PDA

View Full Version : Weekly Poll: Do you give your child/children allowance?



pandahoneybee
07-20-2011, 07:26 AM
Until about a year and half ago, we didn't give my boys an allowance. Both my hubby and I believed that they should do their chores,etc. without being paid because they were contributing to the family household. We had always given them anything that they needed or wanted (within reason, like a new book, trading cards, etc.) but then my teen started going and doing more things with other teens. It got to be a lot of extra money that they were giving him and he never really realized that it was any big deal to ask us for money. So that is when I talked to my hubby and we decided to give the boys an allowance. When we told them they were over joyed to say the least UNTIL I told them that now they were in charge of what they could buy or go and do with that money. That's when the teen realized that any extra things that he wanted to do were going to be "on" him. I spent a week talking about budgeting, saving and anything else money related. Both boys were then told if you have the money and you think that it is something you need or can't live without, you don't have to ask for permission to buy it. I also informed them that it included books which up until that point we had been buying them probably once or twice a month. They were also required to buy or make birthday and xmas presents for their brother and us out of that money.
I have to say that there have been times when I wanted to give in and just get them something when they didnít have enough to buy it! (especially the books) OK maybe I caved a time or two;)
Now I have two boys who know just how much things cost and you would be surprised the number of times they have put something back because they didnít want to spend the money!

So do you give your kids an allowance? Why or why not?

hockeymom
07-20-2011, 08:04 AM
We started giving DS an allowance on his 8th birthday. He's always been super responsible with money--he'd rather save than spend--and really almost never asks us to buy something for him. Of course we love to buy him books whenever he wants! but he's never been one to demand stuff just for for the sake of getting something new, or just because it looks cool. He can admire things at the store but not want them for himself, if that makes sense. That hasn't changed now that he has his own pocket money (the exception, always, is matchbox cars! but even then he's very frugal and wants only specific models--he can wait very patiently to get exactly what he wants).

He's also very responsible around the house and had been taking on a lot of extra responsibilities around that time (and they have continued). His allowance isn't tied to "chores" (we don't use that term) because to us, helping out around the house is just part of being an active member of the family and shouldn't be rewarded with material things. Instead, getting an allowance is a symbol of him growing up and having the opportunity for some financial independence. So far he has put $30 in his savings account and is feeling mighty proud. :)

farrarwilliams
07-20-2011, 08:05 AM
Chores and housework are a separate thing from allowances in our house. We expect them to just do it.

Allowance is $1 a week plus 5% interest on anything they've saved from previous weeks. As they get older it will increase a little, though if they save, it actually increases a lot, I might point out.

No. You cannot bank with me. :)

Mum
07-20-2011, 08:14 AM
I voted Yes. My ds is 9. He gets $2 a week. Here's why:
He is a huge Godzilla fan. He spends most of his free time arranging his collection of Godzilla figures, reviewing his figures on Youtube and watching other kid's reviews. He also likes watching auction of Godzilla figures on Ebay.

Those figures are EXPENSIVE. He has to save up for them. He loves taking the money out of his wallet, counting it, figuring out how many more weeks it will take for him to be able to afford whatever figure he has his eye on next. It's been a great way for him to put his Math skills to work without him realizing it.

Before we introduced an allowance system we read Joy Berry's book, "What to do When Your Mom or Dad Says...WE CAN'T AFFORD IT!" with him. It explains how a family income and budget works. This helped him appreciate more where our money goes and why we couldn't buy a toy for him every time he wanted one. Now he appreciates that when the paycheck comes in on Friday, in addition to all the ways we use that money to take care of him, we also allow him to make some minor decisions about where money for him can be directed.

acountrymomma
07-20-2011, 08:23 AM
I chose other, just because our kids are not given allowance, they have to earn it. They can earn a dollar a day, payable weekly. To earn their allowance they must do all their daily chores. Chores are considered duties beyond clean rooms and keeping their stuff picked up around the house and yard. Like feeding & watering the chickens, ducks & geese, sweeping & dusting, working in the garden, collecting eggs, caring for pets, etc. If the work isn't done there is no allowance. I do not buy them toys/games anymore (except Christmas & Birthdays) but I do buy books.

Mum
07-20-2011, 09:29 AM
I chose other, just because our kids are not given allowance, they have to earn it. They can earn a dollar a day, payable weekly. To earn their allowance they must do all their daily chores. Chores are considered duties beyond clean rooms and keeping their stuff picked up around the house and yard. Like feeding & watering the chickens, ducks & geese, sweeping & dusting, working in the garden, collecting eggs, caring for pets, etc. If the work isn't done there is no allowance. I do not buy them toys/games anymore (except Christmas & Birthdays) but I do buy books.

Chickens, duck and geese?! Can I come live with you? You don't even have to pay me an allowance.

inmom
07-20-2011, 10:00 AM
We don't give allowances. However, the kids have laying hens. They take care of them, pay for the feed, and they keep the profits from selling eggs. They also both do paid yardwork for a neighbor, and my daughter babysits.

They both belong to 4-H and pay for all of their project supplies. We believe that they make generally very good purchasing decisions. Regarding the 4-H, it motivates them to do a really good job on their projects since they've paid for them. It also causes them to really think about "frivolous" purchases.

JinxieFox
07-20-2011, 10:32 AM
Yup. My son gets $1 per week just for the sake of learning how to manage money.

He receives an extra $1 if he does chores above and beyond taking care of his own room.

As far as managing and saving his money, he is very good with it. He will save up for something expensive that he really wants - he has saved up enough to buy Wii or DS games, or rather expensive Lego sets, again and again. It serves to teach him that delayed gratification is just as satisfying as having mommy whip out her wallet to buy him a toy. :)

mommalee93
07-20-2011, 10:50 AM
We never used to, but about 8 months ago we started. I realized we were always buying little things for the kids and I would save money and they would learn if they had their own money. That being said they are not good savers! The older 2 get $2.50 a week or $10 a month. I usually talk to them about what they want to purcahse with their money. They both have saved up for big things. For example this year their birthday gift was $50 toward a nintendo DS they raised the rest of the money through christmas gifts and allowance. My middle son spends money before he has it, but the oldest one usually saves for lego sets. They don't have savings acounts though. I also no longer buy them toys, or treats at the stores(except birthday/christmas). We occassionally buy them books but we use the library a lot.

MrsLOLcat
07-20-2011, 11:32 AM
We give 'allowance,' but I do it oddly. I made funny money color-coded by kid. Each child gets a certain amount at the beginning of each month. Their goal is to *KEEP* the money through the entire month. This is not hard. They can lose money if they don't do their chores properly or when asked (DS has a bad habit of stuffing his clothes behind furniture rather than putting them in the hamper, and he loses $1/item of clothing; DD loves to yell "NO!" when told to do something, which is an automatic fine of $1 as well) or if they cop attitude with me or someone else after being warned to knock it off. They can earn extra money - or earn money back - by volunteering for extra chores or doing kind things for others. At the end of the month, I total up what they have and divide it in half. Half goes straight to savings, and the other half goes into a 'debit' account with me. They can use this money for anything - clothes, toys, treats, etc. - but they really don't. DD has spent a grand total of $8 this year. DS saved his money and bought K'Nex robot kits. The first thing they always ask me when they're contemplating a purchase is, "How much will I have left?" DS is gunning for a 'raise' for his 9th birthday in a few months... I'm considering it, but I think if I do that, it'll come with the responsibility of learning how to budget for his own clothes or groceries each week.

PetVet
07-20-2011, 12:00 PM
I have been giving my DS an allowance since he was 4 yo. It's not tied to chores, but he does have household, farm and pet responsibilities as part of our family and they do increase as he gets older and more capable. Currrently he is 7 yo and he receives $13.00 per week, but he can only spend part of it!

$5.00 goes right into a long term savings account that he calls his 'university account'.

$5.00 is allocated for charitable donations. He most often chooses to buy things for the food bank at this point, as he loves to shop! I take the opportunity to talk with him about purchasing nutritious foods, balancing the food budget, etc.

$3.00 is the amount he has to spend as he wishes. I give him an amount equal to half his age, but dumped the odd years when he was 5, as quarters are hard to come by around here! ;) He will start getting $4.00/week to spend when he turns 8.

He will occasionally choose to rent a movie or purchase a toy with his money, but he usually saves up for something he really wants. He is a great saver! Last month I drove him to the store to pick out a dirtbike that he had saved his allowance plus all his birthday money, gifts, extra chores, etc to buy. I thought it would take him 3-4 years to save up that much money, but he proved me wrong. Not sure who was more proud, to tell you the truth.

:)
PetVet

fbfamily111
07-20-2011, 07:06 PM
Each child gets $5 per week. This is to stop the constant requests for "things". They are expected to keep thier room clean and help out when I ask. My nephew (10) gets $10 per week but he has a lot more chores(they live on farm he's oldest of 3) then my children so he deserves it. He also is very good at saving and my sister won't buy him anything "extra" except on b-days and x-mas. We don't always pay the kids, when we are having financial difficulty so are they. This helps teach them to save rather then spend. I really liked PP's idea of paying interest for money saved, I'd owe DS buckets, and DD would owe me.

Staysee34
07-20-2011, 07:09 PM
I said other simply because like OP's, I expect my girls to help clean the house they live in without pay. However,each week I give them an additional 2 chores to complete. If they do them, they can earn $1 for each. If they don't, well that's on them isn't it? For any money they get, 1/4 goes to the charity box, 1/4 goes to savings, and the rest is fair game. At Christmas, we will take the charity money and use it to buy toys for Toys for Tots. The rest is currently being saved for the purchase of kittens. This understanding only applies to my 2 youngest daughters. My oldest has always had a strong work ethic and never asks for much. She patiently waits until she can buy it herself. She had a job interview and I'm really hoping she gets it.

Stella M
07-20-2011, 07:14 PM
No. My girls have been working outside the home for their pocket money for the last two years. Before that, gift money from family over the year seemed to be plenty for them. I sometimes hire the girls to help with big jobs, like babysitting the 10 kids that were here when we had our first co-op discussion meeting, or a deep clean of the kitchen.

My boy ? Hmm. Trickier. He sees his sisters having the ability to earn money but he knows he is too little to work for money himself. I don't like paying him for chores. I believe dh pays him sometimes; mixed messages, I guess, but not a hill to die on. he also saves birthday and Christmas money and gets 'pocket money' from extended family sometimes.

I have also bribed ds with cash - $2 a week - to sleep in his own bed instead of mine. I wouldn't call that an allowance :) More the act of a desperate woman! He's sort of forgotten it, so I don't remind him...

I will offer sometimes to go halves with him if I see he's been saving really hard for something that is a bit too $.

Idk, I've always thought that you truly learn how to handle money when it has real life consequences - not being able to pay rent, buy groceries etc. So I don't stress too much about missing out on the learning experience pocket money provides.

I am pretty proud of my girls for being their own earners already; they have a nice balance of saving and spending. As soon as ds is old enough, I'll help him brainstorm his own little business as well.

I'll probably give the girls a clothes allowance at some point and get them to do their own seasonal purchases.

I've always considered reasonable requests for 'stuff' they need/want and either purchased it for birthdays etc or sometimes bought it outright.

DragonFaerie
07-20-2011, 07:46 PM
Allowance and chores are mutually exclusive in our house. The kids do chores because they live here and are expected to pitch in to take care of the place. They get allowance because they live here and because DH and I want them to learn how to manage money and prioritize your purchases. Starting at six years old, they get half their age in allowance money (which means an automatic raise on each birthday). From that, $1 goes into their savings jar, which is used to purchase birthday and Christmas gifts for their siblings. The rest is theirs to spend. This has worked really well for us. The kids are learning how to manage their money and they have even learned how to pay off their debts. Occasionally we will make a purchase for them and they will pay us back. On those instances, they get an I.O.U put up on their bulletin board and we write down each "payment" they make until it's paid off. The catch is that they have to pay us their full allowance (less the $1 for savings) each week until the debt is paid off. So by borrowing money, they know that they get nothing until they pay back what they owe.

mommykicksbutt
07-21-2011, 10:22 AM
I voted other as Sonny earns a commission. If he does a chore freom the jobs list then he earns the pay for that job (all assigned pays for jobs are preassigned at a prior family meeting for this purpose - if it is a unique job then terms are negociated). If he doesn't do any work then he doesn't earn any pay. He gets paid once every two weeks on a Friday. Just because he gets paid doesn't mean it all goes into his pocket! After he has done the math for how much he earned for the pay period, he has to figure 10% for his charity (the volunteer animal shelter), 10% savings for college, 10% savings for a car. The remaining 70% is divided either 60-40 or 50-50, one share for something he's saving for like a video game or for buying christmas presents, the other share goes into his wallet as spending money for the pay period -for going to the movies or the community pool with friends, ect. If at the end of the next pay period he still has money in his wallet he decides what to do with it, usually he applies it to his immediate savings (the video game). We've done this with him for a few years now and he is great at managing and budgeting his money. He understands the importance of savings. He gets a quarterly financial statement from his credit union, he knows how to read it and sees that money can make money. (his college and car money are in the same account, he keeps a ledger book tracking how much he has saved for each one.)

Riceball_Mommy
07-21-2011, 12:45 PM
My daughter gets $1 a week for her allowance. It really doesn't have anything to do with chores, because she doesn't have any set chores for me to keep track of anyway. She just helps out when I ask and has to pick up after herself, so I'm pretty happy with that. I'm hoping that the allowance will go along way in teaching her the value of money and teaching her to save. Though right now she saves up about $4 - $6 and then buys something small.

rumbledolly
07-21-2011, 03:12 PM
I do not give allowance and have no plans to start. I grew up in a family where it was expected you would help out and especially take care of your things. My parents very rarely gave us money. I used to make .10 for sweeping out the break room at the fire station on Saturday morning. My family never had money to spare but neither did anyone I knew so it didn't seem odd. We could keep our birthday or Christmas money to save up for stuff and I also brought bottles back to the store so I had "candy" money. Occasionally family members hired me and my siblings to help with gardening or shoveling snow. That's how we earned money for fun stuff. My mem paid me to help serve lunch during the summer when my uncles would all come home to eat when the vast majority of them worked at the mill. But half of what she gave me (I think it was .50 a week) had to go to the church collection plate! I fondly remember one uncle who drank a lot - he'd come home at night too intoxicated to walk up to his room and he'd sleep on the sofa. In the morning I'd raid the sofa for change! He still tells everyone it's my fault he was never wealthy!

My DH can keep her holiday/birthday money. She sometimes is given money to help her grandparents around their house like raking or weeding. When she has spare change from whatever she puts it in the communal jar in our kitchen. She is allowed to take from the jar if she needs the cash.

rumbledolly
07-21-2011, 03:17 PM
DS has a bad habit of stuffing his clothes behind furniture rather than putting them in the hamper, and he loses $1/item of clothing

Your DS and my DD were definitely separated at birth! She takes more time finding a hiding place then it takes to simply walk over and place the clothes in her hamper! I cringe when I walk into her room. It drives me insane!

acountrymomma
07-22-2011, 11:11 AM
Chickens, duck and geese?! Can I come live with you? You don't even have to pay me an allowance.

LOL! Sure! It's so funny when the kids have friends spend the night, they play Tom Sawyer in the morning with the chores - "Ya wanna help fill the goose pool? It's so much fun! Who wants to dump the poopy water?" Their friends are usually first out of bed because they are looking forward to taking care of the critters.

We have laying hens, but generally have only enough eggs for our own use - our Silkies go broody so fast that they take over everyone's eggs. We've had hoards of home hatched silkies and barnyard mutts this year. The kids do get to keep the money earned from selling silkie chicks. Next year, when my daughter is old enough to show poultry for 4H, she wants to raise Faverolles & she will be able to sell their chicks for her own spending money as well.

Mack's Mom
07-22-2011, 11:52 AM
We give an allowance to our daughter for the purpose of learning money management. Last summer, we opened a "teen" checking account for her with a debit card. I opened it with an amount to be used on school clothes (she was still in ps) and it was her job to check the sales, budget for the things she needed and buy them. It was amazing how well she did when it was "her" money as opposed to "my" money LOL.

I have it set up now where every Sunday her allowance is automatically transferred from our account to hers...no more forgetting on my part. She uses her own money for things she wants to do with friends, or things to buy. And she has learned how to keep track of spending on a check register and balance a checkbook. We wanted her to learn these skills BEFORE heading off to college. I wished my parents had done this for me. My finances were a mess as a young adult.

Jeni
07-24-2011, 11:54 AM
We just started giving the kids an allowance for chores. They are most unhelpful around the house and I start to flip out if I am left doing everything for everyone. I opened up a savings account in my dd's name. Each week we calculate how much they earned, dd has the ability to earn up to $8 a week but hasn't come close yet. At the end of the month we will add up the totals and transfer it into the account. It's all online, a big plus for us. We found when trying to do this in the past, we never had cash, or the kids would leave it laying around. This way they can see how much they are earning and keep track.

My kids are still really young so they get $.05 for chores that include brushing their teeth, cleaning their room, and doing lessons. This is their "job" and if they do it, they will be compensated for the work. If they choose not to, then just like if daddy blew off his job, they don't get paid.

The education aspect of this is a driving point too. I was never taught how to budget, about banking, debt, or any of that. I had to learn the hard way and I want to try and avoid some of that for my kids.

My sister moving in had a lot to do with it too. The fact that she is 21 and thought her savings account was just an extension of her checking account... :confused: She has no concept of debt or credit (as in your credit report), thinks nothing of never paying her student loans back, and dodging creditors. It's so sad. I thought I had it bad, she's going to be so screwed. BUT, it's helped me to see that the kids need to start down the path to financial success early.

DragonFaerie
07-24-2011, 12:26 PM
The situation with your sister is one of the reasons I let my kids borrow money in the form of an advance on their allowance. Then, I actually go through the motions of giving them their allowance each week and then having them turn around and give it back to me while we write the payment down on the I.O.U. That way they get a clear understanding that they are paying back what they owe with their money. I know it would be easier to just keep the money until they're paid up but I really want them to "see" it.

It'sallgood
07-27-2011, 07:30 AM
We first started giving allowance at 4, which he earned for doing his chores. It didn't work out, b/c we would forget, and he would often opt to not do the chores/not get paid. So I dropped it until he was 8, and then made it independent of chores. He gets $8, half goes into savings, and of the other half, the first dollar goes to charity. That leaves him with $3 to spend. He keeps track of it in a book, something like a checkbook, where (in the best of times) he writes in what he spends and keeps track of how much he has. All of us are not great on keeping up with it on a weekly basis, but that's OK b/c it doesn't burn a hole in his pocket. If we forget a week, he will tally it up a week or two later, usually when he spots something he wants. My idea was to increase his allowance a dollar a year, but money got tighter so we did not mention the "annual raise" and it's been the same for the past 2 years. (Hey, who gets a cost of living raise these days anyway?) This past spring he bought himself a nice bike ("with gears") with the money he had in savings. :)

DragonFaerie
07-27-2011, 12:27 PM
We first started giving allowance at 4, which he earned for doing his chores. It didn't work out, b/c we would forget, and he would often opt to not do the chores/not get paid. So I dropped it until he was 8, and then made it independent of chores. He gets $8, half goes into savings, and of the other half, the first dollar goes to charity. That leaves him with $3 to spend. He keeps track of it in a book, something like a checkbook, where (in the best of times) he writes in what he spends and keeps track of how much he has. All of us are not great on keeping up with it on a weekly basis, but that's OK b/c it doesn't burn a hole in his pocket. If we forget a week, he will tally it up a week or two later, usually when he spots something he wants. My idea was to increase his allowance a dollar a year, but money got tighter so we did not mention the "annual raise" and it's been the same for the past 2 years. (Hey, who gets a cost of living raise these days anyway?) This past spring he bought himself a nice bike ("with gears") with the money he had in savings. :)

One thing that helps us to remember to do allowance is to keep a calendar. When I give my kids their allowance, they must sign the day on the calendar to indicate that they have received it. That way, there is never a dispute of whether or not they've been paid for any given week. And if we get behind, it's easy to see what we owe them.

aspiecat
08-05-2011, 05:35 AM
I give ds (12) $5 a week and it's not related to his chores. If he forgets his chores (he is willing enough to do them, he honestly forgets until reminded....aahhh, the mind of the Aspie kid LOL) there are other consequences, such as us not doing something in OUR chores that benefit him directly, so he realises how it feels.

He is not allowed to spend his money on anything unless he writes a persuasive text on why he feels the need to spend money on whatever it is, rather than save it. Sometimes we say yes, sometimes we say no. As he hates writing, he REALLY has to want something and has to think of some pretty good reasons for getting it.

His grandfather gives him around $200 each birthday and Xmas and he is allowed to spend a quarter of the amount (again, with the persuasive text) and must bank the other 3/4.

Fiona

Pilgrim
08-05-2011, 07:55 AM
We have a chore chart. Each chore (a check) earns a quarter. They include making your bed, filling the dishwasher, etc. However, we haven't kept up with it consistently, and haven't even given the kids their $ in months -- it just compiles on a sticky note on the side of the fridge. And there are plenty of things we ask them to do around the house that never get logged on the chart. I'm leaning toward chores being separate from a weekly allowance of a few dollars.

DD has a savings account into which she'll occassionally deposit a few dollars. DS likes to keep his money in a pair of his old rain boots.

Honestly, it's just not a big priority with us. They get toys on b-days and the holidays, and don't really ask for any more. If they really want something, they can use their own money, but it doesn't happen often.

octobersky69
08-15-2011, 09:43 AM
We do not like the word chores around here. Things that need to get done in order for the household to run efficiently is just that. My son knows that it takes the three of us to keep things in order and to get the jobs done. So he just helps, its a natural thing. He hears the washer beep that it is done, and he is there to pop the stuff into the dryer, same goes for dryer, it turns off, and he is putting it into the laundry basket. He helps put dishes and stuff away, likes to help cook etc... We give him change from the store for his bank at home, we put a few dollars into his bank account each paycheck, monetary presents from relatives goes into his bank, & he is never required to buy what he wants, if there is something he wants and its in the budget for the month, we buy it for him, he knows that saving for his college education is the most important thing for him to do with his money, as for learning the value of money, we include him in family budget discussions, so he understands where the money goes. This is just the way I was brought up, and felt it was important to do the same thing.

russ.man
08-16-2011, 01:30 PM
My girls are ten and twelve and have never gotten allowance. They do, however, earn their own money by babysitting and tutoring. They do chores as well as their own laundry and help take care of all of the animals.