Join Date: Aug 2007
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If the chips are down, the buffalo is empty.
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.