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I'm starting an allowance for my 6 year old DD.

May 21st, 2008 at 04:51 am

I've decided to begin giving my DD who has just started Primary school (or Elementary school for all u Americans).

She has decided that she wants to start taking money to school, but she also wants a lunch order, and also to buy chocolates at the supermarket and toys at the cheap shops.. all this together is way too much so I've decided to give her 50c per year of her age per week, so $3 a week. But the allocation of this $3 per week will be as follows:
60% spending and/or short term savings goals
30% long term saving
10% charity of her choice

this works out to
$1.80 spending
90c long term savings
30c charity

Who else gives their children allowances, how old are your children and how much do you give them? And what are your expectations of their money?

7 Responses to “I'm starting an allowance for my 6 year old DD.”

  1. managinglife Says:

    My DSs were receiving an allowance at 7 yrs old. They are more fisically aware of differences between a want and a need. Don't get me wrong they made some major money mistakes. But, rather they learn how to manage their money while they are young. I unfortunately blindly learned my lessons on my own as an adult with no guidance.

  2. Koppur Says:

    I don't remember being given an allowance. When I was 12 I started babysitting and earned my own money. Then when I was about 16 or so, I took over cutting the lawn for my Mom (we have a big yard and she has a bad back) and Mom would pay me for that. Then, just after I turned 18 I got my first "real" job. I remember when I was about 13 or 14, I babysat 40 hours a week for 2 girls all summer long. They lived next door to us, so we would hang out at my house and go swimming and play and stuff. I made $200 a week (under the table). I wish now I had been taught to save some of it or manage it better. What I wouldn't give for $2,400 now!!

  3. creditcardfree Says:

    I have daughters 7 and 11. They receive $7 and $11 per month, respectively. This is their money to spend or save for things they wish to buy. I don't buy toys unless it's birthday or Christmas. Some months they spend it all, others they wait and save it with money from the next month.

    The expectation is that they help around the house, pick up their toys, make their beds, clear and clean their dishes. They are also expected to help me or their Dad, when we ask...without complaining. It really works well. I expect as they get a bit older, we will work on other areas with this money.

    Oldest daughter had recently saved over $100...it did include some birthday money. She is finally liking to have money saved...rather than spending it all.

    I think your plan is a great one!

  4. monkeymama Says:

    We were going to start when my DS turns 5 in a couple of months. (When he starts school as well).

    We were starting $1/week. I think.

    I don't really have any expectations. I just remember getting an allowance and financial education at a very young age, and we feel he is ready and capable. He is free to make all the mistakes in the world while he is young and it doesn't matter; let's put it that way. Big Grin

  5. kel8585 Says:

    I remember my brother and I getting a small allowance when we were little. We only got something though if we did things around the house to help out, like the dishes, cleaning our room, emptying all the trash in the house and so on. Also for getting good grades in school at report card time. However my parents never gave us physical money. My mom would write us "play" checks. I don't know where she got them, but they looked like real personal checks and she would make them out to us with whatever we earned for allowance. And then when we really wanted something and had enough saved up in "checks" we could essentially cash them out. We would take them to the "Bank of Mom" and endorse the back like you would a regular check and get cash in return to pay for what we saved for. That way we learned to save and we learned about personal checks at a young age.

  6. gotthedeclutterbug Says:

    Kel I printed a chore chart which I'm going to laminate for my DD and put magnets on the back and put on the fridge. They are simple things like clean teeth, make bed, get dressed, have breaky, brush hair, feed cat, put clothes in wash, set table. clean room, put toys away, but they are all in little pictures and the days of the week to correspond. DD can tick off each task as she does it and we'll take a look at it at the end of eery week to see how she's going.

    Tho I'm not planning on tieing the allowance to chores as such, she will still be expected to do them as part of her family responsibilities. But no extra money wud be given if chores weren't done satisfactorily..etc.



  7. greengirl Says:

    my dad did the 50c per year for me too.

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