Wednesday Wondering.....

iVillage Member
Registered: 09-26-2003
Wednesday Wondering.....
23
Wed, 04-11-2007 - 8:00am

~*~ Wednesday Wondering ~*~


Does your 10-14 yr old receive an allowance? If so how much do they get a week?


Do they have a savings account and are they required to put money in there regularly?



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Avatar for bradleyteach
iVillage Member
Registered: 06-29-2001
Wed, 04-11-2007 - 5:12pm

Kayleigh gets a small allowance, $2 a week, will be $3 after her birthday.

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iVillage Member
Registered: 03-27-2003
Wed, 04-11-2007 - 5:46pm

Oh...squirm..wiggle..um..no, we're not really good at paying our kids on a regular basis! We basically cover their needs, leaving them wanting just a lil bit more. Of course I'll occasionally toss em each a $20 about once a month but since I'm not regular about it they actually are pretty good hoarders! LOL! They never know when they'll get more! We DO pay for grades because we see school as their job, or main responsibility. $10 for A's, $5 for B's and only for main classes, not ceramics! LOL! Double the rate for honor's/AP classes because they require more work. I actually was better at allowances when they were younger, but now if they want money I tell em to get out and get a job! LOL! They both babysit, he does yardwork for others, they dogsit...etc... I like that they're earning thier own money now and it makes them realize how hard it is to come by. I know some base allowance on chores, and yes we did that..but now they are just expected to help out no matter what because they're part of the family! I think because we live in the boondocks there really aren't any places to casually spend money (the mall or movies) so it's not so big an issue!

Denise

iVillage Member
Registered: 03-18-2003
Wed, 04-11-2007 - 7:42pm
Alex gets $30.00 a month and Rachel gets $20.00 a month, though it will go up to 25 after her birthday this month. They are free to spend it any way they choose and their allowance is not tied to work around the house . They do not have saving accounts because I feel the bank charges take too big a chunk out of it. I do hang onto their money myself if they ask me to when they are trying to save for something.

Linda
mom to
Alex (16), Rachel (14), Matthew (12)


iVillage Member
Registered: 03-25-2003
Wed, 04-11-2007 - 7:54pm

Your bank doesn't offer free for minors?

I just checked both our banks and both waive the fees for under 18s. One waives the fees for senior citizens, too. One bank offers interest for minors no matter what the average balance to promote good financial skills.

Alysha


iVillage Member
Registered: 03-26-2003
Wed, 04-11-2007 - 11:03pm
Wow...$30 a month, with no chores attached? Can I be your kid??
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iVillage Member
Registered: 09-26-2003
Wed, 04-11-2007 - 11:37pm

If all chores are completed she gets $7 a week.


As for a savings, yes she has one, but she really isn't required to regularly put money in it!


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iVillage Member
Registered: 03-18-2003
Thu, 04-12-2007 - 3:03am
Hmmm, I hadn't checked into that. I was just going by what I get charged for bank fees on my savings account.

Linda
mom to
Alex (16), Rachel (14), Matthew (12)


iVillage Member
Registered: 03-18-2003
Thu, 04-12-2007 - 3:14am
Our philosophy is that an allowance is for learning to handle money. The goal is that they will learn to save, make money choices, and most likely some mistakes in managing their money. We feel it is better to do this now with a small amount of money so when they get older they will not have to learn these things with larger amounts. Chores are an entirely separate issue. They are expected to help out around the house because they live here ,help contribute to the mess, and none of us get paid to clean it but it still needs to be done.

Linda
mom to
Alex (16), Rachel (14), Matthew (12)


iVillage Member
Registered: 03-26-2003
Thu, 04-12-2007 - 8:17am

My kids are expected to do their responsiblities as part of our family, they are not paid for them, they just do them.

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iVillage Member
Registered: 03-26-2003
Thu, 04-12-2007 - 8:20am
THe Royal Bank has a Leo account for kids and there are no fees and no charges for withdrawls. So you can connect it to your bank card and then just pay for their items through interac (obviously doesn't work for stuff like a gum ball or ice-cream cone - but good for larger purchases).

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