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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 04-25-2005, 05:09 PM
hummingbird_0331's Avatar
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I have a few ?'s too!

If anyone wants to share ideas with me - I have a 11.5 yr old daughter and a 6.5 yr old son.

I did get allowance when I was younger. But usually I would just ask for money and get it. We weren't rich either, at all! But I did things around the house too. My allowance wasnt very big..LOL.
I think I would get like $20 a month maybe 40. But they did provide and pay for all my things I NEEDED....not wanted. LOL

I had to help mow, wash dishes, my room, bathroom, dust, sweep, bath the dog. I'm not too sure about laundry tho! LOL
But I know I had to help with alot. I still to this day go help with things. I help my Mom clean and move things around and red out closets and the attic and basement and things like that!

I also sometimes help my Dad with the lawn and such.
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Old 04-27-2005, 12:03 PM
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Hi Hummingbird!
Looks like we can learn together!
From what we hear...it looks like GD is coming here as soon as school is out in June. I cant wait!!!

I just read in a mag about how someone gave allowance per week depending on age......Like 6 years old...$6.00, 10 years old...$10.00 and so on....to me...thats seems like almost too much allowance( at least for the younger ones under 6 yrs old.)...what do you think???

I have been at my daughters place since last Sat morn.....she lives an hour away and she has my first grandson Ryan! They live in Seattle area so we went to the Zoo there for his first trip...he is 9 months old and really didnt get alot out of it! But I took pics of ever6y animal at least to document his first trip to Zoo!!
We have an organization out here called "PEPS" Its an organized monthly get together between new moms and their babies that are in or around the same neighborhoods. So they have kind of like a "support group" with a team leader and organized fun! They do have to pay $100.00 to join...but thats for a years worth. Its a pretty big deal around Washington State here. Tuesday we went to the annual fundraising luncheon and "babes in arms could come...so my baby was there too...it was great cuz they had "freebie" exhibit booths before and after the lunch. It was quite fun and the food was actually great!
Have any of you heard of this organization? PEPS?
My daughter loves it cuz she can get out and socialize with other moms and meet new friends that she didnt know that lived in her neighborhood.

Just thought I would throw that info in and see if you have anything similiar!

Keep sending in Allowance tips!!! Need them all and they all are great!

Thanks....bowlergrl2000(Nancy)
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Old 05-15-2005, 03:05 PM
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No I have Never heard of that! Im kinda the panic and anxiety type..I get real nervous around alot of ppl! I am tryignt olearn to deal with this all thou!


Yes I do think that the age thing is a lil too much! for a week. I mean i could see like maybe 2weeks or something but not a weekly thing. i need to set up an amount too and haveing a hardf time ..so yeah any tips are needed here too!!

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Old 08-03-2008, 11:43 AM
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I was wondering the same thing
We are limited on money. My husband is the only one that works...and we live paycheck to paycheck pretty much all the time.

I am mixed with this one cuz there are so many ppl tellin me that the kids should just be doin things and not get paid to do normal things youd have to do around a home.
Like children should keep rooms cleaned and their own things picked up and pickup after themselfs..

but then again i kinda feel that they should be rewarded for thigs they do.. and that the should get some money to spend on things they want to spend it on.

I have a almost 15 yr old and a 10yr old.
Im also mixed with having her get a job right when she turns 15 next month or not

She will be working thru her school (pay wont be much at all thou) but it will get her ready for the working world and let her have responsibilites and money...

She isnt involved in anything, sports, after school things, clubs..and she dont do much of anything except watch tv get on the computer, read, listen to musiv, talk on the phone...

But i dont know what to do here!
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Old 09-12-2008, 04:24 PM
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To me allowances/pocket money should never be more than you as a parent can afford to give.
I don't know how many times I heard, but so and so gets $? etc and that's more than me and they don't have to do stuff around the house.

For us there are set jobs + others around the house for your pocket money. In primary school it went up in increments of $0.50c so that at gr8 high school it was $5.
It stays at $5 until you get outside part time employment and the $5 goes but you still have jobs to do. If you're not old enough for outside employment you can earn extra by mowing the lawn or washing the cars or doing jobs for g'ma and g'pa etc.

Some jobs are paid jobs around the house, cars, mowing, house washing, windows the bigger jobs, the stuff like taking out trash and cleaning rooms doing dishes are every day things.

With their pocket money they buy their own mobile phones and credit, magazines, CD's, special clothes, posters. If we are out as a family and buy ice creams we parents pay for that.
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Old 09-19-2008, 05:05 PM
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ugh..too much to think ab here..
i dont know what to do anymore..lol
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Old 08-29-2009, 03:57 AM
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We have always given the kids an allowance since their first "chore" at 4. The amount has increased (LOL) as they got older. We provide for them food, shelter, clothing and gifts, but if they want something extra or social time, they have to use their own money. I grew up with allowance and it taught me to budget money, save for things I wanted and taught me to ALWAYS have a stash.

Neither me or the kids have a credit card - we still always save for what we want.
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Old 08-29-2009, 05:21 AM
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Our kids don't get an allowance basically because for the past 5 yrs having enough money to pay the bills has been an issue.

The kids have to clean their rooms and help out around the house because they live here. DD1 unloads & reloads the dishwasher and folds the clean clothes. DD2 runs the vacuum and cleans the toilet and sink as their chores. As DD2 gets older she will take over the dishes as DD1 will probably get a part-time job in 3 yrs.

We do have paying jobs like cleaning the car windows, cleaning up after the dogs in the yard, etc. that if they want extra money they can work for it.

We give money to the kids for special activities as we can afford it instead of giving a weekly allowance.

Roberta
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Old 02-24-2012, 04:28 PM
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Quote:
Originally Posted by bullylola03 View Post
We have always given the kids an allowance since their first "chore" at 4. The amount has increased (LOL) as they got older. We provide for them food, shelter, clothing and gifts, but if they want something extra or social time, they have to use their own money. I grew up with allowance and it taught me to budget money, save for things I wanted and taught me to ALWAYS have a stash.
Neither me or the kids have a credit card - we still always save for what we want.
I agree and our boys started at age 4 (preschool) also, each morning they would make their bed and get .10c we'd pay each morning before going to school. They are now 21 and 17 and are good $ budgeters able to buy their own first car with insurance and registration, the eldest was able to move out of home a year ago.
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Old 03-23-2012, 10:59 AM
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Post Child of Allowance

Most of you all know by now that many of my responses to questions are based on my own personal experiences, and that of children I have been blessed to be a part of their upbringing. With that said, back in the 1970's my parents gave my sister and I a quarter a week for chores done around the house - i.e. bringing our laundry baskets to the laundry room, and clean clothes back to our rooms (and supposedly for putting them away as well); washing/drying and putting dishes in their cupboards; cleaning our rooms, and miscellaneous other house cleanings. At the end of the week we were given the choice to either put it in our piggy banks for later use or walk the mile to the local little store and get penny candies and ice-cream. If we spent the money we earned and then found something else we "really" wanted or "had" to have, our parents told us we had the choice to wait for pay day "or" do extra chores around the house and they would purchase the item and dish out the work equivalent to or as close to what the item was worth of work (never for clothes, bicycles, or other necessities), and we were absolutely not allowed to use our lunch/milk money as personal gratitude items. Now I was about seven in the seventies, and I know times have changed since then, as have some economic payouts. My suggestion for all you guardians (parents, grands, and others) is to check with your local state work force. They should have a list as to how old children in your state are allowed to work, and how much they can be paid for minimum wage work. It is my understanding that most states allow children of a certain age to work pt hours only - especially when attending school. Here is a list of laws for children in AZ:
Facts You Need to Know
  • Youth under 16 years of age cannot work more than 3 hours on a school day—if they are enrolled in school—while school is in session, or more than 8 hours per day on a non-school day. If they are enrolled in school, they cannot work more than 18 hours per week when school is in session.
  • Youth under 16 years of age cannot work before 6:00 am or after 9:30 pm if they have school the next day. If they do not have school the next day, they are not permitted to work after 11:00 pm. Youth who are not enrolled in school cannot work before 6:00 am or after 11:00 pm.
  • No youth under 16 can ever work more than 8 hours per day or 40 hours per week.
  • Generally positions that require driving are not suitable for minors by law. The exception is that 16- and 17-year-olds can drive up to 2 hours per day or 25% of their shift (whichever is shorter), but cannot drive large vehicles.
  • Youth cannot operate heavy machinery. There are a couple of exemptions, but it is advisable to think about your liability before ever considering actually doing this. This means that in most cases, manufacturing and construction position are not suitable for minors. Other restrictions speak specifically to youth not being allowed to work in positions such as roofing and demolition.
  • Parental permission is not needed in order to employ youth. Meanwhile parental permission, even in writing, does not allow you operate outside of regulations.
  • You must verify the age of youth who are applying for a position with you. It is not considered age discrimination to ask youth their age. Age discrimination applies to 40-to 70-year-old applicants.
  • You can, and will, be fined for violations of these labor laws that are brought to the attention of either regulating body. The state dictates that the maximum financial penalty that can be assessed is $1,000.00 per infraction. You can of course contest a fine as long as you do it within 20 days of issuance.
The 2012 Arizona state minimum wage rate is $7.35 per hour. Certain occupations and employees are exempt from Arizona and Federal Minumum Wage regulations, including tipped workers, students in high school and college, and certain disabled workers (with a certificate from the Arizona Department of Labor).

There are several partial exemptions to Minimum Wage law applicable to students and younger workers. The FLSA allows all workers under 20 years of age to be paid a minimum wage of $4.25/hr for the first 90 days of their employment (as a training period). The workers must be paid full minimum wage after 90 days have passed (or after they turn 20).
Full-time vocational students 16 or older may also be paid at a sub-Minimum Wage rate (75% of the applicable Federal or State Minimum Wage) provided their employer has a certificate from the DOL's "Student Learner Program".
The DOL's "Full-Time Student Program" allow full-time students employed in retail or service stores, agriculture, or colleges and universities to be paid at 85% of the minimum wage as long as they are registered as full-time students.



So I hope this assists you with some ideas as to how to go about finding acceptable allowances and chores/job types for the children in your care.



Now comes the answer to what benefit children learn from this. Most children learn the pros and cons of savings and spending, benefits of real hard work - what being physically and mentally tired is, and to make future decisions based on past experiences and education.



Learning doesn't happen just in the classroom as most children believe it does.
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