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Kids & Money Allowance. Chores. Savings accounts. Piggy banks. How do you teach your kids about money? What has worked for you?

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Old 03-07-2005, 05:44 PM
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Allowance

I just finished reading the post on kids and allowance and I thought it was a great article with very good tips. I've just recently become aware that I'm probably horrible with money because I was never taught how to handle money and it seems the best way to teach children about it is giving them an allowance and teaching them what to spend and what to save. I'm just wondering how many of you give your kids an allowance and how much (if that's not too personal)? My kids are 12, 7, and 5, what amount would be age appropriate?
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Old 03-11-2005, 10:07 PM
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We always gave $1.00 per year per week after an initial example year. When the kids were in Kindergarten they were give $3.00 total each week. We explained that $1.00 was to save for college, $1.00 was to go to the church offering plate and $1.00 was to spend. After that intial year of learning 1/3 save, 1/3 give and 1/3 spend we bumped it to the $1.00 per year of age per week and still used the 1/3 rule. The kids learned to save the spending money for things they really wanted.

Our older kids are now adults but we just started our youngest on this method and he loves it--it is so simple. When the kids did extra work around the house that we felt deserved extra money, they still had to do the 1/3 thing.

I too was not trained in money management and spend my allowance every week on candy and then teen magazines. To this day I still spend too much money on candy and magazines.

Hope this helps!
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Old 03-14-2005, 07:22 AM
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Money Money Money :)

I have four kids ages 2, 4, 6, and 8 and we have not been giving them an "allowance" as such. I've been back and forth with my feelings thinking they need an allowance that comes automatically versus thinking that they need to earn it. For the moment, they have to earn it, but I make it really easy to earn it. If they do the things they need to do without my nagging (getting ready for school, making bed, easy stuff), they get a "+" for each thing they do on my calendar and at the end of the month, each "+" is worth a quarter. I also use this to try to encourage behaviors I want to reinforce--for example, my son has a bit of a time keeping his chatty mouth quiet during school. So if he comes home with his daily note from the teacher saying he did well that day, he gets a "+" for that. ANYway, I can't say I am 100% certain this is the best way, but it is what we've come up with that is do-able for me at the moment! I've noticed in the last week or so (been doing this for a couple of months) that my son has suddenly (finally!) become very interested in earning more and has been more pleasant and eager to earn.
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Old 03-15-2005, 10:11 AM
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My husband and I give our 3 children an allowance. Starting in kindergarten, they received $2 a week. It was not tied to chores as chores were expected as all members of the family need to do work and contribute. When a child wanted a raise, they had to give us a proposal as to why they thought they deserved a raise. The proposal had to be good and give good reasons such as did homework every day without being told, did extra chores without being asked, acted responsibly etc. By the age of 10 or so each child would be up to $5 a week. They were also given the opportunity to earn extra money by doing chores that were not expected like washing the cars etc. and the pay depended on how hard the chore and how well the job was done. My children always used their money to buy things they needed to save for or to buy Christmas or birthday gifts for family members or to buy something they really wanted. Right now my middle son is saving spending money for his trip to Alaska this summer with his grandmother and my daughter is saving money for her trip to Canada with her drama club. My youngest is saving money for our summer vacation. The older two can earn extra money by babysitting and both are getting jobs this summer. I am wondering if I don't give my children a big enough allowance with todays prices.
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Old 03-15-2005, 08:11 PM
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I thik the 1/3 rule is great, but what did you do when like they turned 7 yrs. old? The one third is $2.33. Did you break down the thirds for them like this prior to giving them their allowance?


There is a chart that I followed when my son was younger. It is at www.factmonstor.com/ipka/A0856406.html

Then there are tips at www.momsbudget.com/stages/allowances.shtml

I hope these sites can help a lot of parents.
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Old 03-16-2005, 04:45 PM
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My two DD (11 going on 12 and 13) earn their own pocket money. The both do a phamphet run and once a month they get paid. Depends on what they do is depends one what they get. If my Dh or i help them we have a set amount that we charge for us driving them around. I cant afford to give them a allowance so this makes the best of the situation. The girls get money and they have to work for it.

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Old 03-18-2005, 08:22 AM
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A lot of sites will explain theat children should not be paid for chores. But I think that in "life" if you want money you have to work for it. My son had ADHD, and we did not have money to just hand him for allowance. And because of his OCD he would not touch garbage cans or much else. So we delegated him different kinds of chores that would still help out around the house and he earned his money that way. Now that he is older. He just comes to me and says is there anything you want me to do. So he gets small thank you incentives just for offering. He has come such a long way and no longer needs counseling. And he is only 14. We are so proud of him.
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Old 03-19-2005, 03:10 PM
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T.M. Yes, we broke it down and as they got older, they broke it down. The world doesn't exist in rounded up or down numbers so it got them used to thinking about how to pay for something that cost $8.32 or $19.89 etc. What change should they get back, etc.

We also didn't tie their allowance to chores (that is just part of being in a family) nor did we tie it to grades (that is their job to go to school and do well).

Periodically, we would give them something extra just because. They enjoyed that and so did we.
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Old 03-21-2005, 10:47 AM
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We do the same thing as Julie. No $ for chores or grades, that is part of being a family; helping out and normal responsabilities. However if they want to earn extra $ there are always extra things to get paid for.
Dd1 is 13 and is getting a hard lesson that $ does not grow on trees.
Whatever is earned though, a portion goes into savings. They each have an account is a bank, personal piggy bank. Dd1 even wants to start buying stocks. She is in the process of figuring out which company she likes, then we will put her into a DRP fund so its gradual. I'm betting on Old Navy or Claires, something near and dear to her heart
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Old 03-21-2005, 02:35 PM
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I have from time to time given my kids (20, 15 and 9) an allowance but overall most of the time have not. When I would give them an allowance they would always spend it and then want more and I would give in.

I am not very good at managing money myself and I never did get an allowance. However, neither did my sister and she is wonderful at managing money. My brother is also fabulous with it. He has never been married and although he only made like $35,000 he has quite a bit of money in the bank and owns his home outright. I wish I could do that.
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