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?
I'm starting an allowance for my 6 year old DD.
May 21st, 2008 at 11:51 am
May 21st, 2008 at 12:07 pm 1211371629
May 21st, 2008 at 01:09 pm 1211375366
May 21st, 2008 at 01:23 pm 1211376192
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!
May 21st, 2008 at 02:26 pm 1211379960
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.
May 22nd, 2008 at 02:06 am 1211421978
May 22nd, 2008 at 03:35 am 1211427307
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.
June 8th, 2008 at 11:31 am 1212924709