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Do you give your kids an allowance? - Page 2  

post #21 of 29
OMG, what a great idea about the ledger! My kids play with their money too, although I try to discourage that since there's a tendency to lose it. I think we will definitely be doing for that the savings and charity components.
post #22 of 29
We started an allowance when ds was 7.5 and asked about having money to spend. We started at $2/week, with $1 for a spending and $1 for saving. On his 8th birthday, we doubled the amounts. When we got a notice from a neighborhood bank that we could get $25 for opening a savings account, I asked ds if he was interested. His response? No, because I can't spend the save money anyway. So I decided the enforced saving wasn't teaching him anything, and I'm saving myself money by only paying him $2/week to spend. The allowance isn't tied to chores here either.
post #23 of 29
Thread Starter 
Ok to clear this up a bit...

DD is very young...she just turned 3. No she does not understand that she is getting just a penny! We are planning to "pay" her more in the future. We had not really planned to do allowance this way, but she sorta tied it together herself. She had been asking about Dh going away to work. She is a daddys girl and was very upset that every day could not be a "daddy day". So I started explaining how Daddy has to work because it is his "job" in the family to make money so that we have food to eat and clothes to wear and so that mommy can stay home with them and take care of them. She said that she didnt have a job and that she wanted a job so she could make some money too. I thought this was just an idle comment...but she persisted. We were going to implement chores anyway, so she calls them her "job" and we "pay" her. She likes to count the coins and stuff, but as she is new to this, the idea of actually spending the money is not formed in her head yet...it is really about the novelty of "working" and getting money to her.

I have really enjoyed reading how you all do allowance in your home with older kids. It is giving me lots of ideas...keep em comming!
post #24 of 29
I love the ledger idea too Miranda - I can see all sorts of reasons why that would work better than separate piggy banks. I think we'll start out with real money since they love it so right now and are still learning to count it, then move to the ledger when they have the system down . . . thanks.
post #25 of 29
Quote:
Originally Posted by 3momkmb View Post
Nope. The kids help out around the house because that's what you do when you are part of a family.

They get money from birthday's and holidays to use for money management and they can get extra money by doing things *above and beyond*. DD (14) does get a certain amount of money monthly that is for her *extras* (lip gloss, funky socks, candy bars etc), but it is more of a homeschool project then an allowance.
Basically, we are along the same sort of thinking here. We have four children, oldest is almost 13 (boy). The way we look at it is, Dad makes X amount per month, but most of it goes to supporting the family, and very little of it is left for pleasure spending... and, he doesn't get paid to do what is expected of him by the family, such as car maintainance, house fix-its, paperwork, etc. ... so... the children learn that they must also help out and do their share without expecting a reward (they help because they are part of the family and we ALL work together). When they want money to spend, then we give them extra work in order to earn the money, such as pulling weeds or washing the walls. Also, we have explained that any money that they earn belongs to the parents and isn't spent without discussing it with mom and dad first and getting approval. They earn the privilege of spending when they can prove that they can spend wisely (not by buying 10 bags of candy and 7 whoopee cushions). Now, there is one more thing that we do... money that the children earn outside of the home gets put toward supporting the family (groceries, bills, etc). This does not mean gift money... only earned money. The reason for this is so that we can get our heads above water well enough to then help them when they are older and need it... for example, we are building a house with and additional apartment... the children can live in the apartment section (free of course) so that they can save their money and buy a house outright, instead of paying the bank mortgage interest for 30 years. There are many families here that do that and it's amazing how well the grown children do at an earlier age because of the mutual helping out.
post #26 of 29

OT - busking!

Quote:
Originally Posted by moominmamma View Post

...

Besides, when my eldest was 7 she busked (played her violin outdoors with the case open) at the Garlic Festival for 20 minutes and made $75, and I realized right then and there that a smart kid (and I have a few of those ) would figure out that busking at a market every few months was going to be far easier and more lucrative than putting away dishes, washing bathroom floors and folding laundry day after day and week after week. If I turned chores into an economy, my kids would find better ways to earn money -- and I would have no recourse.

...

Miranda
Yay for busking! My kids go busking at the local farmer's market too, and they do rake it in most days. As you say, it's a lot more lucrative than what I would pay them for chores. For that matter, it's a lot more lucrative than babysitting siblings!

Squibs
post #27 of 29
I was given an allowance while growing up. It went from maybe $1 a week at age 5, then as I got older and started doing more chores I got $7 a week. I'd also get rewards for doing well in the hard classes in school. I'm horrible at math and science so if I got at least a B on a test in either, I'd get $10. Then for those classes, for the final grade for the semester if I got a B I'd get $10 and if I got an A I'd get $20.
post #28 of 29
This thread has given me a lot to think about. We were trying to decide if/when we wanted to start giving an allowance. Thanks for some ideas!
post #29 of 29
we don't do allowance yet, but i probably would if my kids were interested. as of now, my daughter is a good helper........ while my son is a good mess maker. my dh and i give them money for the dollar store & stuff (their favorite store in the world)....and as for toys, etc. - they certainly don't lack.

in the future, we'll just play it by ear to see if an allowance is something that will be a good fit for them.....or when they are older and really want something that is pricey...i think having to help earn the money for what they want will be a good thing.
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