How much allowance?

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Registered: 10-27-1998
How much allowance?
10
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.

baby growth



New and improved siggy coming soon (which could mean after Christmas)

iVillage Member
Registered: 03-27-2003
Wed, 09-27-2006 - 1:41pm

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! =)

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iVillage Member
Registered: 05-01-2003
Sun, 10-01-2006 - 5:19pm

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?

iVillage Member
Registered: 03-27-2003
Mon, 10-02-2006 - 3:10pm

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*

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Avatar for dzyg
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Registered: 01-17-2000
Thu, 10-05-2006 - 2:04pm
Well I guess we give too much then! Brionna gets $5 a week if she does all of her chores. If she doesn't she gets nothing and actually for the past three weeks she has gotten nothing. However any toy or something that isn't needed that Brionna wants, she must pay for with her own money. She actually bought herself a portable DVD player with her allowance, took a bit to save up enough but she wanted it and she wanted to pay for it herself. Her last buy was a baseball helmut even though she just plays baseball at home. It works well for us even though we are kinda paying for her stuff anyway, she is working to get the money to buy her own stuff.
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iVillage Member
Registered: 01-06-2006
Sun, 10-08-2006 - 4:03pm
Maybe we overdo it. Our kids get $1/year in their age. There money get divided between spend, save, and share. Evan actually got a bank divided into 3 compartments on a tour of a local bank two years ago which started the whole thing. They pay for anything they want from that. Evan actually paid for a week of sleepaway camp with his own money last summer. He saved almost all his "spend" money, all his gift money, and did extra chores around the house to come up with $510. The $ to share goes to a charity they chose (church, etc. - we're thinking about "adopting" a child from a charity this year using their money. Dh is from the Philippines so we thought it might be meaningful to help out there.
iVillage Member
Registered: 08-24-2004
Sun, 10-08-2006 - 8:36pm
We do ours exactly like you!
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iVillage Member
Registered: 12-21-2005
Mon, 10-09-2006 - 2:01pm
Wow! I may be over-doing it. My 6 yo ds gets $6.00 a week, but he is expected to buy ALL extras with his $$$. He is able to save and buy games, treats as he wishes without asking for $$. He is more than happy to treat dh & me to a scoop of ice cream occasionally, too. We do the $1 per year of age thing, so he will get one more $ every year. He knows that he gets his $$ if he helps out around the house (he has specific chores,too--like feeding the pets), gets dressed on time,does homework, gets good behavior reports at school,etc. It's working out well---I love to see him budget and save his $$ for things he wants. Mabey

Kelly

Mom to

Will  4/6/00

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iVillage Member
Registered: 03-27-2003
Mon, 10-09-2006 - 2:29pm

One dollar per year, huh? That's cool! I'll have to talk about that

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iVillage Member
Registered: 01-06-2006
Mon, 10-09-2006 - 4:35pm

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!!

iVillage Member
Registered: 03-27-2003
Sun, 10-15-2006 - 9:52pm

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! =)

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