- Do you give your kids an allowance? Starting at what age?
- If you don't, why? Do you think you should? Why?
- Do you have them earn it or do you just give them a set amt. each week for doing nothing?
- If they earn it, what do you have them do?
- How much money? Per chore or per day, week, month?
- Do you have some say in how they spend it or do you turn it over to them to decide?
- What is the consequence if they fail to complete the chore(s)?
Just some questions I'm contemplating myself. Did you have an allowance? What are some of the pros and cons?
4 comments:
There was a question on an Oprah I watched about allowance. Suze Orman was guest. The parents felt like they were an ATM machine just dishing it out all the time. Suze said you pay them minimum wage- they work by the hour. When the money is spent then it is spent. They need to learn how to budget. I agree with that part. Then the question is raised- do they get paid for doing things they should do anyway. I feel a child should make their bed and keep their rooms clean as payment for living in the house. :-) Teaches responsibility. But I personally haven't done an allowance. Nathan is good to use his own money that he earns mowing lawns, etc. The smaller kids I may "bribe" them at times with money to do chores. Here's the link to the oprah thing: http://www.oprah.com/slideshow/oprahshow/20081022_tows_frugalteen/7
Good post. Hope you can figure it out!
I never got an allowance growing up. Greg and I are not perfect at following this (actually we are horrible at following it), but this is the main philosophy that we've adopted:
We have started giving Austin an allowance. We just started it this year because he started to really understand money. We give it to him monthly and he gets one dollar for his age. So, he gets $7 a month. He just gets an allowance and it is not tied to chores. It is my belief that chores are because we are part of a family and we all need to pitch in to take care of the house. If my kids aren't doing their chores, I generally give them a time limit and tell them that if they don't do it, I am perfectly happy to finish for them. Of course, that means that before they do anything else (TV, computer, friends, etc.) they "owe" me a chore. I try to find one as miserable as possible. Occasionally, I "charge" them for doing their chores. I charge so much for a clean room, etc.
We do not regulate what he spends the money on, but we do help him pay his tithing and put some into savings. Then, the money is his. When it is spent, it is spent. It cuts down on the begging and whining. He knows that if he brings his money to the store, he can buy something. Otherwise, when he asks, I just say that he's welcome to buy it with his money. If he says that he forgot, I say "Maybe next time" and the discussion is over. If he sees a toy he wants, I help him figure out how long it will take him to save for it. Usually, he gives up on it. Just this week, he spent his allowance at the school book fair. He did buy a book and two cheap, hatching dinosaur eggs. One for him and one for Macy. (You put the egg in water and it is supposed to hatch.) Although it wasn't a very intelligent purchase (by my book), I was just thrilled that I didn't have to buy them.
My niece, however, saved her allowance for 2 years to buy a cat. The deal was that she had to get it "fixed," buy all the accessories, pay for shots and licensing, and pay for the first month's food. Her dad thought it would discourage her, but she was vigilant and saved every penny. She was about nine when she started saving. Even though her dad despises that cat, he sure taught her a wonderful lesson and she treats that animal like it's royalty.
(You should know that my comments are generally longer than the actual post. But, I've been your VT for years, so I'm sure you aren't surprised. When you ask for an opinion - you get it!)
Good luck. Let us know what you come up with.
I don't give my kids an allowance. Some things are just expected and other jobs are paid jobs. The paid jobs are much less frequent but when the kids want to earn money for something, I can come up with some jobs for them. My kids kind of treasure their money too...I think because it's a special thing that they really had to earn. Christian spends the most probably because he earns the most and is at the age when it's more fun to go to Wal-Mart, Jamba Juice or Carl's Jr. than hang around someone's house. I know mine is probably not the best way but I feel fine with it.
I have started a million times, then just quit. I'm so bad at sticking with things. But I will give a couple dollars for doing extra jobs around the house.
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