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Allowance - What's your policy?
Filed under: Work Life, Chores
My older daughter is closing in on six years old, so we've been mulling over the idea of an allowance. After comparing how allowance was dealt with in our own childhoods, my husband and I have decided that her allowance won't be "payment" for her chores. As my husband said, "It's an allowance, not a paycheck." So we've figured that much out, but there's so much more to consider. Like, what exactly is her allowance for? Is she now in charge of purchasing her own toys? Because if we give her the recommended $1 per year of her age, that's $6 a week. She certainly doesn't get $6 a week worth of toys now. Most expert recommend parents keep their mouths shut when it comes to what kids buy with their own money. Do I have that kind of self-control? I don't know.
We also need to decide how to handle saving and giving. I've read that some parents have their children divide their allowance three ways -- spending, saving, and giving. We'll probably do something like this too, but again -- do we decide how much she puts into each category, or should she? So many things to ponder.
A good friend and I were just discussing this same issue. She doesn't give her son an allowance, but she does pay him for jobs around the house that go above and beyond his normal chores. Another friend pays her child to do their chores -- no work, no pay. Yet another friend thinks kids and money don't mix, so she keeps the purse strings firmly in her control. There are so many ways to handle allowance -- what's the policy at your house?
Visit FamilyEducation.com for tips on allowance -- including some great printables -- for kids of all ages.
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ReaderComments (Page 1 of 1)
10-30-2008 @ 5:20PM
Joy said...We did the splitting thing. But my kids didn't get their allowance if they didn't do their chores. I didn't look at as a paycheck but rather I wanted to teach them that they had to do all their chores just like it would be later in life. You don't only do what you want to do at work and then get a paycheck.
They had to put money in the offering envelope and part in their bank account and the rest they could do with what they chose.
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10-30-2008 @ 5:51PM
Jenni said...Allowance gets split into three categories: charity, spend now, save for something special. A percentage goes into each depending on your family's opinion.
I let them choose which charity they would like to support, helping them make that decision by looking at what their interests are and the integrity of the organization, but it has to mean something to them.
They get to spend their "spend now" money on whatever they want, without argument from the parents. But, if they spend it on junk and then they want to go to the movies and don't have enough for that...well, they'll think twice next time.
The "save for something special" is something big that they would like: new bike, new game, special day trip, etc...
This way, you are teaching them to be charitable, and to be responsible with their money, budgeting for things they want/need. Typically, I say that 10-20% goes to charity and then we determine how much their "special" item is and how long they want to wait for it to determine the rest. If they borrow from the special item saving then that is that much longer until they get the special item.
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10-31-2008 @ 12:19AM
queenoqueens said...I find that if you make the money for chores, you'll spend alot of time arguing trivial details. Or they may decide they'd rather not do a chore than get paid. What then?
We only had 2 categories (spend now, save in bank), but I like adding the charity category.
We had a 'spend it how you see fit' policy, but I was getting impatient with how long it was taking her to learn the value of a dollar and not spending it on impulse buys and junk. I'm sure that we'll get system down, but it takes alot of experimentation to see how your kid reacts to getting an allowance.
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10-31-2008 @ 5:42PM
Monica said...What we did as the kids grew was first started with an allowance that was just for them. Spending money/savings/charity, but with very little limitations around what they could spend it on.
When we wanted to increase their responsibility we would add an amount that I had more control over - school supplies, clothing, things like that. For a while they would have a budget, where I held the money but they directed the purchase, and then I would pass over the money but approve purchases and track receipts, and eventually I would withdraw completely.
The final outcome is two kids in university, both of whom CAN follow a budget. They don't always do so but they have the skills :)
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