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3mom
Citizen
Username: 3mom
Post Number: 102
Registered: 5-2001
| | Posted on Sunday, September 7, 2003 - 9:58 pm: | 
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Does anyone have any suggestions about how much alllowance an 8 year old should receive? How about a 6 year old? Thanks. |
pfmfmfaf
Citizen
Username: Pfmfmfaf
Post Number: 30
Registered: 12-2002
| | Posted on Sunday, September 7, 2003 - 11:03 pm: |
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Some suggest one dollar per year of age, but since that's too much for most of us, many give half the age. Mind you, that comes with conditions: daily/weekly responsibilities (chores not done, no allowance) and restrictions on spending (my kids put most of their money into a savings account). Of course, we sit down first and talk about what seems fair, especially since the homework load increases every year. I also give them ways to make a little "extra." It's a great way to get some of those little tasks done around the house! |
monster
Citizen
Username: Monster
Post Number: 40
Registered: 7-2002
| | Posted on Monday, September 8, 2003 - 9:50 am: |
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5 bucks a week, not on conditions.
Chores are a responsibility of family members they shouldn't be allowance based.
Savings account is a plus, my daughter saves her money when she wants to buy something, and I no longer give out quarters for those dang candy/toy machines, if I do I expect to be paid back later.
Not preaching, just practicing |
mommydee
Citizen
Username: Mommydee
Post Number: 54
Registered: 5-2001
| | Posted on Monday, September 8, 2003 - 10:05 am: |
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My 6 1/2 yr old gets 2 dollars a week as long as she does the few things we ask of her. EX/ feeding the dog,putting clothes in hamper,etc. As she gets older of course the amt will increase but so will her chores. |
1-2many
Citizen
Username: Wbg69
Post Number: 311
Registered: 6-2002
| | Posted on Monday, September 8, 2003 - 11:11 am: |
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at age 8 we gave my daughter $8 a week, I think. people often say $1/year of age, though at the teen years this goes out the window. whether the amount is too much largely depends on what you require of her with this money - i.e., what of her own wants is she responsible for with it. my daughter had (and still has) chores - though at that age, I think they really need a chart to actually "check off" their chores, both for structure and a sense of accomplishment.
I am of the school of thought that allowance should not be conditioned on chores. Everyone in the family is expected to contribute to the work that a family generates; none of us gets paid for doing it. That said, we have levied penalties (loss of $x) for repeated failures to do something, but of course, you have to warn kids what the penalties are and when possible tie the penalty to the offense. |
OK, it's Tom Reingold
Citizen
Username: Noglider
Post Number: 462
Registered: 1-2003
| | Posted on Monday, September 8, 2003 - 11:35 am: |
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I've read many accounts of what parents give their kids. The variation is very wide, in both amounts given and how closely tied it is to responsibilities. There don't seem to rules of thumb.
One thing that helps is to track the kids' money for them. They are fascinated and grateful for the help. I plan to get back into doing it for my kids, using something like a checkbook register. And I plan to do some planning with them, too. I will try to get them to make goals. They might be buying some expensive items.
My daughters are 14 and 11.
Tom Reingold
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deborahg
Citizen
Username: Deborahg
Post Number: 664
Registered: 5-2001
| | Posted on Monday, September 8, 2003 - 12:03 pm: |
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I give my 8 y.o. $3 a week. It's not chore-based--TV is the chore- and behavior-based treat in our house--and can't be used on junk food or anything else we consider inappropriae. I find she forgets about it most weeks, then periodically (every couple of months) wants a shopping trip. At that point we negotiate a certain amount (usually half) to go into her savings account, and the rest gets spent. Result: After 2 years, she has nearly $300 in her Valley kids account. Amazing how it adds up.
I think a lot of it has to do with the kid, though. Her older brother gets $8 a week (he's 12) and can't keep a dime of it for more than a day, in spite of all our efforts. |
silkcity
Citizen
Username: Silkcity
Post Number: 146
Registered: 5-2001
| | Posted on Monday, September 8, 2003 - 3:56 pm: |
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A great and funny book on this topic is called Teh First Natl Bank of Dad by David Owen (yes, the home repair and golf writer). It's at the MW libe and it's a winner. |
Brett
Citizen
Username: Bmalibashksa
Post Number: 113
Registered: 7-2003
| | Posted on Monday, September 8, 2003 - 4:12 pm: |
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10 bucks a week plus expenses. |
mim
Citizen
Username: Mim
Post Number: 276
Registered: 5-2001
| | Posted on Monday, September 8, 2003 - 4:29 pm: |
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May I ask -- what are these kids spending their money on? I started giving our children allowances, and I guess I wound up buying everything for them anyway, so they never spent anything! The allowance then seemed sort of pointless, so it fell by the wayside. . . I would like to give them some real-world money experience, however, so welcome your input, if you give an allowance. |
OK, it's Tom Reingold
Citizen
Username: Noglider
Post Number: 472
Registered: 1-2003
| | Posted on Monday, September 8, 2003 - 4:44 pm: |
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It varies over time, i.e. we redefine it often. It depends on which daughter, too. My older daughter is 14, so she likes fancy toiletries and uses them heavily. So we said we'll buy the cheap stuff for her. If she overuses it or wants fancy stuff, she pays the difference. I somewhat arbitrarily decide how long a bottle of hair gel should last. Lately, she has been happy with the cheap stuff. It's amazing how that stuff varies in price with no explicable reason. And I learned that diluting it doesn't dilute its effectiveness.
I stopped buying toys for my kids. They have to do that, except for holidays and birthdays.
I like to encourage my kids to read, so I buy them almost everything they like to read. I even buy World Weekly News for my younger daughter, because she thinks it's fun and entertaining.
They buy their CD's.
A friend of mine told me that she gave her son enough money to handle ALL expenses, including clothes. She started this when he was about 13. He became very frugal and didn't feel entitled to anything. He appreciated receiving socks for Christmas from his grandmother. I heard that at age 19 he was still doing well. That program didn't work so well for my older daughter. Different kids need different amounts of structure.
Tom Reingold
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shoshannah
Citizen
Username: Shoshannah
Post Number: 213
Registered: 7-2002
| | Posted on Monday, September 8, 2003 - 5:50 pm: |
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My sister- and brother-in law got sick of their teenage twins constantly asking for a few bucks for this and a few bucks for that. So they gave them each $50 per week for EVERYTHING -- including school lunch, movies, ice cream, CDs, computer accessories. It was the kids' responsibility to budget themselves. It worked great. The parents didn't have to dip into their wallets every day (and ultimately lose track of how much money they were doling out) and the kids learned valuable lessons. |
deborahg
Citizen
Username: Deborahg
Post Number: 668
Registered: 5-2001
| | Posted on Monday, September 8, 2003 - 9:11 pm: |
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That kind of plan DEFINITELY demands a certain type of kid. If I gave my son $50 a week he would have every Gamecube game known to man and no food or clothing. |
1-2many
Citizen
Username: Wbg69
Post Number: 318
Registered: 6-2002
| | Posted on Wednesday, September 10, 2003 - 2:59 pm: |
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we give our 14-year-old $20/week for everything she needs money for, except clothes and school-related expenses. for clothes, we are just now trying out a dollar-limit budget, so she can see how things add up - $20 or $30 dollars here and there doesn't seem like much, until you fit it in to a big picture.
kids spend their money on: presents for others, snapple at lunch, dinner with friends downtown, movies, books, CDs, posters, clothing that I don't buy, after school snacks, etc. basically, whatever it is they WANT (we take care of needs). I actually wonder if $20 a week is enough, and then I see kids getting by on $3!! BUT it definitely depends on the kid, and you definitely have to talk to your child about where their money in particular is going. |
Jackie Day
Citizen
Username: Zoesky1
Post Number: 105
Registered: 6-2003
| | Posted on Wednesday, September 10, 2003 - 9:06 pm: |
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In my house growing up, we all got regular weekly allowances until we turned 13 (I am now a few weeks shy of 36, just to put this into frame of reference). At that age we then got a monthly "clothing allowance" that was supposed to include clothing expenses above and beyond basics like underwear, socks, jeans and coats, etc. In other words, any funky or cool clothes, we had to buy out of this allowance. There were three girls in our family, so you know how many clothes we're talking about here. It taught us to budget wisely and not expect everything handed to you just because the other kids are getting it (anyone remember those Forenza sweaters of the early '80s? kids in my school had dozens of them...we settled for one or two). I plan on doing the same thing for my two girls when they hit 13 (of course, the amount will have to be adjusted for inflation!) |
Kalara
Citizen
Username: Kalara
Post Number: 14
Registered: 7-2003
| | Posted on Wednesday, September 10, 2003 - 9:27 pm: |
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I give my 9 year-old $5 a week - not based on chores but she's expected to contribute as a member of the family. Bed must be made every morning, clothes in the hamper, set the table at dinner, help clear dishes, load the dishwasher, etc.
I made a deal that any money she puts in her savings account I'll match dollar for dollar. She opened her account when she was 5 and she has around $800.00 saved. Soon we're going to talk about investing it in something that yields more than the 1 or 2% she receives now.
My kids NEVER ask for extra money, I pay for the big things, she pays for frills. We meet in the middle on a lot of items. For example, she won a goldfish at school, we split the cost of a tank and filter and I pay for the food. Of course, 3 years later, I clean the tank too!
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stefano
Citizen
Username: Stefano
Post Number: 356
Registered: 2-2002
| | Posted on Wednesday, September 10, 2003 - 9:49 pm: |
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SLAVE LABOR! |
Jackie Day
Citizen
Username: Zoesky1
Post Number: 108
Registered: 6-2003
| | Posted on Thursday, September 11, 2003 - 11:35 am: |
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While doing research on a related topic, I ran across two websites that might help: www.kidsandmoney.com and www.practicalmoneyskills.com/english/parents
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ffof
Citizen
Username: Ffof
Post Number: 1426
Registered: 5-2001
| | Posted on Thursday, September 11, 2003 - 12:48 pm: |
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I opened savings accounts for my kids too. I offered the dollar for dollar match as well. But they won't part with their precious bills. GO figure. |
bobk
Supporter
Username: Bobk
Post Number: 3385
Registered: 5-2001
| | Posted on Thursday, September 11, 2003 - 1:14 pm: |
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"A bird in the hand is worth two in the bush"
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ffof
Citizen
Username: Ffof
Post Number: 1428
Registered: 5-2001
| | Posted on Thursday, September 11, 2003 - 1:56 pm: |
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As a kid I never like that saying.. suppose it was a pricker bush! |
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