At what age are parents giving allowances? What amount is appropriate? Should it be weekly or monthly? Daily or bi-weekly? Should an allowance be tied to chores or certain grade expectations? Should these things instead bring up a “bonus schedule”?
We could go on. There are so many questions and pieces of advice from us, from our staff, from our readers, and from other moms we know, all about allowances, that we decided it could fill an entire article. And, if you haven’t yet shared your opinion, please do — how do you address the allowance situation…?
We asked on Facebook: Do you give allowance? How much do you give? Do you tie it to chores or is it just money for money’s sake? Are there parameters around how much your child should save or give to charity? At what age did you start giving an allowance?
Cathy Notnac: Yes we give a $1 per yr of age per week auto dep to their account every 2 weeks like a paycheque, so they have to manage it. Not tied to chores. Kids are teens and they have chores allowance or not. We do take away the allowance “privilege” as a consequence for certain things. From that allowance they must pay their monthly cell bill (or 1 wk of allowance per month).
Davolyn Brown: Our daughter gets 1 dollar per year of age. Half she gets in cash and half goes into her bank account to save for vacations or special purchases. It is tied in to chores, she is responsible for putting away her own laundry, practising her piano, going to bed on time, and helping out with the dog etc. She can lose some (or all) of her allowance if things are not completed or she gives us attitude. She started getting allowance when she was 4 and it took her about a year to realize that she didn’t have to spend it the second she got it! She also saves all her change and donates it, last time she saved over $70 and donated it to a charity started by her friend! This was done on her own, she was not told that she had to do it!
Tracey Lizotte: I don’t give an allowance but my daughter will be turning ten soon and that’s the age you are allowed to have a paper route here in Whitby. So I want her to get one to teach her the value of money. My son also had a paper route when he was younger.
Amanda Grantham MacKenzie: Yes, both children get allowance – $0.05/year of age per day – so our 2 year old gets $0.70 per week and our 5 year old gets $ 1.75 per week not tied to chores. We have played with the tied to chores vs. not and have recently started adding an extra allowance – the same amount (so double per day) on days when ALL chores are completed without hassle. So the 5 year old can earn up to $3.50 if all chores are done. We encourage the 1/3 to spend, 1/3 to save, 1/3 to give, but because they are very young, it’s not very exact yet. Our 5 year old has 4 banks – one to collect and then one for each category when we get to sorting it. We use a system called Accountable Kids whereby the children collect tickets for chores that can be used for privileges around the house – breaking house rules results in loss of one ticket, but if no tickets are available, they get charged one day’s allowance. We also have a money matching plan. For purchases the children wish to make we match at a rate of our choosing (for example – books 4:1, so $1 will buy $5 worth of approved books).
Vacationing With Kids: We were just having this discussion the other night. We have decided that they will each (5yrs and 7yrs) get $2/week and tonight is the night we sit down to make their chore charts. I think it will be along the lines of teaching them to take care of their own stuff (tidy room, pick up toys at night, make bed in morning) and then clear/set table. We will build on this as we go.
Patricia Hendricks: Definitely tie it into chores…..simple ones to start like keeping toys tidy and putting clothes into laundry hamper….No good giving them money until they know the breakdown of a dollar! Just my opinion of course.
Kim Bresge Simmons: We give our kids the dollar value of the grade they are in and only when they are in school. So $1 for grade 1. They use that money to buy their own toys so that they understand the meaning of money and how much things cost.
Ilyse Smith: Look forward to reading the piece – we don’t do this well.
Nina Botten Jones: Chores! I need help around here.
Zoë Hicks: My son just turned 6. he gets $2 a week, mainly because he’s just learning about the concept of money… I don’t tie it in to chores, because I don’t want to find ourselves in a situation where he won’t do anything around the house without being paid for it.
Patricia Hendricks: Zoe Hicks – good point however, that’s when the strong parenting has to come in. Every see the Bill Cosby show where he teaches his son about responsibilities? Probably one of the best shows.
Ainse D: I give my 11-year-old son $10/week. He does have set jobs to do around the house, but the allowance is more tied with money management. It’s automatically deposited into his account each week. He has an app to check his balance so he understands how to save if he wants to purchase something.
Anonymous: We often give the kids half their age as an allowance. While we don’t have specific chores linked to it, we don’t give them allowance if they were bought extra things during the week. Also, if they forget to ask, I don’t give!
Jennifer Hamilton: I give my 6 yo $5 a week, with the possibility of a bonus $1 if he gets a perfect spelling test (he has a 10-word test once a week). Otherwise the money isn’t tied to anything, but it can be lost for misbehaving. He has to save $1, keep $1 to donate and keep $3 for himself to spend. We also have a paperclip system similar to Amanda Grantham MacKenzie’s ticket system where he is awarded paperclips for good behaviour, doing chores without hassle or doing well in school. The paper clips can be cashed in for video game time, movie time, books, and other things.
It’s a lot but it’s a good system for us and brings a bit of all the things he needs to learn over the next few years about money management, spending and saving.
Tracie Wagman: We try and give allowances tied to chores. We make them keep some, save some and give some to a charity. I will say that I constantly forget to give them their allowance and they constantly forget to ask but still do their chores so I think we all win!
Deborah Beatty: I have thought about allowances many times, but shied away from it. I could give my kids an allowance and force them to give some to charity, etc but would it really be their choice? The reality is I think my kids would run to the shop and buy sweets if they had any more money, and that is an extra battle I do not need. They can save up thier tooth fairy and other money if they want things.
Image credit: kenteegardin | flickr
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