Oh there are so many differing schools of thought on allowance. Whether or not it should be tied to chores, just given freely, or even if it should be given at all.
I think that having a small amount of money is helpful in teaching them how to budget and save for things.
At my house allowance isn’t directly tied to chores. Each child gets half of their age in dollars each week. So my 13 year old get $6.50 while my 4 year old gets $2. It is their money free and clear, to do (mostly) whatever they desire with it. I do sometimes say no, but that is mostly with the littler kids who would like to spend every cent they have on candy. My older children have been very good about saving their money for things that they really want.
If I ask them to do special chores that are above and beyond the scope of their normal activity I will sometimes offer a monetary incentive. In the fall when we were doing the endless leave cleaning up, I offered $5 for anyone who would help. I was out there doing it with them.
My oldest two sons will also do small amounts of babysitting for me. I never pay them for this, but will bring them home an occasional treat, like a couple tins of Altoids or a special coffee or hot chocolate from Dunkin’ Donuts. Just a little something that shows them that I appreciate them. I think when all is said and done that is what most of us want, children or adults, is to be recognized and appreciated.
Thank you for sharing your ideas on this topic. At what age did you start allowance? Mine are 4 and 2. In your universe I’d give $ to my 4 yo, what about the 2 yo? What happens when 4 yo wants to spend his money and 2 yo doesn’t have any? Argh, the complications … right now no one gets anything
Comment by Catherine — February 12, 2008 @ 4:39 pm
I like your idea on amounts. I have always struggled with this one. Also, I think you posted about this on your blog awhile ago. For several months I have been using a bank chart you had suggested, posted on our fridge. The kids are able to see what they have (or don’t have) and I don’t have to be picking up loose money all over the house. (And the four year old has no need to go on his money stealing sprees from his brothers.)
Thanks for the great advice!
Comment by Deputy's Wife — February 12, 2008 @ 6:20 pm
I, too, have struggled with the allowance thing. Before I had kids, I had an opinion and “knew” what I’d do. Now that they are here…I dunno.
That’s why I like handipoints…I use this site as their “allowance” and I don’t need to fear the whole “material” thing as much. I can aknowledge and reward without more problems created by spend the cash.
I do like the way you calculate amount, though. That seems to regulate well, plus allow for age/growth. And, as much as I like handipoints, I don’t want to deprive my kids of “money experiences”.
Lastly, I really like the idea of giving small, extra, thoughtful “treats” for special help given. I think recognition and appreciation is more meaningful that way (vs cash). JMHO, though.
Comment by Gina... — February 13, 2008 @ 12:26 pm
I think we have a similar system. All the kids–from the 13yo to the 1yo–get a monthly allowance based on their age. I think it’s great experience for them to manage their own money. We let them buy whatever they want, BUT if they’re buying something worthwhile, like a toy, not candy, then we’ll pay half. This encourages them to try to save up for the big thing.
Comment by Angela — February 13, 2008 @ 5:46 pm
Our kids get a rather hefty allowance, but with it, they’re required to purchase all stuff… iTunes gift cards to enable music desires, birthday presents for their buddies, smoothies after school… it works out better this way – they’re grasping the concept of saving and budgeting and I don’t feel like I have my hand in my pocket every 5 minutes!
Like your family, allowance is not tied to chores but is looked at as their share of family money – the chores are looked at as their part of contributing to the family!
Comment by kristin — February 16, 2008 @ 2:01 am
This comment is for Catherine. When my kids were younger we used pokers chip and wipe containers. We decorated their containers. Then they earned the chips by doing everyday things like…Being good in the store, Cleaning up there toys, brushing there teeth ECT…. We picked an amount of chips when they got enough we would have a family fun day and cash them in or they could cash them in on a small item. (we always made family fun night really fun so most of the time thats what they wanted to do.)My kids are 7 and 10 and we are doing allowance now! I hope this helps.
Comment by Christina — February 19, 2008 @ 8:54 pm
What we plan on doing this spring is to give our older children, ages 5 and 4, each $2.00 a week. With this money they will have to divide it 4 ways. .50 will go toward giving, .50 will go toward tithe, .50 will go toward savings and .50 will be available for them to spend. We will take them out once at the end of the month so they can buy with their available money. The reason why we have added giving is because we really want our children to experience the joy that comes with helping others. And with tithe, God always blesses us when we give back to Him, so we want our children to experience that also.
I guess the outcome for our children would be to have a right heart and perspective in the usage of money. We hope that when they become adults, they won’t make major financal mistakes that will come back and bite them. Or at least not as many!
Comment by Jen — February 27, 2008 @ 8:50 am