How much allowance?
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| Mon, 09-25-2006 - 11:49pm |
My almost 8-yo is finally getting mature enough for me to consider giving him an allowance. I am wondering how much. At first I thought $3 (1 for spending, 1 for saving, 1 for church on Sunday). Then I thought $4/week with $2 for spending since the saving money is actually for saving in the bank long term, not saving to take money out later for a toy or whatever. That way, if, for instance, he wanted a $14 CD, he would have to wait 7 weeks instead of 14 to get it. 7 weeks is a long time for a kid, and I would imagine 14 would seem an eternity. I don't want a bunch of dollar store junk in the house because he is tired of waiting. I am also considering letting him earn extra money as odd jobs arise that he is capable of doing or helping with.
Do you give allowance and how much do you give? I am kind of out of touch with how much to give. It seems like we hold our kids back more than a lot of people do (not that its a bad thing) but just that I am really out of touch. I know people who give their 4 yos allowances.
Thanks for any ideas.
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We are CHEAP!!! LOL!! WE give four quarters; one quarter goes to a savings account, one to a spending account, one ot college and one to emergencies. That way he learns about savings as well as spending! =)
Okay, Janet, you're making me feel like a total skinflint. Wanna know how much my six-year-old gets? A QUARTER!!!!! :-O
I think it's time for a raise. :-)
My problem is that he has NO concept of value. I give him a quarter, and he treats it like a toy. He gives it to his 3-year-old sister, or he puts it into some pocket/drawer/box/gizmo and forgets about it completely. Mind you, he does have a special piggy bank, but he never uses it. He loses his money and doesn't care. I'm afraid to start giving him a dollar (or whatever) because I know it'll drive me crazy to see him literally throw dollars away. When do kids develop a sense of value? (By that I just mean the idea that money is valuable and worth keeping track of!) How can I help him develop this sense?
He never uses his own money to buy anything, maybe that's the problem? But frankly, he doesn't really want anything except candy, which I really don't want him buying, so I've never encouraged him (i.e., shown him how) to save his money, bring it to the store, make a purchase....
Now that I think about it, he has mentioned wanting a walkie talkie. I'd just been telling him to put it on his wish list for Christmas. Maybe instead we'll go shopping, see how much one costs, and increase his allowance enough that he can save up for one in a couple of months.... Is that how you all did it?
LOL! You're funny!!!
What I've done with Tre is take him to the store, have him check the price and then we go home and stratigizeon how and when to get it. We talk about how much he makes and how long it will take him to have enough. If he's done great at school or something I'll SURPRISE him with paying half for it myself. Notice the surprise...if he knows it it lessens the desire to manage his money to get it, KWIM? *Wink* We moms have got to be one up on these things, ya know!
Truly the sense of value doesn't REALLY come until ater. RIght now we're basically posturing them. Its a great experience but not one they fully comprehend until later. So, don't give up, mom! Don't give up! *wink*
Kelly
Mom to
Will 4/6/00
<One dollar per year, huh? That's cool! I'll have to talk about that
It seems like alot of money I know. That's why we tied SOME chores to it (there are other things they have to do just because they're part of the family). As part of the deal THEY buy things outside of basic needs. If they see a book, toy, game, or experience they would like, they save up and pay for it. We pay for food, clothes, toiletries, two activities/season, and birthday presents for friends,etc. but they pay for everything else.
Good luck!!
Not too much...well, not for older kids. Tre actually does a lot and earns his money. PLus, if there is a learning experience with it, I think its great! =)