I didn’t get an allowance growing up. My parents just paid for things we needed or wanted within reason, and when I got a job, I could pay for more of it on my own. Everything we did was cheap. And I’ve never thought kids should be paid for doing regular chores, and just being part of the household. That said, I’m starting to think it might be a good idea to start some kind of allowance system to help them learn money management. My two older kids are increasingly wanting things and asking for things, and also, at the same time, I feel like they could use a little more organized responsibilities. It’s hard for me to keep things fair. Like do I give my daughter Starbucks money when she’s going out with her friends, but not give my son money towards an expensive board game he wants? If I buy my oldest a lipgloss at Sephora, then what about when her little sisters suddenly want the same thing? If I let them manage their own part of money, then I’m not forced to make as many of these decisions.
They currently can do extra jobs or extra work to earn money for something they really want, but that’s kind of haphazard.
So, if you do some kind of allowance system, how much do you give, how often, and any other general tips for me to consider as I think about this? Kids are 15, 13, 11, and 9.
Post by jeaniebueller on Jun 20, 2024 21:17:53 GMT -5
My 15 year old gets $20 a week in the summer (for helping watch his sister, chores, etc.). He also gets paid $20 to mow the lawn each week. In the school year, he doesn’t get a regular allowance, I just give him cash for doing a good job helping at home, grades, etc.
My 10 year old does not get allowance yet. She is sitting on bday money so I haven’t felt like she needs it yet.
DS is 10 and we give him $25/month with $5 going into savings. He sorts and returns our can recycling for money and sometimes our friends give him bags of cans. Whatever he earns, 20% goes into savings. This savings isn't earmarked for anything specific, but our thought is that he would use it during high school at the earliest. Maybe a school trip? Contributing towards a car? Not sure yet, but it will be something significant.
His allowance is not tied to chores. We don't make him do a particular list of chores, because it would just be DH and I managing DS and reminding him to do his chores. However, he is required to participate (with a good attitude!!) in any household task we ask of him.
To me, allowance and chores are separate. I want DS to have his own money so he can learn the habit of saving and to make mistakes with spending when it's pretty inconsequential. On the other side, I want DS to be capable and confident in caring for a home. Keeping things tidy, understanding how to clean properly.
Post by countthestars on Jun 20, 2024 22:26:05 GMT -5
We have Greenlight cards and my kids get $1 per year of age per week (10 YO gets $10/week, 8YO gets $8/week). 20% automatically goes to savings, 10% to giving, and 70% goes to spend. DS is sitting on a shit ton of money, DD spends like it's burning a hole in her pocket. It's been a really good tool to teach them about money and saving! I'm happy we're doing it.
I know you aren't meant to pay for kids doing chores, but it's actually worked out really well for us - I work for my own money so I think it's fine that they work for theirs. They have the general stuff they're just expected to do, but when they turned 7 they got some specific chores to do on the weekends when my husband and I clean the house. My 8 year old gets $5/week and has 3 things on his list - I keep the money on an app and he just tells me what he wants to get with it (usually saves up for several weeks and gets a lego set). My 11 year old daughter gets $10/week and has 4 things on her list and that covers things like going for bubble tea with a friend, random toys/stationery that she 'needs', etc. It goes onto her own debit card so she can buy what she wants when she's out. I give her extra if she's doing something specific with a friend - if they go to the trampoline park or similar, but she knows there's a limit to how much I'll spend on this so sometimes we split the cost or she decides it's not worth it, etc.
To me, allowance and chores are separate. I want DS to have his own money so he can learn the habit of saving and to make mistakes with spending when it's pretty inconsequential.
This is my philosophy, too, and I feel really strongly about it. Unfortunately, learning to manage money is one of the most necessary skills in life. I feel like I would be doing my kids a disservice if I didn’t teach them and give them opportunities to learn it.
We just setup a cap360 teen checking account for her this spring. Our local amusement park went cashless and we figure going into middle school it was time to setup something. It's free and she has her own login on the app to see her balance.
Right now she gets $25 every other week as an allowance. I'm not one to tie spending money to chores simply because I think they are a separate issue/parenting thing.
FWIW - we did do a more "formal" summer daily checklist for her. Mostly because between WFH and all her camps, I need her to keep taking responsibility for getting everything together. She was great about doing it during the school year, but her camps aren't all day, so I didn't want to have the "OMG Mimi is coming in 30 minutes and nothing is done setup." I'm happy to share my canva link if I can figure out how to do that, LOL!
My kids are 11 and 14. They have a set list of chores to do each week. The chore list switches every two weeks, so they can't complain that the other one gets all the easy chores. If they don't complete the chores, they lose screens until they do. Separately, they get $5/week. Which yes, that isn't much money, but they don't have to pay for anything. We provide all the needs and probably too many of the wants. So I think it's ok. They can do extra chores for extra $. DS is paid $10 to mow and weedwhack. He loves doing it, so he thought that was a great deal until he found out the kid next door gets paid $40. LOL. I also pay him to mow and weedwhack my dad's yard.
I was raised with no allowance too. But I also went to school where all the activities were rolled into the budget. Here there are all these bake sales and spirit gear sales and little activities and optional field trips that cost a few bucks.
The basic chores -- cleaning up messes, putting away dirty and clean dishes, etc. -- are required, you lose screen time if you don't do them.
O (STB 2nd grade) doesn't get an allowance yet. We're going with $5/week for V (STB 6th grade). Both kids can earn money by doing extra chores. Right now those are washing the car ($10), washing dishes ($2), and vacuuming ($1).
Honestly I spend more time fretting about "if the use there money to buy stuff, where will we put it?!?!" than I do about whether they'll learn good money habits. Lol.
V has a youth checking & savings account that's attached to my bank account. I can see all the transactions and I know I can set up alerts. I'm not sure if I can block specific vendors ... maybe?
Starting at five they got half their age per week.
We pay for everything they need and social stuff right now but they are only 10,8, &5 so I'm sure this will all change soon when Ds1 starts doing more without a parent around.
Honestly I spend more time fretting about "if the use there money to buy stuff, where will we put it?!?!" than I do about whether they'll learn good money habits. Lol.
I am really uptight about this, but I am *trying* to let go a little bit. Our house is tiny, H and I are not stuff people, but DS still likes toys and hasn't reached an age where he goes out with friends independently and might buy himself food or a movie ticket.
Stuff management is one of our regular conversations when he wants to buy something new. Where will it go? How much effort will you have to expend in maintaining it? I consider this another life skill that we are trying to instill. It's not that we never buy things, but we are thoughtful when we do make a purchase. Every time DS wants to buy a pack of Pokemon cards I have to really silence my inside voice that does not want more little pieces of cardboard in the house.
My son who is 8 gets $5 a week. We started in kindergarten as a math exercise. We keep track of his money on the calendar and I add gift money to his running bank total. He uses his money for things that he wants like lego sets or extra books. We aren't to the point where I make him pay for treats he wants at the pool or when we are out and about. He also adds birthday/Christmas money to his running total. For the most part he doesn't like to spend his own money on things.
We do it based on gig work basically. Anything we might ask above and beyond normal household contributions are optional but do pay. They are also typically things we have or might pay someone else to do.
My ds (14) reliably walks the dog for $ He’ll also do yard work or babysitting his sister
We send to his Venmo account to which he has a debit card to use