.
We use cash for spending money and for our grocery/food budget.
Spending money is for extras. 12YO tends to save up for video games and bike or skateboard parts, and sometimes candy or a soda that I don't want to buy for him. Dh spends some on occasional fast food or energy drinks, and saves for things like concert and sports tickets (for himself or the family). I get coffee shop treats (and snacks out with 12YO), very occasional books, and save for things like treating the family to a movie.
None of us buys many clothes, so those come out of the regular budget. If we were buying lots of clothes we didn't need, it would come from our spending money.post #3 of 2212/29/11 at 11:26am
DH receives $138 per month for his spending money. It is direct-deposited into his personal checking account at ING. He can get cash from our joint checking (and transfer from his ING) at any time. I don't know or care what he spends it on. It is meant to be used however he wishes without having to ask/explain/justify/whatever. I don't recall why it is a weird dollar amount. LOL
I receive $20 in cash each month from our joint checking account. I also have $30 auto-transferred to my personal savings account each month. In 2012, the auto-transfer amount is going up to $50 per month. I tend to save the cash for a scrapbooking weekend away with friends where we each pay $65 for food and utilities for a family cabin (2-3 times per year). I also use the cash for random small cash-only situations. It is hobby money for me and I have seriously reduced my hobby spending in an effort to produce more and use my stash (encourages creativity and reduces "stuff"). I prefer the money in my savings account, so I can buy stocks/bonds/mutual funds. :)
DD (age 10) receives $4 in cash each month. She sets aside $1-2 for charity and accumulates the rest for random purchases. She also has $2 auto-transferred to her savings account each month. In 2012, her auto-savings is going up to $4 and the rest is staying the same. We're showing her the power of interest by starting both of her savings accounts equal and depositing $2 per month (on the same day) into each account. They have different interest rates, but offer different benefits. Those benefits are harder for a 10 year old to understand, but we already talk about them.
These dollar amounts are okay with us. Our joint spending plan handles all of our needs. These are "extras". DD has been learning about money since she was young and uses the same concept to divide her cash gifts, which far exceed her monthly family money. Family money is for building the habit and teaching/learning. When her "extras" go up, we'll adjust.
Our joint cash is $60 per month. This covers all purchases under $10 (I prefer not to balance a zillion tiny purchases in Quicken) and cash-only situations (Farmer's Markets, all service tips, etc...). We have a CSA, so our Farmer's Markets purchases are random now. We prefer to pay servers cash tips and use our Costco AmEx for the service itself.post #4 of 2212/29/11 at 12:17pmNow that we havea bit more to work with in our budget we have $50 per kid and $200 for DH and me, each. DH is horrible with money. He would buy himself all the toys in the world (video games, cigarettes, coffee, etc.) and blow our budget. For some reason if I put the money in he feels less deprived and stays to the budget better. I used to just give him an allowance and suck it up myself but then I felt resentful, so I portion myself some as well. I don't spend it all; I'd rather have savings. I also spend a lot of my money on treats for the kids and rarely get anything for myself. If I do it will typically be a kitchen gadget or something like that - something useful.
It's meant to buy clothes as well, pay for dates (though if I ever convince DH to even go out with me I end up footing the bill and treating him), family days together, holidays, etc. I pay for Netflix through mine but DH insisted his MMO games are paid from the utilities section of our budget. Mumble.post #5 of 2212/30/11 at 12:45am
I'm still working on the 2012 budget but DS 11 gets an allowance of $50 a month. Yes that seems like a high number but I no longer purchase things like video games and lego's. A video game is close to $50 and Lego's run over $100 for the sets he gets so $50 isn't much. I don't dictate what he can spent it on or if he needs to 'save' any of it.
My own 'spending' money is minimal at this point, my kid probably gets more than me. What I find useful is to pre-purchase gift cards at the grocery store for places that I frequent and use those as my $$. (Grocery store give bonus points toward fuel discounts on gift cards in addition to grocery purchases). But I may budget $10 for craft supplies or $10 for quick sodas during the month or something. I also save change and cash it in quarterly and get an amazon code at coinstar. That code is my 'fun money' as well.
I guess I don't spend $$ like some folks do.post #6 of 2212/30/11 at 5:59am
I can't do that. We don't do yours mine and ours. Our kids don't get allowances and DH and I don't buy much. So we don't really need spending money. We buy on needs. Like, I have no jeans that fit... I need a pair that does. Or the computer chair broke and so we got one of those. I'm actually thinking of making a spending budget for the kids though. They will literally bleed me dry on things. Well the little one will but the oldest is pretty good about it all.
I'll probably do 50 a month, that will include gifts they want to buy for all the dang parties they get invited to. And any new toy they might want for themselves. I know DD1 will buy games and DD2 will buy shoes... and more shoes... and then some sparkles... to add to her shoes.post #7 of 2212/30/11 at 7:11am
Right now the 5 year old gets $3 per week ($1 spend, $1 save, $1 give), my 8 year old gets $6 per week ($2 spend, $2 save, $2 give).
Next month the 8 year old is going up to $9 per week ($5 spend, $2 save, $2 give), but he'll have to start paying for a few more things himself. For example if he goes skating with friends he now needs to rely on his own money for snacks. That amount is likely to go up as we figure out how much is reasonable. We'd like to move to him paying for admission and snacks for things he does with friends like going to the pool during the summer, ice skating during the winter, riding his bike to the quick shop with friends, or whatever.
In April when she turns 6 my daughters will go up to $6 per week ($2 spend, $2 save, $2 give).
The kids save goes into an account at the bank or is saved for big purchases they want. The give goes to the collection plate at Church and to fund raisers at school or scouts. They can also use the give to buy Christmas and Birthday gifts for each other or us.
Right now my husband gets $120 a month and that seems like it will stay that way.
I need to change my direct deposit so that I get $50 every other week when I get paid. I just have been too lazy to set it up. I usually don't get my allowance if things get tight. And right now we have several hundred a month in medical bill so I probably won't set it up for a while
My kids allowance is for toys or treats we don't want to pay for. My son's will start being in part for his entertainment with friends.
My husband and my allowance is for things like fast food lunches when we forgot to pack something, Starbucks, Birthday and Christmas gifts for each other so that we don't see it in the household checking account, my husbands video games, books for me, stuff like that. I use some of mine on non necessary things I want to get for the kids, but my husband doesn't care for it when I do that. He'd rather I spent my money on me.post #8 of 2212/30/11 at 3:04pm
My kids have finally started getting pocket change- not an allowance- but like when DD scrubs the bathroom and has a good attitude I will give her some pocket change- might be $.25 or it might be $5. Just really depends. They started earning and saving in november and bought their own gifts for their siblings. It worked out so well that we are going to continue. I really try to make sure that DH gets pocket money- I don't really keep track of it too well- it used to be about $100/m- but the poor guy has cut that down and I am not really sure what he spends now or what he even had! I am probably around $50/mo.post #9 of 2212/30/11 at 4:07pm
DP & I each get $100/month. That is for stuff that we want that doesn't have a space in our budget (for DP it is mostly eating lunch out and going to concerts/out with friends for me that is generallly eating out without the family and crafting supplies).
DD is 12 and gets $25/month. It went to $25/month when she went to junior high. That money is for the small things she wants (including candy), school tickets (like dances) or going out with friends (movies) or presents for friends. She also buys the occasional piece of clothing that I don't feel she needs (like when she wanted another Aeropostale "fleece" when she already had 3 hoodies). The plan is for this to go to $50/month when she enters high school PLUS increase as she starts buying more of her things (I would like her to eventually take responsibility for all of her purchases--- we will provide the money but she needs to do the budgeting and purchasing).
DS is 10 and gets $10/month. He doesn't really go out with friends (and not an adult) and we buy the gifts he gives to friends for presents. He uses his for toys and candy.
They both have debit cards with associated savings and checking accounts (set up when they turned 10). I am considering getting a credit card for DD in the near future. We very much feel that allowance is for teaching financial budgeting, NOT as a reward for behavior or chores.post #10 of 2212/30/11 at 4:28pm
11yo DD gets $8, 8yo DD gets $8, 6yo DS gets $5. They do chores for this money. I didn't want to set up allowance because to me, it sends a message contrary to my belief that we should all help around the house because it's our home and we're a family and we're fortunate to have such a nice place to live. But DH feels strongly about giving them money for doing jobs, so I bowed out of this one. DH and I don't really get pocket money; we buy what we need when we need it and we do have enough disposable income to buy what we want, within reason, most of the time.post #11 of 2212/31/11 at 2:43pmQuote:Originally Posted by KayleeZoo
11yo DD gets $8, 8yo DD gets $8, 6yo DS gets $5. They do chores for this money. I didn't want to set up allowance because to me, it sends a message contrary to my belief that we should all help around the house because it's our home and we're a family and we're fortunate to have such a nice place to live. But DH feels strongly about giving them money for doing jobs, so I bowed out of this one. DH and I don't really get pocket money; we buy what we need when we need it and we do have enough disposable income to buy what we want, within reason, most of the time.
That is why we don't tie chores and allowance. Allowance (in our family) is for learning how to manage money. Chores are done because you are part of a family and they need done. The books I have read have suggested that if you make allowance dependent on chores you need to be prepared for the child to "opt out" of chores. We believe money management AND chores are both things that kids need (to me, it is just like how recess or PE shouldn't be taken away for poor school behaviour--- excercise is important in its own right, not just as a reward).
It's interesting to see the ranges of what people consider "reasonable" and at what ages!post #12 of 221/1/12 at 7:47pmpost #13 of 221/2/12 at 6:44pm
For us helping out and doing chores isn't really optional. It is the good attitude that I reward. It is so much fun to give a reward to a happy helper and that is what I am trying to reinforce- is the happy attitude. I don't let them opt out of chores.post #14 of 221/3/12 at 11:33ampost #15 of 221/8/12 at 5:51amQuote:
I agree with this and this is how we pretty much handle thingsQuote:How do you manage personal pocket money in your family?
. Our baby is too young, but our oldest (6) gets money for doing things with a cheerful attitude or without being asked, and also for doing things I don't consider her responsibility. For example, she has to clean her own room -- this is non-negotiable. If she does so when asked without complaining and with a cheerful attitude, she gets $.50. If she complains and has a fit or bad attitude, she gets no money (but still has to clean it). If she does it without being asked, she gets $1. So the money is really a reward for a good attitude or taking initiative without being asked. If she cleans up her baby brother's toys (he's still too young to do it so it's a favor to me, not him) she gets money because cleaning up after him is something I consider my responsibility, not hers. She doesn't get money for basics like putting her dirty dishes in the sink or her dirty clothing in the hamper by the wash or picking up her toys from the common areas or things like that. Those are "just because you are working within a family unit and it's what we do". I would say she averages between $3-10 a week depending on her level of initiative and attitude. We do encourage tithing but we don't force it because we feel that should be done with a cheerful, willing attitude as well.Quote:
What does it cover?
She uses her own money for trinkets like Target dollar spot stuff and little grocery store junk that I'm not buying LOL. It has eliminated the begging/sulking matrix and has put the responsibility on her. I keep a note in my purse of how much money she has to spend (so she doesn't have to carry cash) and tell her, "You have X amount, this costs X amount. You need to decide if it's worth the money blah blah" and she makes her purchasing decisions that way and she's actually pretty wise about things when it's her money. She's actually quite the saver lol Oh she also saves for 'bigger' toy purchases between Christmas/birthdays because we generally don't buy toys except during those times. We buy her clothing and personal care stuff still -- but I can see her contributing to that as she gets older if she wants extras.
For me and dh, we just buy whatever we need/want after discussing it with one another to see if there's room in the budget (this is typically for purchases over a certain dollar amount). I handle the finances so it's typically him asking me if there's room in the budget for x, y, z this week/month whatever. We don't do the his/mine stuff -- everything is ours jointly and we are both free to spend within the budget. We both have access to all accounts.
All that said, we don't have any habits the other disagrees with (smoking or junk food or whatever) and both of us are pretty aligned with regard to financial goals and spending habits. I could see the need for separate spending money/allowances for married couples if there were issues in those areas.post #16 of 221/8/12 at 7:23am
We budget for needs, then both of DH and I get 5$ per week for random stuff (subway tokens, forgot packed lunch, extra cup of coffee... little stuff like that). Many months we have a lot left over at the end of the month and combine it to buy a date night.
Ankapost #17 of 221/10/12 at 7:47ampost #18 of 221/10/12 at 8:06ampost #19 of 221/10/12 at 2:11pm
DH and I get $25/month to spend on whatever we want. This includes the impromptu lunch out for him (when he forgets the lunch I've made for him or when he wants to eat out with co-workers) and lunch out for me when I'm running errands and I'm too lazy to pack a lunch. If we need clothing, or we eat out for dinner as a family, or we go out for a movie, those things come out of clothing and entertainment funds. If we want clothing or we run out of entertainment funds, we can choose to use our allowance on those items. Luckily neither DH or I have very expensive hobbies (we both run and I swim too and items for those come out of the clothing budget). Our kids are too young for an allowance (2 and 5) and I don't know what either would buy that wasn't already provided for them! We'll probably start an allowance in the next couple years at $1-2 per week.post #20 of 221/10/12 at 8:43pm
DH and I usually get $100 each per month. It covers any fun things we want that aren't necessities, like books, going out to eat, clothes that we want but don't need (although this is a rarity). DH spends some of his on parking and food when he goes skiing, but his ski pass comes out of the family budget, balanced out by my gym membership. We find that when we cut our spending money too short, we overspend on other parts of the budget and things get out of control.
- How much do you budget for your family's weekly pocket money?
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