Comments on: What’s the Right Age to Start an Allowance? http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/ parenting tips, tricks and commentary Thu, 18 Mar 2010 17:03:57 -0400 http://wordpress.org/?v=2.8.6 hourly 1 By: Sherry Love http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/comment-page-1/#comment-25674 Sherry Love Tue, 27 May 2008 14:32:22 +0000 http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/#comment-25674 It's a great allowance system but I too felt a little uneasy giving the children money when they didn't earn it, at least not too soon. I started giving allowance when my girls are 8 years old. They got 2$ each week if they had good behaviors the week before. If they help out around the house, then I will reward them as I see fit. In my case, it works quite well. My girls learn how to save money for bigger things. Sometimes they even treat us to a meal here and there using their allowance. They understand the value of a dollar and how I and their father have to work very hard to support them. Every child is different and parents have different systems that work for them. It’s a great allowance system but I too felt a little uneasy giving the children money when they didn’t earn it, at least not too soon. I started giving allowance when my girls are 8 years old. They got 2$ each week if they had good behaviors the week before. If they help out around the house, then I will reward them as I see fit. In my case, it works quite well. My girls learn how to save money for bigger things. Sometimes they even treat us to a meal here and there using their allowance. They understand the value of a dollar and how I and their father have to work very hard to support them.

Every child is different and parents have different systems that work for them.

]]> By: Ken http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/comment-page-1/#comment-25524 Ken Sat, 24 Nov 2007 02:32:51 +0000 http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/#comment-25524 I started a similar system a couple of years ago. My kids are 12 & 14 and get $15 a week. Out of that $15 they are responsible for paying for their own school lunches or they can opt to pack a lunch and save the difference. We have also set "base" amounts for shoes and clothing. If they want something that costs more than our "base" amounts they are responsible for the difference. They also use their allowances for movies, swimming, etc. with friends. There are no advances on their allowance and they have learned to keep a reserve for last minute invites to movies, skating, swimming, etc. We used to give them the old standard discretionary $5 a week for an allowance. And argue endlessly about expensive choices, etc. It's amazing how frugal they have become when it's their money. They frequently shop discount stores and search the web to find discounts/deals on shoes, games, etc. I started a similar system a couple of years ago. My kids are 12 & 14 and get $15 a week. Out of that $15 they are responsible for paying for their own school lunches or they can opt to pack a lunch and save the difference. We have also set “base” amounts for shoes and clothing. If they want something that costs more than our “base” amounts they are responsible for the difference. They also use their allowances for movies, swimming, etc. with friends. There are no advances on their allowance and they have learned to keep a reserve for last minute invites to movies, skating, swimming, etc.

We used to give them the old standard discretionary $5 a week for an allowance. And argue endlessly about expensive choices, etc.

It’s amazing how frugal they have become when it’s their money. They frequently shop discount stores and search the web to find discounts/deals on shoes, games, etc.

]]> By: fathersez http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/comment-page-1/#comment-25523 fathersez Fri, 23 Nov 2007 08:20:14 +0000 http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/#comment-25523 Great system. We intend to implement this allowance system this year with 2 of our younger children, aged 13 and 12. The youngest, 7, will have to watch and we hope that she, herself, will ask to be put on the system next year. We are want to include the keeping of accounts weekly on how they spend their allowance. Great system.

We intend to implement this allowance system this year with 2 of our younger children, aged 13 and 12. The youngest, 7, will have to watch and we hope that she, herself, will ask to be put on the system next year.

We are want to include the keeping of accounts weekly on how they spend their allowance.

]]> By: dad http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/comment-page-1/#comment-25405 dad Tue, 20 Nov 2007 13:17:00 +0000 http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/#comment-25405 Two things: We're setting the example that it's extremely important (and thus not optional, even later in life), and we're also teaching them to save extra by offering matching funds on additional savings. It's worked surprisingly well, in that they were reticent to do extra at first but have since come around and regularly save more than required. Another little trick is that when we go out to eat at certain restaurants, we offer the kids a choice of a soft drink or a dollar. In most cases, they'll take the dollar, but if it's *really* important to them to have a treat to go with their meal, they'll sometimes opt for a bit of luxury (as we all should at times). Two things: We’re setting the example that it’s extremely important (and thus not optional, even later in life), and we’re also teaching them to save extra by offering matching funds on additional savings. It’s worked surprisingly well, in that they were reticent to do extra at first but have since come around and regularly save more than required.

Another little trick is that when we go out to eat at certain restaurants, we offer the kids a choice of a soft drink or a dollar. In most cases, they’ll take the dollar, but if it’s *really* important to them to have a treat to go with their meal, they’ll sometimes opt for a bit of luxury (as we all should at times).

]]> By: plonkee http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/comment-page-1/#comment-25403 plonkee Tue, 20 Nov 2007 12:44:04 +0000 http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/#comment-25403 There's an argument in my head that forcing (even in a nice way) savings and donations, isn't really the same as teaching them to choose to do those things for themselves. What do you think / how do you teach this? Or are you hoping that if you make it become habitual, it'll just follow on as they're older more or less by default? There’s an argument in my head that forcing (even in a nice way) savings and donations, isn’t really the same as teaching them to choose to do those things for themselves.

What do you think / how do you teach this?

Or are you hoping that if you make it become habitual, it’ll just follow on as they’re older more or less by default?

]]> By: dad http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/comment-page-1/#comment-25261 dad Sun, 18 Nov 2007 23:49:45 +0000 http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/#comment-25261 Pinyo: Yeah, they add extra money all the time. For example, if they have $18 in spending, they'll often round down to $15, throw the extra $3 in the bank and then get a bonus $3 in matching funds from me. Pinyo: Yeah, they add extra money all the time. For example, if they have $18 in spending, they’ll often round down to $15, throw the extra $3 in the bank and then get a bonus $3 in matching funds from me.

]]> By: Pinyo http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/comment-page-1/#comment-25260 Pinyo Sun, 18 Nov 2007 23:47:20 +0000 http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/#comment-25260 That's an awesome system. But I think I have to go with a dollar per year, because it's a bit expensive here in New York. I love how you have savings and charity built in (and matching fund too?). I wonder if anyone of your kids add extra money to the savings or charity bucket. That’s an awesome system. But I think I have to go with a dollar per year, because it’s a bit expensive here in New York. I love how you have savings and charity built in (and matching fund too?).

I wonder if anyone of your kids add extra money to the savings or charity bucket.

]]> By: Rob at Kintropy http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/comment-page-1/#comment-25184 Rob at Kintropy Sun, 18 Nov 2007 12:23:09 +0000 http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/#comment-25184 I like your system - might borrow it, too. We have our son on a "star" system: he earns stars. If he gets x amount of them, we purchase a book for him that he's craving (currently the Star Wars Pop-Up book). It's an indirect way to learn about earning power & money, and we might switch to something more direct as he gets older. I like your system – might borrow it, too. We have our son on a “star” system: he earns stars. If he gets x amount of them, we purchase a book for him that he’s craving (currently the Star Wars Pop-Up book). It’s an indirect way to learn about earning power & money, and we might switch to something more direct as he gets older.

]]> By: dad http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/comment-page-1/#comment-24834 dad Thu, 15 Nov 2007 14:10:37 +0000 http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/#comment-24834 Ben: We distribute the money to them in person, and then we periodically clear out their "savings" and put it in ING. Basically, they give me the money and I do an online transfer from our regular checking account to their ING subaccounts. I also give them an opportunity to take extra money out of spending and put it in savings (with a match from mom and dad) to reinforce the idea of saving extra to get ahead. This also gives us an opportunity to login and look at their balance, see how much interest they've earned, etc. As for spending and charity, those funds just build up locally until they either get spent (for spending) or the end of the year rolls around, at which point the kids choose their charities, give me the money, and then we (usually) make an online donation. Ben: We distribute the money to them in person, and then we periodically clear out their “savings” and put it in ING. Basically, they give me the money and I do an online transfer from our regular checking account to their ING subaccounts. I also give them an opportunity to take extra money out of spending and put it in savings (with a match from mom and dad) to reinforce the idea of saving extra to get ahead. This also gives us an opportunity to login and look at their balance, see how much interest they’ve earned, etc.

As for spending and charity, those funds just build up locally until they either get spent (for spending) or the end of the year rolls around, at which point the kids choose their charities, give me the money, and then we (usually) make an online donation.

]]> By: Ben http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/comment-page-1/#comment-24820 Ben Thu, 15 Nov 2007 10:01:56 +0000 http://www.raising4boys.com/2007/11/14/whats-the-right-age-to-start-an-allowance/#comment-24820 We recently started our kids on allowance, but significantly less. I had heard in the past of $1 per year of age, but that just seemed to much to me. Then we heard of $1 per grade year, starting with pre-k being $.50. So my 5 year old is getting $1.00 and my preschooler is getting $.50 per week. Same set up though as far as percentages. How do you handle the ING Direct distributions? Do you do it all online or do they get the money themselves? Thanks! We recently started our kids on allowance, but significantly less. I had heard in the past of $1 per year of age, but that just seemed to much to me. Then we heard of $1 per grade year, starting with pre-k being $.50. So my 5 year old is getting $1.00 and my preschooler is getting $.50 per week. Same set up though as far as percentages. How do you handle the ING Direct distributions? Do you do it all online or do they get the money themselves?

Thanks!

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