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Money & Finances

Do you have money management issues, or do you just want to increase your savings? From mortgages to bank account balances and credit card debt, how do you maintain your finances? And how do you teach your kids to be financially responsible and independent?

Do you give your kids an allowance? (5 posts)

1 year, 8 months ago
By irina-gonzalez

A few questions for you…

Do you give your kids an allowance?

What do they have to do to earn it?

And does it go up or down with age or their grades?

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diannerae said 1 year, 8 months ago:

I argued with my husband about this topic because I thought they should do their chores, cleaning, ec. without being paid. I regret not listening to him. Absolutely give them allowance for chores to teach them about working for a living and to save part of it so they learn how to manage money. Otherwise when they grow up and don’t know how to handle money they will go too far in debt and be asking you for help. Beter to teach them while they are young then bail them out when they should be taking care of themselves:)
aprild said 1 year, 8 months ago:

We use a system we learned while taking a money management course from Dave Ramsey. We have 2 boys 7 and 14. They have “expected” chores and “earnable”jobs. As a member of this household everyone is expected to contribute. This primarily keeping their rooms and bathrooms clean, taking care of the dog and taking out the trash and recycling. Earnable jobs are mowing the yard, and cleaning various parts of the house. Dusting the downstairs earns $2. Vaccumming downstairs is $2. Most things are around $2. Except the yard that is $10. (It’s not a very big yard.) Our older son has truley realized his ability to get the money he wants/needs. We pay every 2 weeks and his biggest payday was over $50. They do not get paid for earnables unless the expected is done, and we reserve the right to force earnables wothout pay as punishment for fighting with each other.
lisact said 1 year, 7 months ago:

It’s been hard to figure out the right dollar amount allowance should be. The reality is $10 or $20 doesn’t go very far so I end supplementing their spending money. This kind of negates the lesson of having them manage their spending. We haven’t found the right way to do this yet. Suggestions are welcome!
cashone said 3 months, 1 week ago:

There are many factors that govern the allowance for the kids. It should be governed on the child’s age, higher the age, higher the allowance would be to meet the general need, but to certain limits. The family income on the other has great deciding factor for kids allowance. The location where you reside has certain influence too for deciding child allowance. The allowance amount also depends on what would it cover like purchasing dress, books, lunches and many more. I personally feel that Allowance to kids is the best financial tool through which we can introduce our kids to the financial world.