Allowance for a child

Pre-8 years old:

Kids will not have an idea how little or big money really is no matter what you do.  So this has to be a small reward system, so you can keep the allowance small.  My rule of thumb is the price of a chocolate bar or a cheap toy at the dollar store (so a buck or buck 50) 

As kids start their tweens and teens (I can't believe I just used the term tween) this seems appropriate for our household:

half or a bit more of what moderately priced videogame or going to the movies (regular popcorn and regular ticket)would cost.

This way you teach them to save their funds for more than a week for consumer goods.

Of course, this amount is for general random fun activities, which is what an allowance is for.   

I think kids should receive an allowance when they understand the what being a consumer is i think a good age would be 11-12 . I think the raise should be yearly not weekly. I think you should calculate it by days . I think a child should understand that when we are grown ups we usually earn money for an hour of work o per a days work. Giving him 2-3 dollars per  day and then raise it a bit each year then he will slowly understand that he needs to earn more then what he is spending.

It depend on age and what do you expect them to pay for with the money - is it the only means for them to get candy \ toys \ going out? are they supposed to pay for clothings and transportation? how about gifts to friends who have a birthday?

I think that starting at about 7-8 with a very small amount of money, that's just to get the feel of having money (like a quarter each day which they can save for a few days and buy a candy with) then a couple of years later, give them a weekly allowance. 

When they reach teen, give more money, but also expect them to use the money not just for treats but also to pay for some necessities, like shoes or transportation or going out, so that they'll learn to live on a budget and the consequentness of spending to much and how great it is to save for something big. 

The amount of money should be about what other kids in their age group get - giving them too much or too little, with make it problematic with friends. I think the best thing you can do is ask a couple of parents in your kid's class and aim for average.  

I have started a system in my house which works AMAZINGLY!  i have three kids ages 10-11 and 13.  I tried the allowance thing but it wasn't really working out too well because many weeks they really didn't deserve it.  So what I did was to employ a system where they were responsible for paying "rent" each week.  Their rent was $10.00 a week.  I posted a list on the fridge of different household chores and what each one was worth monetarily.  IE: Clean Kitchen- $3.00.

I kept track of what each child did andat the end of the week- whatever they did beyond their $10.00 rent was their allowance.  Some weeks they were lazy and only paid their "rent" and some weeks they wanted to do something or buy something and boy was my house spotless. 

This system has made them happier kids-- they feel that they are really earning something on their own and working towards a goal.  I even throw in bonuses for things- and give them sick days and paid personal days.  It really is a lot of fun and they feel as though they have real jobs.

My kids are 9 and 5. We started an allowance for my older son when he was 6. My younger son somehow managed to get his allowance started at age 4! I think children should get a large enough allowance so that they can save for good-quality things, and not have to just buy soon-to-be-broken junk because that's all they can afford. I think the allowance should be tied to positive behavior and helpfulness.

The fact that they can buy, or save up for, their own nice toys means that when I take them to the store, I feel fine with saying "use your own money" if they want something. I don't give in to their every whim.

 I have found that my children will beg desperately for a toy if they think I might buy it for them, but once I tell them that they must use their own money, they suddenly stop wanting it. Also, both kids have saved money over a long period of time for expensive items such as those handheld video game things.

 So at our house, my children get 50 cents per day for good behavior, and then they can do household chores in order to earn $6 per hour (if they work steadily and are actually helpful). Out of this, they must put $1 per week into a "charity" envelope, which they can give out whenever they want.

 In terms of cleaning, our kids generally work with us to clean the kitchen or bathrooms or pick up clutter -- they are still too young to go and clean effectively on their own. And they do have to be persuaded to help. Sometimes my older son would rather be poor, than help out! Also, if they have made a big mess on their own, I don't pay them to clean it up -- they just have to clean up their own mess.

 The charity aspect is nice. My older son has enjoyed donating his money when his school was raising money for hurricane victims. He has also used his money to buy canned goods to donate to food banks at Thanksgiving. My younger son wasn't quite sure that he liked the idea of parting with $1 per week. Then I explained that he could give the money to any group that he thought was doing a good job to help people, and he decided to donate his money to his preschool (which is a nonprofit organization). He got so much praise from his teachers for donating the money that he really felt good about himself.

My husband and I try not to criticize their choices when they choose to buy something. It's difficult for me to keep my mouth shut when I see them spending so much money on Pokemon cards and electronic games, but anyway it's their money. They might as well make their financial mistakes young, and maybe learn something from that, before they're all grown up and have to make a living for real.