• Join Chef Success Today! Get support for your Pampered Chef business today! Increase your sales right now! Download 1000s of files and images, view thousands of Pampered Chef support threads! Totally Free!

How Much Allowance for What Age?

$2.00, taking the recycling to the curb...$2.50, watering the plants...$1.00, etc. She also gets a small allowance for her spending money. We also set up a bank account for her and she can direct her spending money to it. We teach her about saving and investing. We are very careful about how much money she has and when she spends it. Tammy:My kids get a dollar per year of age, and then in small bills/coins. We give 20% for forced savings, 20% for tithing, and the rest is theirs. So my 11 year old gets $11. We also have a chore chart & once
scottcooks
Gold Member
1,937
My kids need an allowance. They are only 4 and 5, but need to start developing and learning their own financial habits.

I'm leaning toward 50cents per year-old, ($2 for the 4 year old, $2.50 for the 5 year old) given each week, given in appropriate change and setting up 'forced' savings, family tax and church tithing.

What do you do?
 
We give a dollar per year of age and then in small bills/coins. 20% for forced savings, 20% for tithing and the rest is theirs. So my 11 yo DS gets $11. Then $2.20 in the bank and another $2.20 for the church. The remaining $6.60 is his to do as he chooses.
 
I like the idea. If you have specific chores they can do.
 
My kids did not get an allowance until they were in school. It's not like they needed spending money or anything. Once they were in school, it was $1 per grade level. Jodi: the word tithe is from the Old English word for 'tenth'. So if tithing is 10%, you're quinting (not tithing). ;-) Maybe the math is different in Canadian dollars.
 
Scott, I think what you're doing is wonderful. It's great to start them young on all of those concepts. I'm teaching my nephew, who I"m homeschooling and is in 1st grade, the 3 areas of money - , Giving to God first, sharing, and saving. I make sure to give it to him in a way that he can count, for himself, what he's going to give as his tithe. He does little things like feed and water the dog, feed the turtles, water the plants outside, and help with lunch. We have a chore chart which is just like our goal card for school. Once he's completed the things on the chart or card HE gets to mark it off. He's learning what it means to work and earn. And, to just be 8 years old, he gets it!
 
I give him 25cents for every chore completed. Since I'm only the Aunt, I won't force the chores on him but I give him the opportunity to 'earn' the money. Every week we start a new chart whether last week's was completed or not. Then he sees for himself that he didn't finish everything and, on his own, works harder to remember. I see this with the expression on his face. He has the opportunity to earn $1.00 per day and he's knows it. Sometimes he will ask me how much he's earned so far and together we go to the back of the notebook where I keep track of it and we'll count. It' a good feeling to see his little face light up. :)
 
Scott, before you start giving an "allowance", read information about this subject on Real Debt Help - Get out of debt with Dave Ramsey's Total Money Makeover Plan.He suggests that children earn "commission"....for doing specific jobs around the house.He also has a Financial Peace Jr. Kit (in the Online Store) that has books and envelopes in it for the kids. One envelope is for Saving, one for Spending and one for Giving. It teaches them the basics of money handling. It's never to early to start. Please consider this before you just go handing out money for no specific reason. I wish I had known about this when my children were young!!!!
 
I have not read the responses.
We do a chore chart. It is a magnetic board.
My 7 yr old gets .10$ per star per chore. Some things are expected and are marked at the top of the chart. Some are optional. If it an expected chore like keeping her laundry picked up and it does not get done she get's a black mark and looses .05$. We total her up once a week.

We need to get 3 banks going for give/save/spend. I think it will hepl tons with the $ management.

Hardest part with any system is keeping up with it.

I like our system. You can always tell when Sammie is saving up for something. There are lots of stars!
 
We don't do an allowance. Our daughter has certain chores around the house that she has to do as a part of this family. She *HAS* to keep her room clean, empty the silverware from the dishwasher, put away her clean clothes, tidy up the shoes at the front door and take the family dog out each morning. Then if she would like a "job" to earn money she can check the job list. On it we list different jobs that need doing. She gets paid for each job. For example -gathering the garbage on garbage day pays 25 cents, -setting/clearing table pays 50 cents, wiping down baseboards in living room, pays 75 cents... etc. That way she has control over what she earns. She is starting to understand that if you don't do the job you don't get paid. She's 7 this summer and we've been doing this for 3 years now. It's working well.
 
  • #10
We don't give allowance yet either and my daugther is going to be 7 this summer. She has to keep her room clean and now has to pick up after the two puppies we just got(part of the agreement for getting them). She'd be happy with $1 a week, if we gave it to her for her "chores". lol
 
  • #11
We follow Dave Ramsay and have been using his Commission Charts and Financial Peace Jr. curriculum with our 7 and almost 5 yr olds- it's great! What I like most is that it uses "fines" for bad behaviors (which we decide upon ahead of time w/ our children)- so they loose their money when they do not do what is expected of them. Works so much better than "time-outs!" Both of our kids love the system and it's easy to track- plus we get the much needed help around the house from their chores!!:love::love:
 

1. What is a reasonable allowance amount for a child?

The amount of allowance a child receives can vary depending on factors such as the child's age, family budget, and the responsibilities associated with the allowance. However, a general guideline is to give $1 per week for each year of the child's age. For example, a 10-year-old would receive $10 per week.

2. At what age should I start giving my child an allowance?

Many experts suggest starting to give children an allowance around age 5 or 6. This is when children are typically starting to understand the concept of money and can begin to learn about budgeting and saving.

3. Should I tie allowance to chores or other tasks?

This is a personal decision for each family. Some parents believe in tying allowance to chores as a way to teach responsibility and the value of hard work. Others prefer to give allowance as a separate entity and use chores as a way to contribute to the household without financial reward. Consider what works best for your family's values and dynamics.

4. How often should I give my child allowance?

There is no right or wrong answer to this question. Some parents give allowance on a weekly basis, while others prefer monthly or even bi-weekly. It may be helpful to consider your child's spending habits and the amount of allowance given when deciding on a frequency.

5. What can my child use their allowance for?

Again, this may vary depending on your family's values and rules. Some parents allow their child to use their allowance for whatever they choose, while others have specific guidelines such as saving a portion, donating a portion, and using a portion for personal purchases. It's important to discuss and establish these guidelines with your child to avoid any confusion or disagreements.

Similar Pampered Chef Threads

  • raebates
  • General Chat
Replies
12
Views
1K
pamperedlinda
Replies
4
Views
813
Chef Michelle D
  • Lisa/ChefBear
  • General Chat
Replies
13
Views
2K
Lisa/ChefBear
  • lesliec
  • General Chat
Replies
15
Views
2K
emiscookin
  • sburnside
  • General Chat
Replies
37
Views
6K
daniellemorgan
  • janetupnorth
  • General Chat
16 17 18 19 20
Replies
972
Views
44K
janetupnorth
Replies
10
Views
1K
ragschef
  • MaddyandOwensMom
  • General Chat
Replies
17
Views
1K
MaddyandOwensMom
Replies
22
Views
2K
raebates
  • KellyTheChef
  • General Chat
Replies
2
Views
1K
Admin Greg
Back
Top