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Our oldest is coming up on 9 and I'm feeling a need to not keep deferring this issue of allowance. The problem is, both my husband and I came from really screwed up backgrounds. Did any of you learn about responsibility with money early on? What did your parents do to help or harm this?
I'm a miser, personally. My mom gave us allowance for doing chores. My husband feels this is wrong, it teaches kids that you don't have to do something unless you get a reward. His parents didn't get them allowance, but paid for what the kids "needed" based on what they could afford and being honest with the kids. I think this lead to my husband always thinking of his parents or some similar entity being a safety net.
Anyway, we both need therapy but my husband doesn't want to, so I guess hatrack is all I get in this regard. So- what is normal for allowance for kids?
Posts: 2010 | Registered: Apr 2003
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posted
We give our kids allowance, but only if they do their respective chores. If they neglect their work or do it poorly, they have money deducted. We have threatened to have them "owe" us money if they completely blow off their responsibility. Also, they must save some percentage of the money the earn. Both of mine have become quite adept at saving some cash for a larger item that they want.
It works for us. Incedentally, their pay at 8-9 yrs. old was about $2 per week. They are 11 and 13 now and earn $6 per week. Each year they get a "raise" if they have been responsible.
Posts: 514 | Registered: May 2005
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My allowance, when I got one, was always dependent upon doing my chores. I never thought that it was wrong- it's a better motivator than "do it or go to your room" in my opinion. After a while, my parents got really bad about remembering to hand out allowances at the end of the week and just tossed money at us when we wanted to go do something. I can tell you that my motivation to do chores went WAY down, and constant nagging was most of the reason anything got done at all. I'll admit that my personal apartment-cleaning habits were bad when the nagging went away, but I'm slowly getting better as I realize that I don't LIKE tripping over dirty clothes on the floor.
The amount of allowance should probably depend upon how much you already buy your children (I've known some people who had to buy school clothes from their allowances, and as a result they usually got what looked like more money but wasn't) and also upon their age. Older children have more things that they can do and can also take on more responsibility, so enough for a movie and a dinner out with the friends isn't unreasonable. For a 9 year old, in the vicinity of $5-10 a week sounds about right to me. At the higher end, that's one or two playstation games a month, or a movie a week, or whatever. It's small enough that it encourages budgeting and saving but not so little that they have to save forever and get frustrated.
Posts: 24 | Registered: Aug 2005
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Have those chores that they absolutely must do without pay simply because they are members of your household. Failure to do them will result in whatever is your preferred method of discipline, therefore disassociating the tasks with money.
And then you can have a list of optional chores which have a per job pay rate.
Clothing and food can be bought by the parents.
Toys and fun things must be bought by the children, with the exception of birthday and Christmas gifts.
I agree about no allowance for chores - chores are part of belonging to a household. Maybe for special jobs, special money can be earned - it's good to learn that extra work can bring extra reward, but not at the expense of learning that there are things one must do without reward.
An allowance should be considered his money as part of the household. Because his basic needs are met, it will be for things he wants, not needs. Learning the difference between needs and wants is key to financial responsibility.
Make him budget his money. Probably separate banks or jars would be sufficient. Have a jar for charity, a jar for long-term savings, a jar for planning presents he'll need to buy through the year, a jar for a specific savings goal (bike, or video game, etc.), and a dish for "current money" that he can spend as he wishes. Have him "pay himself" first when he gets the allowance - put the right amount of money in each jar or dish. Eventually, all wants should come from his "own" money - no giving him money for movies or toys or candy, except as presents. But he's a long way from that, probably.
When money from one of the jars gets spent or distributed, make it an even. Have him write down how much money is coming out, what for, and what the new savings goal is (if any).
Let him adjust his goals, as long as it's considered, not impulsive. You're teaching him responsibility - that planning allows one to get far more for ones money than impulsive spending. It's not self-denial, it's self discipline.
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I didn't really learn how to be responsible with money until college. Then it was pretty much sink or swim. I did alright, but I could've done better, especially at the beginning. Some real experience with budgeting would've greatly reduced my stress.
Maybe the problem is that I never had a real allowance. For a little while we'd get five bucks for mowing the lawn, but that was about it. I never had enough money to learn how to manage it until I was independent and supporting myself.
Posts: 9945 | Registered: Sep 2002
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Boon
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posted
My kids have chores that they must do. They don't get paid for these basic chores.
If they want money, they can ask for extra jobs to do to earn money. "Mom, I want a (whatever). Can I do something for you to earn money for it?"
Sometimes I offer a job to them for money, but if they don't want to do it, they don't have to. Like helping me paint one of the bedrooms, or mopping the kitchen. Stuff I'd do anyway.
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My kids never got an allowance, mainly because I could never afford it -- so it just wasn't an option.
We did, however, occassionally walk together up and down the road (we are the only house on the road) and collect discarded aluminum cans, save those up and take them in for cash, which I then would split between them. A little cash for some hard work, there.
And they would get birthday money, etc. from relatives
Their "cash" personalities became apparent very quickly. Oldest son is a miser in every way -- I have never met such a tight-fisted person. Second child is more lax -- and my daughter spends like crazy -- can't keep two nickels in her pocket.
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Farmgirl: That's funny, those cash personalities sound so much like my sister and I. I'm a tightwad; I've been known to feel guilty about buying a scented candle or two on a grocery run. o_O It keeps me from collecting too much stuff, I suppose.
My sister, however, is horrible. She's planning on dropping two classes next semester so she can work for more spending money (even though my parents are paying for her food and apartment). She wants shoes, purses, money to buy concert tickets, go clubbing, and everything else. My dad is about to get into a huge fight with her, because if he's paying for her education, she really needs to be...trying to get an education.
I don't think we were raised differently as far as money goes, but she's always been that way and I've more or less always been reluctant to buy things I didn't really want or need.
As an aside, teaching your children the difference between a want and a need is ALWAYS a good step towards sensible money management.
Posts: 24 | Registered: Aug 2005
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posted
Thanks for the advice, I'll see what we can implement. I actually bought this briefcase my daughter wanted at Desiree Industries (that's like a Salvation Army) and have been keeping it ransom for her completion of some chores. I guess we need to get a system set up. (I am intentionally gender non-specific when discussing my children most the time- don't feel bad those of you who assumed it was a boy.)
Posts: 2010 | Registered: Apr 2003
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My mom encouraged me to save money by giving me a set interest on my money per month. It was a pretty high interest to keep me motivated (I think it was 4% every month, but since we're talking around $100 in my early teens, that wasn't too much money). We kept this saved money written down on an envelope so I didn't have access to the cash unless I asked my mom to withdraw some of the money. This money came from good grades, primarily.
Besides that, I think I didn't have much of an allowance until I had to buy lunches at school.
Posts: 1261 | Registered: Apr 2004
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BTW I realized just now that having it written down on an envelope makes no sense. It's just what we used for the paper that was handy nearby. No need to use envelopes Posts: 1261 | Registered: Apr 2004
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There was talk of an allowance at one point. I think it was a quarter a week. Enough for one gumball. Wasn't enough to bother even asking for, after I was 7 or 8. Chores were done regardless. It was made sufficiently unpleasant if the chores weren't done that the chores got done. Though spanking was used, Mom was also good at creative consequences where it hurt you the most, without physical pain.
My Great Uncle Paul, sent me $50 a year for my birthday. Mom first would let me spend it with direction, normally on books. Then she found out that he was hurt because in his family (my dad's side) it would have gone into a savings account. So when I was 6 or 7 she started a savings account for my brothers and I. Any time we got $20 or so for gifts or what have you, it went into the savings account. We had to sign the back of the check, fill out the deposit slips and hand it to the bank teller, even if we couldn't see over the counter. Mom I think had to cosign the checks, but we had to do the rest of it on our own after she taught us how, (of course she double checked, but I was pretty good at doing it on my own by 9 or 10) She showed us our yearly statments (it was a letter that had our name on it!) and how we were earning interest.
Once I hit 10 or 11 I started earning a bit of money on my own. The one thing we could earn money for doing around the house was mowing the lawn. My dad hated it and is highly allergic to grass. However mom was paranoid (with possible good reason given my karma) about me and the lawnmower, and me getting myself killed or electrochuted because it was an electric. Most of the money also went into the savings account.
I did a bit of babysitting though I disliked it, and avoided it as soon as I was able to be a swimming lesson aide at the pool. I used some of my money for fast food or craft projects, but the majority also went into the savings account. After I had the summer job and was depositing my own checks, Mom stopped keeping track of my savings account. Didn't have to cosign after I was 12. She was shocked that I had over a grand stashed away at age 16. It was enough that I was able to buy my first "junker" car on my own, though they did pay for the insurance.
My brother Stephen is pretty frugal, though he probably spent more on activities like amusement parks and scuba diving. Nate buys trendy clothes, but he's still pretty money savvy, and is also pretty good at stashing away cash in his savings account.
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My brother and I never got allowance as kids. I'm 21 now, and he's 25 (or he will be in 20 days), and there's a dramatic differnece in the way we view money.
We were usually fairly good about doing our chores, even if it took us twice as long as it was supposed to. Both of us got jobs when we were 14, and I've worked ever since, as has he (including 2 yrs in the Marines).
Before we were 14, we got money from our parents and grandparents on a sort of "what is it for?" basis. We asked for money for a specific reason, and got it if the reason was good enough. Or we had the option to try and earn our own, which I did from the age of 10 by raking leaves and shoveling snow for neighbors for money.
We both spend money very differently though. My brother is deeply in debt, and rarely pays his bills, preferring to party and spend frivelously. I save most of mine away and pay back what I owe to my mom (both of us owe her for various major purchases), allowing myself a set amount for spending money.
I doubt when I'm older that I'll give my kids allowance, especially not when they are older. Let them earn it on their own, and then spend it wisely. Or, offer to loan them money, if they fritter it away and don't pay it back, they shouldn't be given another loan.
Posts: 21898 | Registered: Nov 2004
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I agree that chores are part of being part of the family and no one gets paid for them or excused from them. You can be punished for not doing them, but you don't get anything extra for doing them.
We don't do allowances, actually, if they want something special, they ask for it and we discuss what advantages there are to having it. Like my oldest daughter wanted a new radio in her room, and explained that the old one didn't have an alarm feature and she wanted to be able to get up on her own on school mornings. Reasonable, so she got a new radio. She also wants a cell phone. Not reasonable, so she doesn't get one. Posts: 14428 | Registered: Aug 2001
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I think I'd get a cell phone (if I had a child) for a kid when they start driving. Personally I feel naked without mine, and especially when I'm driving I dislike being without it. I've been in several accidents (none were my fault!) and my phone came in handy big time.
There are "cell phones" for kids though that allow you to program in a couple set phone numbers, say, to the parent's house, grandparent's, and neighbor's. That way the kid can't call all his friends, but in an emergency he can contact family, and family can contact him. Think of it as less invasive lowjacking.
Posts: 21898 | Registered: Nov 2004
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posted
Chores and allowance and all are very good, but I have noticed that some kids horde(sp) and some kids spend.
My favorite story is my daughter's best friend, who won a bunch of little tickets at a fun fair at school. They got to go to a "store" and buy cheap little toys with their tickets.
We were about to leave, and I told her she should spend the rest of her tickets. No way! She held on to them tightly, and probably still has them, even though they were worthless the minute we walked out of there.
Posts: 10890 | Registered: May 2003
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I like the way I was raised and I am raising my kids the same way.
I have a real problem with paying kids to do chores. Helping with the household tasks is integral to membership in that household. I think paying kids to do work around the house, gives them the message that it isn't their responsibility to do that type of thing and they are doing it as a favour.
Money matters: I think parents should provide basic needs like clothes (not necessarily expensive trendy clothes mind you), lunch money, school supplies, etc. Then I give them an allowance for extras. My kids are little (7,5,4) so I give them $10 a week (CDN). That probably sounds like a lot for a four year old but I want it to accumulate a bit.
I keep a running "account" of their funds although of course they're in my bank account. That means that if they want money to spend on anything they have to ask for it and that leaves room for discussion about whether their plans for the money are sound. Once they are 12-ish and I feel they are mature enough they can open a real bank account and access the money on their own.
Since they were old enough to understand that things cost money, they have bought Christmas presents for family out of their own money and they budget for special things that they want. When they are older they'll have to budget for outings and such. If they run out of money they'll have to do without. I think this is a good way for kids to learn to handle money when the stakes are low. My parents did things this way and all four of their kids managed to put themselves through university. It worked well enough for me to want to do the same with my kids.
Posts: 251 | Registered: Apr 2005
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Dag pretty much summed up my parents attitude -- which I agree with. You have certain chores that are your responsibility as part of the household. You also get some spending money as part of the household. The two are not connected -- we were never paid for doing our chores.
When I was 14 or 15 I wanted to start choosing and buying my own clothes, so I negotiated with my mom to give me a larger monthly allowance, but I'd be responsible for clothes. (Also haircuts, I think.) It worked well.
Posts: 22497 | Registered: Sep 2000
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posted
I started getting my allowance when I was six, I think, and after a few months I was also given sole control over how it was spent. It was vaguely tied to chores, but I never really -had- much in the way of chores -- set the table, empty the dishwasher, keep a lego-free path from the door to my room to the bed. I don't recall ever losing a week because of bad behavior.
It was around 50 cents a week to start with, but it went up every year. At twelve or so I negotiated for the same deal Bob mentioned: a big raise (I think I went to $50 or $100 a month?) in exchange for taking responsibility for clothing and most things that weren't food, shelter, or family vacations.
Mostly what I did with the money throughout the years was save it. My parents never did anything to encourage that behavior -- in fact, several times they tried to lower my allowance on the grounds that if I wasn't spending it, they were giving me too much. (I managed to convince them that this was a bad way to teach me money management.)
In retrospect, I wish I -hadn't- been quite so tightfisted -- the bank account that seemed so big back them sure vanished quickly when I started paying my rent out of it, and another ten or twenty dollars spent here or there throughout my childhood wouldn't have made it shrink appreciably faster come adulthood. I should tell my mom and dad they were right.
Posts: 650 | Registered: Mar 2005
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I can't remember. I think it's strange that I can't remember because I know that I was on some sort of allowance scheme, but we were always so strapped for money that it wasn't an issue. I imagine the best way to teach kids about money is to teach kids about priorities. I imagine the education concerning money will flow from their priorities and character.
Isn't it the case that if they are responsible people, they will behave in a manner befitting responsible people, that is, they will not be obnoxious about their wants and spending?
Maybe I reduce too much to character, but I would imagine that you want to raise a person who spends appropriately, neither miserly nor prodigally, giving each its due, all of this requires acute sensibilities and judgement. If you want to have your kids not to waste money, cultivate their sense of judgment. To this end, it sounds like Belle's plan is the most appropriate.
Posts: 5600 | Registered: Jul 2001
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I think I got something like $2 a week, when I was small. It wasn't connected to chores, and I had control over how it was spent. I remember asking for work and saving for literally months before I could buy that keyboard I so desperately wanted (I never learned how to play much, but that's another story). Often, I think, if we managed to save up a large part of such a sum as that, my parents would chip in the rest (say, $40 if I managed to save $60 on my own, or they'd pay the tax).
When I turned twelve, this became $40/month, but I was then responsible for buyign friends' birthday presents and if I wanted clothes or something special. I think this became $50/month when I was 13.
When we approached 16, we needed to find a part-time job. I remember being very anxious, asking my mother if I was trying to find a job and couldn't, would they still cut me off, even if I was trying really hard? Of course they wouldn't, and I found a job anyway. From then on, we made our own money, and we saved.
Even from my very first babysitting job (I earned $4), we had to put half of what we earned in the bank, to save for school. It was annoying at times, but I quickly found that my paycheque was more than adequate for my books and the other small things I wanted, while still saving half.
Things are harder now that I actually have a job that makes money, and more expenses than my library. but I did learn not to be wasteful, and to work hard.
Posts: 2849 | Registered: Feb 2002
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posted
Truthfully, I don't think there will be an answer to how you teach children not to be crazy with money, because different children will learn things in different ways. It also varies based on what they value - what they would want to buy with their money. For instance, when I wanted video games I learned a lot more about savings than when I wanted candy, because it required a plan to save up enough.
I think Irami said it best when he said you need to cultivate good judgement, but that's an even trickier venture. Being a good role model is probably the biggest part of that, I'd guess (not having much experience in the matter.)
Posts: 8120 | Registered: Jul 2000
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quote:Isn't it the case that if they are responsible people, they will behave in a manner befitting responsible people, that is, they will not be obnoxious about their wants and spending?
Maybe I reduce too much to character, but I would imagine that you want to raise a person who spends appropriately, neither miserly nor prodigally, giving each its due, all of this requires acute sensibilities and judgement.
I think you're right that values (in almost the literal sense - what one values) are the most important, by far.
But there are practical skills that need to be taught, too. Keeping mental track of what you've got coming in and out, the mechanics of tracking your savings, budgeting, reconciling to your budget, adjusting the budget - all are skills that need to be practiced. I think the mechanics of money management are extremely important.
I liken it to taking care of ones things - a important character trait. But if one doesn't know one needs to check the oil often, one can't implement the actions needed by the character trait.
If nothing else, one needs to be able to figure out what miserly and prodigally are for one's income and upcoming needs.
Posts: 26071 | Registered: Oct 2003
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quote: My mom encouraged me to save money by giving me a set interest on my money per month.
I like this idea. I've always planned to make my son put a portion of his allowance into savings for the future. Giving him a little bit of interest on it will help learn about investing.
I have a few more years before I have to worry about it, but I'm leaning towards the idea of a straight allowance not tied to chores. I agree that chores should be done regarless simply because they are a part of the family. Extra chores can get them extra money, though.
Posts: 4625 | Registered: Jul 2002
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Up until I was about 11 I got a dollar a week, once I turned 11 I started mowing the lawn and got 10 dollars every time I mowed the lawn and I no longer got the dollar a week. I had various other chores that I did not get paid for. When I was about 13 I decided I wanted to earn more money and I asked my parents and was told that 10 dollars for mowing the lawn was all I would get from them so my father suggested I offer to mow other peoples lawns in the neighborhood. One person took me up on the offer and only for the time he would be gone each summer which was only a few weeks. I earned about 30 dollars a week doing this persons lawn. I thought I was loaded, then we moved from connecticut to maryland and I no longer had this way of making income. Once I got to Maryland I was walking my dog and ran into another man walking his dog, he said that both he and his spouse worked until later in the evening and asked if I would like to walk his dog for him. I did a good job for him and he told other people in the neighborhood, soon I was walking a few dogs in the neighborhood every day after school at five dollars a dog. Mostly I brought them all over to one fenced in yard and let them play together. I also took care of their animals when they went away on trips for 20 dollars a day.
Another way I earned money was whenever there was a snow storm I would walk door to door and offer to shovel peoples driveways. Actually we had a snowblower that my father bought, his deal was as long as I did his driveway for free I could use his snowblower to make money, and I did. That snowblower could really move snow, I could do a driveway in about 20 minutes(we lived in a development and had really short driveways) I charged 20 dollars a driveway and would do about 10 driveways when it snowed.
The only allowance I saw from my parents was that 10 dollars a week for mowing their lawn. It annoyed me at the time because I had friends who were given free reign on a credit card. My friends called me the poorest rich kid they knew, and it was true. Now being at the ripe old age of 22 I see that what I thought was silly for them to do was really the best thing they could have done for me. I can say that beyond a shadow of a doubt I am more responsible with money than my friends. By this I dont mean a miser, I have fun, I go out, but I dont waste my money, and I certainly dont spend money I dont have. I have friends who have over 20,000 dollars in credit card debt. My brothers are the same way as me, although they are older, but none of them ever got into horrible debt either.
All of that being said, my parents are pretty wealthy, I grew up in a nice house in a nice area so I may have some sort of advantage that way but I was never given spending money. I remember getting out of the car when I was in 5th grade and asking my mother for money to see a movie and she said, "We dont pay for your movies, that is something you can pay for." At that time I was still earning a dollar a week in allowance, she told me, "This is the last time we pay for you to see a movie, from now on you need to earn the money yourself." Needless to say, I think that was a little over the top, but thats how my parents were and now I know I can handle money. Despite my parents being wealthy I think it is no coincidence that they raised three kids who are responsible with money. All three of us created little businesses when we were younger so we could have more money, things like my dog walking and lawn mowing business.
Edit: Originally I said I was moer responsible with money than any other person I know, and that is not true, I meant to say friend.
Posts: 473 | Registered: Sep 2001
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posted
I think acquaintance with an actual brick and mortar bank is a good thing for a kid, not just paying them interest yourself. Most banks have savings programs for kids that only require like a $50 initial deposit.
I really do think I learned a lot from just seeing those bank statments on my savings account. Yes you can get them online now, but being comfortable with reading them is a learned skill.
On the other extreme I had a friend whose father paid her utility bills, all the way through college they were mailed to him rather than her. When she actually had a job and apartment of her own, learning how to budget, juggle and pay bills was a huge shock for her. She understood it intellectually, but the practical task of doing it and dealing with the paperwork was an entirely different proposition, that was a major adjustment.
It wasn't a character issue at all... it was a mechanical skill issue of actually keeping track and doing the bills for herself.
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Our kids get $2/week, and this is not in any way tied to doing/not doing chores. Like Boon though, I will offer special jobs if they (mostly Boy Opera) are saving for something really special and want to earn extra money. I like it when they want to earn extra money.
One thing we do, which is something Mr. Opera's parents did, is always pay half for books. The kids use their allowance in any way they want, but if they want to buy books with it, we automatically pay half. Now, we regularly buy them books anyway, so they're not hurting for reading material, but I think it's a nice idea.
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I feel like there might be a middle ground where you can still give your children money and have them be responsible with it. I think my parents were a bit over the top at a young age with us and it caused some pretty stressful moments, but it worked out well in the end.
Posts: 473 | Registered: Sep 2001
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In my personal situation, I got an allowance that was covered all my lunches for the week, plus five dollars extra. If I wanted more money, I packed a lunch and saved the cash.
The stipulation was that I pitch in for what needed to be done around the house without complaining. If the dishes need washing, there was no bickering about pay or whose turn it was, it just got done -- or I knew I wouldn't be getting my allowance.
That developed to the point where I don't need to be asked -- I simply do the dishes now because they're dirty and need to be done. That's all there is to it.
My father opened up a checking account for me at the bank. When asked if he wanted it attached to his account in case I overdrafted, he denied.
I have overdrafted once. It has not happened since, and it will not happen again.
My parents have consistentley made my brother and I responsible for managing our own money, and if we didn't do it well, we didn't have any. They wouldn't help us out of that situation no matter what. It was a very effective teacher, I believe.
Posts: 515 | Registered: Mar 2004
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posted
One of the doctors I work with has two kids, aged 3 and 7. They weren't getting allowances, but got everything they needed, especially given that both parents are doctors, and divorced. The older boy recently decided he needed to save up money for his college and pestered his mom a few weeks. Finally they came to an agreement that any week that he does serious cleaning or chores (not ordinary things he is supposed to do like make his bed or help dry dishes) he'll get $5. So for the past six weeks he has industriously done special chores like cleaning baseboards, basements, and cars. Every week they look at his bank account online together. Apparently he's up to $170 from all sources. It bugs me, it seems like a bad precedent. If he gets $5 a week at age 7, what will he be up to by the time he's 12? OTOH, he is doing work that nobody else wants to do, and doing a good job at it, and learning all about saving money.
I know I had a very small allowance, and saved almost all of it, and had quite a good bit saved up before I got my first job. I think my allowance was separate from chores.
Posts: 1014 | Registered: Jul 2005
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quote:But there are practical skills that need to be taught, too. Keeping mental track of what you've got coming in and out, the mechanics of tracking your savings, budgeting, reconciling to your budget, adjusting the budget - all are skills that need to be practiced. I think the mechanics of money management are extremely important.
I liken it to taking care of ones things - a important character trait. But if one doesn't know one needs to check the oil often, one can't implement the actions needed by the character trait.
Yes, I totally agree Dag. We do talk to our kids about money, and the older one of course gets more detailed information. I've shown her pay check stubs, and explained how much money goes to taxes, to health insurance, etc. Before she goes to college, we will encourage her to work a summer job and will help her set up a bank account and learn to write checks and to balance that account so that when she goes to college she'll have the basic money management knowledge she needs.
She already has some savings bonds and other stuff put away for college and knows that college costs money - she can see that by the way we budget and try to have money available for my tuition. She also went with me when I bought my textbooks last term and her eyes got wide when she realized how much it cost.
Once they get to a certain age, I give gift cards for Christmas. Last year Natalie got more than one, and she was able to use them to buy new clothes, it was my way of telling her she was old enough to make some of her own decisions about what to wear (I maintained veto power, but never had to use it) and she learned how to get the most for her available money. It was a good lesson, she had to weigh that one sweater that was really pretty but cost more than two pairs of pants she really thought she needed. I was proud of her.
So while we don't actually use allowances, we do try to teach our children how to responsibly handle money, and want all of them to be able to budget and keep their accounts balanced before they leave home.
Posts: 14428 | Registered: Aug 2001
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I got five dollars a week until I left for college, and it was dependent on mowing the lawn, which took two-three hours every Saturday.
If my parents had hired someone to do it, they would have charged fifty a week.
I don't know that it taught me about money, but it made it very clear that I don't like being pushed. I really, really hated that lawn. It was too hot and humid to be outside, so we were basically mowing it for the neighbor's benefit.
Posts: 26077 | Registered: Mar 2000
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This thread has made me feel a lot better. All the parenting books and magazine have articles like, "What to do when you child demands a toy on every outing." If you read enough of them, you start to think that all children are greedy, grasping tryants and that parents are powerless to do anything about it. I know that's not true, but it's nice to hear some good anecdotes for a change.
Posts: 3037 | Registered: Jan 2002
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In my experience, if you give a 2 year old pots and pans to clang and some blocks to stack up and knock over they are blissfully happy. Happier than with most newfangled inventions of the toy industry.
Actually even kids older than 2 can be entertained by similar methods.
Of course the mother may end up with frazzeled nerves from the clanging... but that's a different problem.
posted
I don't remember how my parents handled allowance. The times we got it were sketchy due to finances but I know I am a poor money manager. I'm getting better but whooee its been hard.
Our kids are 12, 10 and 3. The two older kids get an amount each month equal to their ages, $3 a week and $2.50 a week respectively. They have to pay tithing first and then at least $1 has to go into savings. After that I don't control their spending. When they ask for something I ask them how much money they have. Usually they don't have much because they spent it already or don't have enough yet. I encourage them to save up if they really want it. But I very rarely buy them extras because they are capable of saving for them if they really want them. (Though once in awhile its fun to get them something because I am a gift giver at heart)
The 3yo gets 50 cents a week, usually in nickels. He pays tithing because I want him in that habit when he gets older but he doesn't have a savings account yet so he puts his money in an old film canister. Its full so we have to get him a little bank. So far he hasn't spent anything but he feels like a big boy because he gets allowance too.
In our house allowance is not directly tied to chores (chore x = $) but the kids have been so lazy about chores the last two weeks (and the house is now a WRECK) so I have yanked allowances. If I didn't show up for my job I wouldn't get paid. They are not contributing to the household work right now so they are not getting paid. If I could afford it I would make them pay their allowance to a house cleaner but I can't afford the difference so they just forfeit their allowance until they can contribute again without me having to be cranky at them. I have been known to pay them for extra chores, things they aren't required to do but I don't want to do myself but that is very infrequent.
Posts: 1132 | Registered: A Long Time Ago!
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I got an allowance when I was a kid. I guess it was theoretically tied to "chores" in that my sister and I both did chores and both got allowances...but skipping the chores and just not getting the allowance was not an option. I don't remember what I got when I was very young, but when I started mowing the lawn (I think in 5th or 6th grade) I was given $10.00 a week. That went on until I was 16 and got a car, though the amount of money might have changed. I paid the down payment, but my parents paid the payments and the insurance. In return I did my usual chores and paid them an additional $10-20 (I don't remember which) a week (by that time I had an outside job).
I had a bank account at my parents bank that I put my money in...mostly used to buy games for Nintendo and later sega genesis.
Posts: 1901 | Registered: May 2004
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