Tuesday, 28 August 2012
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Tell Me Tuesday: How Much Is Allowance?
Allowance. With our oldest being 7, we're starting to wonder about this and how we should go about it. Do we pay for good deeds and completing chores? Do we just hand over money each week or bi-weekly and teach responsibility on how to spend, save and give?
How much is allowance in your house?
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Comments (26)
I didn't get an allowance as a kid. I got a part time summer job making sno-cones when I was 15. I learned all about money management and the value of a dollar earned, rather than a hand-out.
I want my kids to know the same.
We don't do allowance here either. My motto is that we all have to work together in order for the household to run smoothly. My kids know that the reason we have time to play organized sports and take day trips is because we are a TEAM that works together on getting things done.
We don't give our kids an allowance, and don't plan to at any time. I didn't get an allowance growing up, and was only given money to spend if I was going to do things with my friends, and even then, the money only went from my parents' hands to mine if I earned it through extra chores. As soon as I was old enough to do so, I got a part time job and had to use my own money for pretty much everything. I envied my friends because their parents just gave them money, but now that I'm an adult, I'm glad my parents did things the way they did. I feel I learned how to be responsible for myself and to budget my money.
I didn't get an allowance. If i was good and helped out like i was supposed to, i was allowed to get the (small) things i asked for or go out with friends. If not, well there was always a book i could read. honestly i was a home body and didn't really want to go anywhere until i could drive.....then i wanted to go everywhere!
as for my kids, i wouldn't mind doing an allowance if he earns it. he will have chores to complete, and if they are done, with good grades and a good attitude i have no problem with my son having some pocket money. I'd think $5 or so would be plenty at first. it's easy to learn how to manage, easy to save and build, but they could still get something with it.
When my kids are older I plan on giving them a weekly allowance. I don't want to make them work for it. Just because they're kids doesn't mean they don't have wants. My husband and I get to buy special things, so why shouldn't they? Maybe if they want something expensive they can save for a few weeks and do something special to earn some money. Maybe they can go to Grandma's and help her with something. It will be a great learning experience too. (Counting, saving, adding, subtracting with the change).
I was watching an episode of Wife Swap a few months ago, and the dad gave his kids $5 a week. They had to pay him tax out of it, donate some, and save some for college. So they ended up with a few cents in their pocket. Really? They are children. Let them be blissfully ignorant. Don't we have enough of that stuff when we are adults with real jobs?
my parents always used the rule "$1 per year bi-weekly" (they did bi-weekly because thats when their pay was as well).. but if we did not do our chores, we did not get paid. And I learned early on the value of money. If I wanted something, I would save for it, if it was something big we could usually do extra chores and get bonus money towards what we wanted. It taught me the value of saving and budgeting, and pride in using my own money to buy what I wanted.
Growing up, from age 0-12 my dad had his own office. He was an EA and helped people who were in trouble with the IRS. He also did the taxes for people if they wanted him to, so they could be done right and the people could not get in trouble with the IRS to begin with.
I never got an allowance. When I was old enough, I could go with him to the office, and I had small jobs like shredding paperwork that needed to be shredded, or cleaning the bathroom, or running a vacuum. For these jobs I was paid. When I was 12, the office was sold and my dad went on social security disability due to brain damage caused by diabetes. We moved 600 miles away, and started essentially a new life. The area we moved to, had a 4-H program, and so I went into 4-H. Contrary to public thought, 4-H is more than just animals. My first 4-H project was German. I learned about both the country, and some of the language. My second year, I entered the animal portion and raised rabbits for about 2-3 years. I couldn't earn enough money doing yard work and such for the neighbors, so my parents chipped in for the needed hay, and cages, and feed when I couldn't. However, I had to keep track of my income and my expenses and I learned how to make a budget, and use a spreadsheet. I doubt I ever turned a profit. But when you are home schooled, you have some flexibility on what you can get credit for doing.
To sum this whole thing up. I doubt I would give an allowance to my kids, and instead make them earn it. But if they wanted to do something like I did with the rabbits, I would give them the money and make them pay me back by "schoolwork"
Most of the time the house policy growing up was one of mutual respect; if we kids listened and did as we were asked, our own requests were heard and, if possible, honored. If they couldn't (or wouldn't) be honored, an explanation was given (this toy is junk, we have lots of colored pencils already, we don't have enough money for that right now).
At some point, we inquired about having an allowance ('our' money) and making more independent decisions with it, at which point (usually around 6th grade) we got switched to getting about $20/month 'allowance' which was also emergency lunch money (if we overslept or didn't remind mom we were out of sandwich bread or whatever and had to buy lunch). Eventually this system devolved back into an 'ask for money when/if you need it, but at our discretion' system. My sisters and I were fairly conservative in terms of our needs and wants, so it worked.
From a now-adult standpoint, I think those experiences taught me some good budgeting and 'value of a dollar' skills (I have never in 5 years of working-earning-spending overdrawn my bank account or been unable to pay my credit card in full). I am also very comfortable with doing thankless household chores or helping out others (e.g. petsitting, babysitting, helping move, etc. for free or at most a meal); I see that as just part of living in society and being a friend. However, I feel like I have a poor idea of the value of an hour of my labor because I never had opportunities to trade labor for money.
So, tenets I plan to take away from my parents: waiting until kids express interest to start an allowance system, giving them a flexible need to take care of with their money. However, I hope I can provide them with opportunities to earn extra cash with extra work to teach them the value of labor as well as of money.
I never got allowance...
One dollar a day. No matter the age. No chores needed.
Between 6-10, I got £1 a week, no chores needed.
Between 10-15, it went up to £5 a week, but I had to do chores to get that (laundry, dishes, vacuum and clean my room - if those weren't done, I only got the original £1, and I soon learned to do my chores, because £1 does not buy you much!At 16, it changed to £50/month (so £10/week, but I got it in a lump sum when my parents got paid). I didn't have to do the chores to earn it seeing as I did them automatically, but I had to pay for everything I wanted out of that money.At 17, I got a part-time job earning me a bit extra a week (not much as minimum wage was really low), and I moved out at 18, so my allowance stopped then, but my parents helped me with money in college to try and avoid as much debt as possible.My ten and 6 year old each have a chore chart. Each chart has 5 chores per day. They get 0 for each chore that isn't complete, 10 cent for each one that is finished and 25 cent for each one that is done WITHOUT having to be reminded or told to do. It has helped me tremendously and it is teaching them responsiblity, accountability and they are excited about what they get to spend their money on. A secondary benefit is that they are learning to save and how to budget for the things they want...so when we go to Walmart or Target they dont ask for toys anymore, they know how much money they have and if they're willing to part with it.
...I wish I woulda done this sooner.
Never had it. Nor any of my 5 siblings after me. We got money from other relatives for bdays and Christmas and we to find a way to use what little or much we got on those occasions.
I never got an allowance as a kid, but my 7-year-old brother gets $1 per week, but only if he does all his chores (setting the table, occasionally drying the dishes, clean his room).
The 8 & 10-year-olds get $2 per week, because they have more chores (more dishes, feeding the animals, etc).
My 12 & 14 year old brothers get $2 if they do their household chores, but occasionally get extra for big jobs- mowing the lawn, splitting wood, etc.
I do want to say that they don't really spend it often, nor particularly need it, but my parents use it as a lesson in working for, keeping track of, and spending their own money.
Oh, and for the occasional arcade or sports game. :)
I never got allowance. I was taught to be grateful for what I have and that I need to help around the house. I learned that you always don't get paid to do work and volunteerism is good. I think children learn a lot by being taught to help around the house.
I used to get $3/week for helping with dishes, laundry, general help
Growing up, my brother and I were required to work 5 days a week around the house for 4 hours. So chores basically everyday. We got $1 for every every, so $4 but we also had to pay for whatever we wanted. So as children, we would have $20 but we had to pay for our snack foods, our drinks, our movies, etc and when we turned 15, we would get more when we couldn't get a job fast enough, but we did it for free and the hours increased. My brother couldn't get a job with his school schedule so he did the outside and barn work for minimum wage at the time and had to be working for 8 hours. My parents charged him rent for living at the house and he still had to pay for his food and drinks. It was fair and it taught us about living on our own.
I got an allowance. 25 cents for every year old I was. It was a dime for every year for a-while but I had a convincing argument with my Dad one time about the rising cost of things.
I'm not sure if he was more impressed with my tenacity on the issue or the research I went into it for the young age of 12 that I was at the time. *Grin* Φ ≡
Today ? I still get an allowance. Approx. $1 for every year old I am now. Hmm ... I can order a fancy pizza and share it with friends.
I wouldn't give money for grades personally..I think there is too much pressure tied to grades anyway, in comparison to how learning and growing itself is encouraged. I think while they still have so much to learn it is more important to focus on behaviour than on temporary outcome. One kid might get As without trying, that doesn't deserve a reward. Another kid who works hard for his or her B's should be encouraged to continue it. If you have more than one kid, and they aren't alike, they will compare, and the kid who has it easy might feel like it's unfair while the other feels disabled. Just my thoughts.
I used to get like .25 allowance and it went up .25 for each year I was until I was 16 and old enough to get a job myself. Probably starting when I was 9 or 10 but I don't really remember
When I was 7 or 8, I got a quarter a day for feeding the dogs. But then around 7th grade, my mom started giving me excess lunch money as an "allowance" and continued to do so after I started packing lunch and even had a job. I think she did it so I'd feel obligated to do chores.
The only money I ever got was from birthdays, Christmas, and small stuff I used to do for the old lady next door. My mom couldn't afford to give me money short of lunch money.
I never got an allowance, but only because I was a very easy-going kid. I didn't have much I had to keep clean, just my "writing box" that was always spilling over with papers and my laundry. My parents bought me things I really needed and I baby sat from the time I was like 8 or 9 to buy anything big I wanted.
My parents did award perfect attendance/honor roll with big gifts or money, but then again so did my school. I was always entered in a random drawing for both and if I didn't win the drawing, my parents gave me the prize I really wanted (one year a bike, another year $100) because to them I did the work necessary to get the item and random drawings were unfair to the kids were a little more diligent than others. Such as, I was an extremely unhealthy child but I pressed on and went to school even when I wasn't feeling good, plus kept my grades at above average. They felt that I deserved praise and award for that effort.
I got money for lunch and such but if I wanted things to buy or to go to the cinema with friends or something my parents would always buy or give me money. Also, they constantly gave me money just to have something in my pocket in case I got lost and needed a taxi or if I wanted to buy something small. Equivalent to 1-2$.
The money had nothing to do with chores. I didn't have many chores. Maybe wash the dishes or vacuum once or twice a week but I spent most of my time outside. I only did the chores because my mother would not stop nagging until I did.
Then again my whole family is quite easy going, relatively lazy, yadda yadda.