My kids love to do chores for a weekly allowance. They like to save their money and plan for what they want to buy themselves throughout the year...a new book, video game, latest slime or squishy...it's never ending! Seems like everyone pays a different weekly rate! What do your kiddos make each week as an allowance?
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We've been paying $1 per year of their age for a few years now, and are up to $10/week and $8/week for the two older kids. So far so good, though we've opted not to tie allowance to chores, and use it simply to help them understand simple financial planning - they have to separate their money into "spend," "save," and "donate" piles, and use it to buy any "extra" stuff throughout the year. We do still have them help out around the house (they don't get off that easily!!), but keep it separate from their allowance payout.
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My husband adopted this exact same policy about a year ago. You guys must've read the same advice. We've struggled with this and are considering revising the plan. Everything seems to go into the "spend" cup and not much into the "save" and "donate" cups.
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Yes, this seems to be a trending idea about allowances! Both of our kids have responded differently based on their personalities (my daughter has a hard time parting with things generally and almost everything goes in “save,” while my son has no trouble using up his “spend” money or giving to charity freely). At the very least, we’ve had lots of great, ongoing conversations about how to use limited resources wisely!
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I totally agree Alex! When we were younger, we were always taught chores are meant to be done as part of the family. Allowances were always separate from these chores. We are following this same principale with our own kids.
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- 01/03/2018Anonymous
I let them keep birthday money in their piggy banks and any loose change they find around the house, but that's the extent of their salary in our house :)
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We are still using a sticker chart - one row earns a small toy, two earns a medium toy, and four earns a big toy. We're trying to get them to understand if they "save" and defer gratification, they can get something more worthwhile. They now usually wait for the medium or big toy.
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Right now, $0! But I do like the idea mentioned by others of paying based on age.
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I love these ideas on how to use allowance to teach kids to understand deferred gratification, saving, and charity.
