Double their age?

Oh my, then we are cheap. We give 1/2 their age per month, so our 10 year old gets $5.00. BUT that has always been fun money only. I am seriously thinking of giving them a huge increase but then requiring them to pay for all their own stuff. I know a family that gives kids a huge allowance but the kids pay for everything thing themselves. Especially clothing! I like the idea, but I think we would have to work up to that gradually with my crew.

I agree that children should have money to manage, otherwise how will they learn to manage money

They need to have tangible money and a means to conduct their own transactions -even as we move more into the digital age. They should have responsibilities or allotments for their money such as giving and saving, spending they seem to pick up quite easily. As far as how much to give them, and what to call it when you give it to them (Allowance, commission) and whether you pay them for their chores,grades etc… I don’t really have an opinion.

I will say when my daughter was younger – I put her to work managing the money and paid her for it. She paid real business expenses, balanced my real books etc, opened the mail, made note of how much electricity and gas and other utilities and necessities were etc.I reasoned I was employing her at the same time I was teaching her. I think if I hadn’t had a business, I would still have become creative enough to pay her to actually do the work and learn from it. I see I failed her in the grocery shopping department – but then I always hated going to the grocery store and rarely made lists. She’s in the situation now where she has to carefully budget and grocery shopping /planning is a problem for her.

That’s a really interesting idea, double their age

I know Dave likes the “pay as you work” commission program, but honestly, I’ve always found that to be so much maintenance, esp when the kids were younger, that I stopped doing it too many times.

Not saying my kids didn’t work around the house, nor did they get money just for existing, but a “you work around the house to help upkeep and be part of the family” then you get to share in the prosperity as well. Cuz for sure they get to share in the ‘recessionary times’ as well.

What do you all think about these statistics for allowances?

My 12 year old uses about $10 a week on average for activities on the weekends. The two younger don’t use much of anything except infrequently. I used to give allowance once a month. It was based on age. They got double their age per month. So the 7 year old got $14 a month, but it was split into three categories. Give, Save, and Spend. I’ve fallen off the wagon giving them their allowances and want to start again. I’d like to hear what other parents have been doing to teach their kids about money, saving, finanaces, investing, checking accounts, etc….
How Much To Give?
Kids’ Money
This ongoing survey yields the following average weekly allowance amounts for each age and gender indicated:

Age – All – Boys – Girls

3 – 3.20 – 3.03 – 3.38

4 – 2.85 – 2.48 – 3.29

5 – 3.15 – 3.03 – 3.27

6 – 3.85 – 3.32 – 3.99

7 – 4.10 – 4.12 – 4.07

8 – 4.32 – 4.45 – 4.12

9 – 5.52 – 5.33 – 5.71

10 – 7.18 – 6.56 – 7.83

11 – 7.92 – 6.80 – 9.07

12 – 9.58 – 9.38 – 9.85

13 – 9.52 – 9.95 – 9.10

14 – 13.47 – 13.50 – 13.51

15 – 15.57 – 16.65 – 14.38

16 – 17.84 – 15.79 – 19.62

17 – 30.66 – 27.65 – 35.61

18 – 40.10 – 70.57 – 24.86