[mackysmama]

Hello! I have a 5 year old son who said he would like to start earning money. Specifically, he said he would like $.52 a week

I thought it would be a good way for him to learn about money, savings, donations, etc.

Not sure yet if we will link it to chores or not. But, what chores/responsibilities are appropriate for a 5 year old (a kind of clumsy one). And, how much allowance is appropriate?

 

[mammal_mama]

$.52 a week doesn't sound at all unreasonable. That's pretty cute!

In our family, we don't connect money to chores or good behavior. We meet our children's needs and wants (for money, food, etcetera) because they're part of the family. We don't assign chores -- but we talk about how family members help one another.

What kinds of chores interest your 5yo? I'd let him help you and dh as much as he likes, as long as he's not endangering himself or others (such as by chopping veggies with a sharp knife before he's ready to handle it safely).

 

[DisplacedYooper]

our son is a little young for an allowance or chores, but I like my mom's take from when I was growing up. I did chores because everyone in the household is expected to take part in keeping things running, but I got my allowance "for breathing", that is, my mom wanted me to learn how to manage money; to do that, you have to have money to manage. She considered that learning/playing/going to school is a child's work, not house chores. So I guess I got paid for learning, but it's not like it was tied to my grades...

I don't think $.52 is unreasonable! Heck, I'd even hand out a dollar or two, with the provision that some part each week goes to savings, some to charitable causes/church, etc.

ETA: some allowance "authorities" suggest a dollar per week per year of child's age. That's slightly higher than I would suggest, but I guess it depends on cost of living where you are and what you're expecting the allowance to pay for

 

[mackysmama]

Quote:

Originally Posted by DisplacedYooper I don't think $.52 is unreasonable! Heck, I'd even hand out a dollar or two, with the provision that some part each week goes to savings, some to charitable causes/church, etc. ETA: some allowance "authorities" suggest a dollar per week per year of child's age. That's slightly higher than I would suggest, but I guess it depends on cost of living where you are and what you're expecting the allowance to pay for

I can't do $.52 a week. I never have change.

I was thinking of $4 per week - $1 to give, $1 to save, and $2 to spend. He wants the money to buy new lego sets, transformers, etc. So, he'd have to go a few weeks before he can get anything. Of course, this means I'll have to stop "borrowing" money from his piggy bank.

:

I don't want to link the chores to the allowance. But, I do think we need to give him some more formal responsibilities - like make his bed every day, clean-up his room every night, etc. But I'm wondering what is reasonable for this age. Thanks!

 

[BoGiBoBo]

For the past couple years I have paid my son half his age. So now at 10 he gets $5 a week. This will probably change as he gets older, but I think it's fair at this point. And I understand the whole 'allowance not connected to chores' arguement, but I figure that's how the world works. You work, you get paid. I rarely shave 50 cents to a dollar off his allowance because he hasn't been doing his chores.

For a 5 year old, he could set the table at dinner time (my 3 year old does this), or feed the family pet, or water the plants. There are quite a few things he could do really, you would just need to teach him how.

I also read this great book called Money Doesn't Grow on Trees (or something close to that) about teaching your kids about money. It had some games to play and how to teach them about saving, etc. Worth the read.

My dd loves spending her $1. I always give her her allowance, regardless if she did her 'chores'. Plus it is a great excuse when they ask you for things. "you already spent your allowance!"

Good luck!

 

[LynnS6]

We don't link allowance to chores. Some things you do because you are part of the family. However, if you want to do EXTRA things (like pulling dandelions), then I'll pay you. (1 cent a dandelion. 5 kids in the neighborhood earned $1 from me, our yard was that bad!)

Our 6 year old gets $2 a week for allowance (though I admit we often forget to give it to him).
$1 savings
50 cents for giving
50 cents for spending

$4 a week sounds like a LOT to me. But maybe I'm just cheap.

 

[mackysmama]

Quote:

Originally Posted by LynnS6 Our 6 year old gets $2 a week for allowance (though I admit we often forget to give it to him). $1 savings 50 cents for giving 50 cents for spending $4 a week sounds like a LOT to me. But maybe I'm just cheap.

Yeah, $4 does sound like a lot. I'm still thinking. I want to give him some for savings and giving but still have enough left to actual get things that he wants. At $.50 a week spending, he wouldn't be able to buy even the cheapest lego set for 3 months. I don't want to give him so little that he ends up spending it on crap just to spend it. What kinds of things does your child buy with the $.50 a week?

Also, what are the guidelines for savings? Do they save for something they really want that is big or do they save to just save. When can they access their savings - is it their money, their call?

 

[mammal_mama]

Quote:

Originally Posted by mackysmama Also, what are the guidelines for savings? Do they save for something they really want that is big or do they save to just save. When can they access their savings - is it their money, their call?

Their money, their call. We may suggest -- but it doesn't seem honest to me to tell them it's theirs, but not to do what they want with.

 

[funkygranolamama]

I love the idea of giving some money for spending and some for charity. I just wonder how effective this is in the long run, not being THEIR idea to donate. Do you think it would cause one in the future to resent giving money to charity, or cause giving it to charity without researching if it is legitamate? Do you think maybe it would be a better idea to give the OPTION of donating? I'm totally not asking to be snarky. I've just been running this through my head for awhile. Would it be better to give the option of donating $ OR time to Charity, and giving free reign over allowance $?

We currently are doing an allowance. My dd likes to earn money that way. She likes to have something to show for her hard work at the end of the week. I'd go broke giving $1 per age! Man, do people really DO that? We do $3 a week and a little more if she's really gone out of her way ALOT. She's 10.

 

[mammal_mama]

Quote:

Originally Posted by funkygranolamama I love the idea of giving some money for spending and some for charity. I just wonder how effective this is in the long run, not being THEIR idea to donate.

If you enjoy giving to charity, your children are bound to notice the joy it gives you. I think setting an example, by doing the things we feel are important, is way more valuable than forcing our values on our children. How is it giving if they HAVE to do it?

Quote:

Do you think it would cause one in the future to resent giving money to charity, or cause giving it to charity without researching if it is legitamate?

I don't know; I imagine it would have different results for different people. I just think it's dishonest to act like it's their money, if part of it is really the parent's to commandeer.

Quote:

Do you think maybe it would be a better idea to give the OPTION of donating? I'm totally not asking to be snarky. I've just been running this through my head for awhile. Would it be better to give the option of donating $ OR time to Charity, and giving free reign over allowance $?

You mean, still mandating giving to charity -- they just get to choose what form the giving takes?

Why not call it payment instead of giving, then? I certainly don't see paying taxes as giving to charity.

And though I realize some people genuinely feel good about paying their taxes, it seems like many more resent the mandatory aspect.

I'm not trying to be snarky, either, and I sure don't want to hi-jack this thread. Maybe I should start a spin-off?

 

[LilyGrace]

We have the Money Savvy pigs here. There's sections for save, spend, donate, and invest, which I love, because it's so visual. I don't dictate how much has to go in each section, just that some has to go in each. Whatever they put in Save and Invest I match at the end of the year for their bank accounts and savings bonds.

We don't have chores tied into allowance, exactly, but we do have responsibility bonuses - every morning chores are done without me having to tell them, that's $.50. If I need to remind them, they still need to do it, but no bonus. Other money can be earned with quarter chores (5-15 minute jobs for $.25 each) and contract jobs - things like edging the flowerbeds, cleaning out the main closet, switching seasonal gear...all stuff that is once and a while or out of the ordinary.

 

[violet]

I read a book (can't remember the title) with a different twist on the allowance--chores connection. I'd like to try but the kids are a bit young to be consistent. So for us the chores are part of family life and allowance is spotty.

This idea is: chores are mandatory - and pretty simple. Brushing teeth, making bed, getting dressed, being responsible for policing one area of the house, etc. So we can't leave the house unless teeth are brushed and kid is dressed - the motivation is the activity itself or the desire to do the next thing. But in order to get the allowance, the child need's to get her coupon stamped or signed showing that she completed the task. The coupon is reimbursed for allowance at the end of the week. So it's sorta both, chores because we all chip in, but allowance is still tied to work.

I don't know. I've read all about the dangers of the token economy and all that. I know I don't want a sticker chart. But the truth is my kids do need to develop a work ethic and work for its own sake is not always fun.

My mom's motto -- err on the side of cheap with allowance. Keep them hungry. I remember saving forever to buy what I really wanted (or begging for extra work) and only splurging when a b-day or gift of $$$ came along. musta worked - I'm thrify enough to drive my dh crazy!!!

good luck