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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 10-15-2006, 05:08 PM
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Kids Allowances

I just started to let my 10 yr old start earning an allowance, hoping to thwart the financial confusion my 20 yr old is going through. What are some others ideas or thought on this?
Always Forgiven
As for me and my house we shall serve the LORD. Joshua 24:15
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Old 10-15-2006, 07:32 PM
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Here are a couple of good articles from FC

Would you be willing to share how much he is making? Does he have to do chores --or anything else-to earn it? My son is 9 and I'm trying to work something out for him too. I am hoping that if I give him an opportunity to earn money and become more responsible, that his recently-developed, bad attitude will go away.

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Old 10-16-2006, 03:16 AM
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I moved this to the Kids & Money area so others interested in this topic could find it.

We don't give our kids an allowance but we do pay them for "extra" chores. Big DS (14) earns money by mowing our lawn. DD (10) earns money by doing extraordinary chores. Each of them is expected to do regularly scheduled household chores that benefit the whole house, not just them--such as helping with trash, recycling, vacuuming.

If the kids got an allowance I would require that they pay for certain things that right now we pay--those little "extras" like snacks at the school football game....
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Old 10-16-2006, 05:02 AM
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Barb we are just like you at our home. no weekly allowance but they get money for things like cutting the grass, raking the leaves , spending the day piling wood. They are expected to help in daily chores though with out compensation. Same reasoning they get lots of extras when we are out.

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Old 10-16-2006, 05:51 AM
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We don't give allowances but pay when the kids to do special things as they come up. They bank 75% of the money they are given (birthday, Christmas, Easter, good grades {grandpa does this}, etc.) So they have their own spending money for when I wont buy something.

DD1 is 10 and makes sure the dogs have food & water, runs the vacuum 1-2 times a week and helps fold the laundry as well as picking up after herself. DD2 is 4 and picks up after herself, puts clothes in the dryer and generally feeds the dogs before DD1 is home from school.

DD1 went skating on Friday as there was no school so I gave her $5 ($4 to get in and rent skates, $1 for a drink) and she took some of her own money to play games or get a snack.

DD1 can also earn extra money by helping me with my business if she wants something special or has spent all her money.

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Old 10-16-2006, 06:18 PM
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His chore list might seem very detailed but he works best step by step. These are most of the chores he was doing all summer long. Because of school I've paired them down.
make bed
dirty clothes in hamper
wash face (he is starting to get zits, so extra cleansing)
brush teeth
take recycled bottles out to bin
clean up any messes he or his friends made
pick up toys or movies
hang up coats and put backpacks away
put away shoes, boots, hats, scarves & mitts
---for these chores he gets 15c for each chore, and these chores are done daily

Homework, 15 min of reading, 15 min drum practice are just expected, and he pays me $1 for each he doesn't do (forgoten homework etc)
also I deduct 10c for bad attitude after just 1 warning

Mon - clean off top of dresser
Tue - dust and pick up anything on floor (his room only)
Wed - straighten closet (clothes don't hang they are on shelves) & put his laundrey away
Thur - Replace his sheets when he makes his bed
Fri - sweep his floor & 2 hot spots His choice but he needs to go completly thru the list.
Hot spot chore list
A. under and behind anything in his room
B. closet floor
C. straighten clothes in dresser drawers
D, staighten out his treasure (junk) drawers
E. Mom's chore choice. (this is where I put some chore that only comes up once in a while
----15c for each chore
He gets paid in cash on Wed. He tithes 10% of his total earned to church each week, 10% goes to bank account, saving for large items that will take many months to save up for. 10% goes in his piggy bank, to save up for smaller items, 70% I get no say in, so if he wants it in bubblegum then thats his choice. He has grummbled a bit but just this evening said to me "Mom, you know I don't really have a lot of chores to do. He is catching on that if he gets done his chores quickly ,then his time is his own. I'm not always harping on him to do this or that, just a reminder that he should get started with chores. It hase been much more peaceful in the house. He is only picking up after himself after all. I think he is sarting to realize what a large list Mom has to do each day. Hope this helps
Always Forgiven
As for me and my house we shall serve the LORD. Joshua 24:15
my 3 Sons
Evan, Cory, Marshal
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Old 10-22-2006, 05:29 PM
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When my kids were little about 5, I started them on pocket money. They had to make their own beds it was a, you make your bed and tell me and you can have 10c. If they didn't do it no big deal if they did, they rec'd the money right then and at the end of the week they could spend it if they wished or could save it for double next week.
As they got older the went to a weekly pocket money also with jobs to do. Each year it goes up 50c till high school. Then it stays at $5 and it is up to the kids to ask, does the lawn need mowing for $, does the car need washing for $ it is up to them to ask.
There are set jobs to do to get your pocket money,1 does the dishwasher the other the drainer, they do thier beds and rooms, feed pets, put out rubbish, set the table and other jobs if need be.
If they say, at school so and so gets twice as much pocket moeny as I do, my reply is always, pocket money is based upon what a parent can afford to give.
My 2 are opposites, ds2 will save birthday money in feb to Dec but the other is not a huge saver no matter how we handle him, but having said that now he's 16 and going out with friends he's saving more than he used to, so he can do stuff with them, so there is hope yet LOL

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Old 10-22-2006, 06:39 PM
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I made a chart for my children demonstrating their responsibilities. The chart listed everything they were required to do like cleaning their rooms, making their beds, putting away toys, and so on. I then allowed my children to put stars on the chart indicating when they were completed. After so many stars, they received their reward. Their reward could be an allowance, play time on the video game set, or whatever. This also taught my children delayed gratification as well.
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Old 10-24-2006, 09:05 AM
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Dgd is on an allowance system, she is 9. I give her $3.00 a week, 1 for the chucrch, 1 for the bank & 1 for her. She has daily chores that are expected just because she lives here, feeds the dog, sets the table, packs her lunch & is responsible to keep her clothes & toys picked us. Being she lives with 3 adults she also runs for things for us a lot. She earns her allowance for keeping 1 of the bathrooms cleaned my 1 a week & wiped down the rest of the week, cleaning my bathroom floor & helping with the shopping & putting everything away. If she wants something she has to save her portion of the money. Once it is in the bank it stays for college. I'm planning to introduce the concept of a monthly allowance &keeping track through of check book ledger next year. I'm hoping to help her learn to handle her money, her mom is TERRIBLE at handling her money. She is always broke, even though she lives with us
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Old 02-19-2007, 02:34 PM
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We have offered our 9 year old an allowance for about 3 years now but she doesn't want one. She would rather not to do the chores to earn an allowance. She still has to pick up things, keep her room clean, homework, etc, so she is being a bit silly turning down the allowance. We haven't offered it to our 5 year old yet.
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