How old do you think is the appropriate age to pay your child an allowance. What would you say is a fair amount of money for a child, between the ages of six and eight, to get a week for completing a list of chores? Examples of those chores include helping to clear the table, put away laundry, walk the dog, and keep his room clean.
Setting Allowance
- Thread starter Ravenfan
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My daughter is nine, and she still doesn't keep up with her money. Saving money in a piggy bank or bank account doesn't interest her in the least. She doesn't ask for a lot of things, and often doesn't pick out things when we take her shopping because she doesn't see anything she really wants. I can't fault her, for she's happy with just about anything.
joeldgreat
New Member
I started giving allowances to my kids at the age of 8. I also teaches them the value of spending wisely and setting aside some of it for bank savings. Now all of my three kids do have each own bank account which is steadily growing. They may ended up much richer than me when they graduated in college without any money withdrawn from their account.
That is awesome!! That not only shows their responsibility in saving, even as "adults" in college, and the role model you were as a parent. It is rare to hear about kids saving these days, or even earning for that matter. So many children have everything handed to them now that they don't know how to act when it is finally time to work.
Personally I think that at the age they can start helping is the age to start their "job." Allowance doesn't always have to be money, the best reward for a younger child (6 and under usually) is time with you, or a new toy. So say if they keep all their toys picked up for the week then you give them "allowance" in the form of a reward. Once they are old enough to comprehend saving then it is a good time to start allowance in the form of cash.
We don't have a specific age set as to when to give the kids an allowance. Naturally, we give our oldest daughter, who is 15, lunch money. The younger ones don't get anything (since they bring home made lunch with them), unless they have some project in school they need to pay for. We do encourage them to earn their own money which they keep in their piggy banks. What they do is sell candies, stationery, pencils and what-have-yous to their classmates. This seems to work well for them - they not only learn the value of money, but the hard work it entails to earn it.
I like the idea of having kids find ways to earn money at a young age, but I'm not sure selling to their classmates is the best way. Do they do this at school, and does the school approve of it? I can imagine many schools having issues. At the same point I think just giving kids money as they need it isn't the answer either. These days they need to develop the association with having to work to earn money at an early age. I think that helps reduce some that become too dependent on others or even feel entitled to things down the road. The expenses only increase for us parents with time 
I grew up with an off and on allowance from my dad. He'd have me mowing lawns, and helping out with the yard work for his friends in the summer. I'd also be in charge of getting in the fire wood during the winder months. It helped me understand just how valuable money is, and how you need to think ahead. A lot of time, I spent the cash on stuff I didn't really need in the long run. Wish I had saved most of it, but I wasn't thinking long term back then. It was all about instant reward. he always let me know that I had a choice of spending, or saving. When I did save, I usually just did it to get a video game I really wanted or something.
I would give them a small amount, like maybe 2-3 dollars per week. That way they could buy something small, like ice cream from the ice cream man, or something like that. Then, I would tell them, I'll pay you more if you learn about saving it. Then, I'd probably double it.
I think having them sell stuff, or things like that is OK, but it's not as safe as it used to be. I know people always say that, but it's true to an extent. I don't know if I would want my kids going out of their way to find people who might pay them money. It could be dangerous, if they are too young.
I think having them sell stuff, or things like that is OK, but it's not as safe as it used to be. I know people always say that, but it's true to an extent. I don't know if I would want my kids going out of their way to find people who might pay them money. It could be dangerous, if they are too young.
I believe the best time to give them allowances is when their mind is developed enough to understand the need to save. Giving allowances do not come separately from a lecture about saving. Start off with small amounts, enough to cover their meals during school recesses. Monitor how much they save, and don't forget to compliment them if they are doing a good job managing their expenses.
micromachne
New Member
I think I'll be giving our daughter allowance the moment she is old enough to do chores. That way, she may have a chance of learning the value of a dollar.
My wife and I never gave our children an allowance. Growing up, I never had an allowance and neither did my wife. Therefore, we never felt the need to give our children an allowance. Why should we pay our kids to help us around the house? That's part of being a family, helping each other out!
In my opinion, giving allowance and doing chores shouldn't be clumped together. Allowances can be given for various reasons. Think of it as something given to them daily, and educate them to save a portion of that allowance. Hence, in the future, they would be able to buy things that they want, providing they have saved enough for it.
It helps preventing the children from being spoiled and asking us for money every time they want something. They want something, they have to earn it.
It helps preventing the children from being spoiled and asking us for money every time they want something. They want something, they have to earn it.