Parents, How Much $ Did/Will You Allocate for Allowance?

[Anonymous]

Well, here's another hiring manager chiming in that I highly value paid work experience, even if it is unrelated to the field, much moreso than unpaid internships. When I am hiring recent college graduates, it stands out like a glaring beacon if the college student has no paid work experiences from summers. I have been burned far too many times by spoiled, entitled recent grads who have no work ethic and act like they're doing me a favor by existing in my workplace. I want to see that potential employees have worked - truly worked - and I always call previous managers to make sure they are hardworking, punctual, and dedicated.

As for allowances, I provide a weekly allowance equal to my child's age in dollars until age 18. Until age 16, I require my kids to save half of the allowance in a savings account.

My kids are not in college yet, but the best systems that I've heard of are when parents help to match a child's savings, not just provide blanket support. I think it would be reasonable to match the first $1,000 a child saves per year. I'd also match up to $5,000 to purchase a teen's first vehicle (but make the student pay for his/her own insurance, gas, maintenance, etc.). I'm also planning to offer matching on purchasing a computer. Matching is a big incentive to save, and it encourages the habits I want to encourage, while having students have "skin in the game".

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No allowance makes you grow up? If only it was that simple. What a bunch of self serving BS. There are rich assholes and poor assholes. There are hard working wealthy people and slackers who are wealthy too. Yes giving your kid a Ferrari and unlimited spending money is probably not a good idea but either is "figure it out on your own" and see you at Christmas. A reasonable allowance that let's you focus on good grades will not sap all of your will to succeed any more than having no money will give you the drive to become a millionaire. If it worked that way there would be no poverty as every poor college kid would turn out to be a millionaire.

Of course you're right. This thread clearly got away from the typical (and useful) "College Discussion" people. Once this happens, it's fairly useless for people looking for information and becomes "This is how it happened to me so it's the best way for everyone regardless of any facts. What? No, I don't have a kid in college. But I know a college kid/I hire college kids/I went to college/I'll have a college kid/I live near a college."

LOL! Exactly! A post seeking practical advice turns into the usual pissing match. No one cares about your experiences or those of who you know. I asked what's a reasonable allowance because clearly I plan to give DC one. So amounts would've been useful. The debate about to give or not to give is MOOT.

I don't care if you give your kids an allowance or not. It's not incompatible with them also working for money. I just can't believe anyone would say with a straight face that a kid is disadvantaged in a job search for having had paid work experience, which some on this thread have asserted. And no, I don't have a kid in college, but I have hired 50 new grads in the past five years and probably interviewed 200 more. If the point of sending your kid to college is to prepare them to get a job, the perspective of a hiring manager might possibly be relevant. There are a dozen other threads on this board trying to get at the same thing--what path is most likely to end up with success?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No allowance makes you grow up? If only it was that simple. What a bunch of self serving BS. There are rich assholes and poor assholes. There are hard working wealthy people and slackers who are wealthy too. Yes giving your kid a Ferrari and unlimited spending money is probably not a good idea but either is "figure it out on your own" and see you at Christmas. A reasonable allowance that let's you focus on good grades will not sap all of your will to succeed any more than having no money will give you the drive to become a millionaire. If it worked that way there would be no poverty as every poor college kid would turn out to be a millionaire.

Of course you're right. This thread clearly got away from the typical (and useful) "College Discussion" people. Once this happens, it's fairly useless for people looking for information and becomes "This is how it happened to me so it's the best way for everyone regardless of any facts. What? No, I don't have a kid in college. But I know a college kid/I hire college kids/I went to college/I'll have a college kid/I live near a college."

LOL! Exactly! A post seeking practical advice turns into the usual pissing match. No one cares about your experiences or those of who you know. I asked what's a reasonable allowance because clearly I plan to give DC one. So amounts would've been useful. The debate about to give or not to give is MOOT.

I don't care if you give your kids an allowance or not. It's not incompatible with them also working for money. I just can't believe anyone would say with a straight face that a kid is disadvantaged in a job search for having had paid work experience, which some on this thread have asserted. And no, I don't have a kid in college, but I have hired 50 new grads in the past five years and probably interviewed 200 more. If the point of sending your kid to college is to prepare them to get a job, the perspective of a hiring manager might possibly be relevant. There are a dozen other threads on this board trying to get at the same thing--what path is most likely to end up with success?

OK, but the OP of this thread asked: "Parents, How Much $ Did/Will You Allocate for Allowance?". It shouldn't be so hard to stay on topic. And yet. . . .

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No allowance makes you grow up? If only it was that simple. What a bunch of self serving BS. There are rich assholes and poor assholes. There are hard working wealthy people and slackers who are wealthy too. Yes giving your kid a Ferrari and unlimited spending money is probably not a good idea but either is "figure it out on your own" and see you at Christmas. A reasonable allowance that let's you focus on good grades will not sap all of your will to succeed any more than having no money will give you the drive to become a millionaire. If it worked that way there would be no poverty as every poor college kid would turn out to be a millionaire.

Of course you're right. This thread clearly got away from the typical (and useful) "College Discussion" people. Once this happens, it's fairly useless for people looking for information and becomes "This is how it happened to me so it's the best way for everyone regardless of any facts. What? No, I don't have a kid in college. But I know a college kid/I hire college kids/I went to college/I'll have a college kid/I live near a college."

LOL! Exactly! A post seeking practical advice turns into the usual pissing match. No one cares about your experiences or those of who you know. I asked what's a reasonable allowance because clearly I plan to give DC one. So amounts would've been useful. The debate about to give or not to give is MOOT.

I don't care if you give your kids an allowance or not. It's not incompatible with them also working for money. I just can't believe anyone would say with a straight face that a kid is disadvantaged in a job search for having had paid work experience, which some on this thread have asserted. And no, I don't have a kid in college, but I have hired 50 new grads in the past five years and probably interviewed 200 more. If the point of sending your kid to college is to prepare them to get a job, the perspective of a hiring manager might possibly be relevant. There are a dozen other threads on this board trying to get at the same thing--what path is most likely to end up with success?

OK, but the OP of this thread asked: "Parents, How Much $ Did/Will You Allocate for Allowance?". It shouldn't be so hard to stay on topic. And yet. . . .

That's right, people--keep the allowance anecdotes coming so OP can make an informed decision!

Uh, wait a sec....

[Anonymous]

Another College Discussion thread ruined by Recent Topic intruders.

[Anonymous]

Anonymous wrote:Another College Discussion thread ruined by Recent Topic intruders.

LOL. Sorry you didn't get your money's worth out of this free thread. I guess that dozens of responses on topic early in the thread weren't enough ...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No allowance makes you grow up? If only it was that simple. What a bunch of self serving BS. There are rich assholes and poor assholes. There are hard working wealthy people and slackers who are wealthy too. Yes giving your kid a Ferrari and unlimited spending money is probably not a good idea but either is "figure it out on your own" and see you at Christmas. A reasonable allowance that let's you focus on good grades will not sap all of your will to succeed any more than having no money will give you the drive to become a millionaire. If it worked that way there would be no poverty as every poor college kid would turn out to be a millionaire.

Of course you're right. This thread clearly got away from the typical (and useful) "College Discussion" people. Once this happens, it's fairly useless for people looking for information and becomes "This is how it happened to me so it's the best way for everyone regardless of any facts. What? No, I don't have a kid in college. But I know a college kid/I hire college kids/I went to college/I'll have a college kid/I live near a college."

LOL! Exactly! A post seeking practical advice turns into the usual pissing match. No one cares about your experiences or those of who you know. I asked what's a reasonable allowance because clearly I plan to give DC one. So amounts would've been useful. The debate about to give or not to give is MOOT.

I don't care if you give your kids an allowance or not. It's not incompatible with them also working for money. I just can't believe anyone would say with a straight face that a kid is disadvantaged in a job search for having had paid work experience, which some on this thread have asserted. And no, I don't have a kid in college, but I have hired 50 new grads in the past five years and probably interviewed 200 more. If the point of sending your kid to college is to prepare them to get a job, the perspective of a hiring manager might possibly be relevant. There are a dozen other threads on this board trying to get at the same thing--what path is most likely to end up with success?

That's the thing: There is NO one pathway to success!

Giving an allowance will not doom your child to a feeling of entitlement and lifetime of unemployment. Just as withholding allowance doesn't guarantee a hardworking child who will have employment opportunities thrown at them throughout their lifetimes. And vice versa. It really is about the individual child and character that's been developed along the way. An entitled self-absorbed snob will not be less so because of a measley peasley job he'll consider beneath him as he "works" during college alongside the 'peons' who do it because they NEED the money while his parents are only trying to build character.

Furthermore, I don't consider getting a job the purpose of sending my child to college. That's what grad school is for. I'd like for college to be a time of maturity and exploration. A time to grow intellectually, learn, etc.

Finally, I'm not fully convinced everyone tells the truth online. Just because someone claims to be a hiring manager, lawyer, stay-at-home mom, 6 foot tall sun-kissed muscular body builder type with abs for days, etc. doesn't mean it's so. I know several hiring managers. And none of them have the preference for paid work over internships those claiming to be hiring managers in this thread have.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No allowance makes you grow up? If only it was that simple. What a bunch of self serving BS. There are rich assholes and poor assholes. There are hard working wealthy people and slackers who are wealthy too. Yes giving your kid a Ferrari and unlimited spending money is probably not a good idea but either is "figure it out on your own" and see you at Christmas. A reasonable allowance that let's you focus on good grades will not sap all of your will to succeed any more than having no money will give you the drive to become a millionaire. If it worked that way there would be no poverty as every poor college kid would turn out to be a millionaire.

Of course you're right. This thread clearly got away from the typical (and useful) "College Discussion" people. Once this happens, it's fairly useless for people looking for information and becomes "This is how it happened to me so it's the best way for everyone regardless of any facts. What? No, I don't have a kid in college. But I know a college kid/I hire college kids/I went to college/I'll have a college kid/I live near a college."

LOL! Exactly! A post seeking practical advice turns into the usual pissing match. No one cares about your experiences or those of who you know. I asked what's a reasonable allowance because clearly I plan to give DC one. So amounts would've been useful. The debate about to give or not to give is MOOT.

I don't care if you give your kids an allowance or not. It's not incompatible with them also working for money. I just can't believe anyone would say with a straight face that a kid is disadvantaged in a job search for having had paid work experience, which some on this thread have asserted. And no, I don't have a kid in college, but I have hired 50 new grads in the past five years and probably interviewed 200 more. If the point of sending your kid to college is to prepare them to get a job, the perspective of a hiring manager might possibly be relevant. There are a dozen other threads on this board trying to get at the same thing--what path is most likely to end up with success?

That's the thing: There is NO one pathway to success!

Giving an allowance will not doom your child to a feeling of entitlement and lifetime of unemployment. Just as withholding allowance doesn't guarantee a hardworking child who will have employment opportunities thrown at them throughout their lifetimes. And vice versa. It really is about the individual child and character that's been developed along the way. An entitled self-absorbed snob will not be less so because of a measley peasley job he'll consider beneath him as he "works" during college alongside the 'peons' who do it because they NEED the money while his parents are only trying to build character.

Furthermore, I don't consider getting a job the purpose of sending my child to college. That's what grad school is for. I'd like for college to be a time of maturity and exploration. A time to grow intellectually, learn, etc.

Finally, I'm not fully convinced everyone tells the truth online. Just because someone claims to be a hiring manager, lawyer, stay-at-home mom, 6 foot tall sun-kissed muscular body builder type with abs for days, etc. doesn't mean it's so. I know several hiring managers. And none of them have the preference for paid work over internships those claiming to be hiring managers in this thread have.

At least it's clear where you are coming from, which is the perspective of someone with shitloads of money. Anyone who has to save for college or take loans is probably counting on their child being employable after graduation.

[Anonymous]

Anonymous wrote:

That's the thing: There is NO one pathway to success!

Giving an allowance will not doom your child to a feeling of entitlement and lifetime of unemployment. Just as withholding allowance doesn't guarantee a hardworking child who will have employment opportunities thrown at them throughout their lifetimes. And vice versa. It really is about the individual child and character that's been developed along the way. An entitled self-absorbed snob will not be less so because of a measley peasley job he'll consider beneath him as he "works" during college alongside the 'peons' who do it because they NEED the money while his parents are only trying to build character.

Furthermore, I don't consider getting a job the purpose of sending my child to college. That's what grad school is for. I'd like for college to be a time of maturity and exploration. A time to grow intellectually, learn, etc.

Finally, I'm not fully convinced everyone tells the truth online. Just because someone claims to be a hiring manager, lawyer, stay-at-home mom, 6 foot tall sun-kissed muscular body builder type with abs for days, etc. doesn't mean it's so. I know several hiring managers. And none of them have the preference for paid work over internships those claiming to be hiring managers in this thread have.

http://www.nytimes.com/2014/06/14/your-money/For-Teenagers-Summer-Jobs-Are-Valuable.html?src=rechp

[Anonymous]

Anonymous wrote:Well, here's another hiring manager chiming in that I highly value paid work experience, even if it is unrelated to the field, much moreso than unpaid internships. When I am hiring recent college graduates, it stands out like a glaring beacon if the college student has no paid work experiences from summers. I have been burned far too many times by spoiled, entitled recent grads who have no work ethic and act like they're doing me a favor by existing in my workplace. I want to see that potential employees have worked - truly worked - and I always call previous managers to make sure they are hardworking, punctual, and dedicated.

As for allowances, I provide a weekly allowance equal to my child's age in dollars until age 18. Until age 16, I require my kids to save half of the allowance in a savings account.

My kids are not in college yet, but the best systems that I've heard of are when parents help to match a child's savings, not just provide blanket support. I think it would be reasonable to match the first $1,000 a child saves per year. I'd also match up to $5,000 to purchase a teen's first vehicle (but make the student pay for his/her own insurance, gas, maintenance, etc.). I'm also planning to offer matching on purchasing a computer. Matching is a big incentive to save, and it encourages the habits I want to encourage, while having students have "skin in the game".

Come back and opine when your kids are in college. And kids who have the education and personal attributes to actually score a good unpaid internship (yes good ones are that hard to get) probably wouldn't be interested in working at your company anyway.

[Anonymous]

Anonymous wrote:Well, here's another hiring manager chiming in that I highly value paid work experience, even if it is unrelated to the field, much moreso than unpaid internships. When I am hiring recent college graduates, it stands out like a glaring beacon if the college student has no paid work experiences from summers. I have been burned far too many times by spoiled, entitled recent grads who have no work ethic and act like they're doing me a favor by existing in my workplace. I want to see that potential employees have worked - truly worked - and I always call previous managers to make sure they are hardworking, punctual, and dedicated.

As for allowances, I provide a weekly allowance equal to my child's age in dollars until age 18. Until age 16, I require my kids to save half of the allowance in a savings account.

My kids are not in college yet, but the best systems that I've heard of are when parents help to match a child's savings, not just provide blanket support. I think it would be reasonable to match the first $1,000 a child saves per year. I'd also match up to $5,000 to purchase a teen's first vehicle (but make the student pay for his/her own insurance, gas, maintenance, etc.). I'm also planning to offer matching on purchasing a computer. Matching is a big incentive to save, and it encourages the habits I want to encourage, while having students have "skin in the game".

Just where do you work and what kind of previous employers are you calling for references? At the large CA-based company where I was a hiring manager for years, it was strictly against company policy to provide any information about previous employees except length of tenure.

[Anonymous]

Every college includes about $3500 for personal expenses and books in the budget. Since they're not likely to spend more than $1000 for books, that works out to $2500 in miscellaneous expenses over 10 months or $250/month. If they get a work-study or part-time job, they can easily earn that themselves or use their summer earnings. If you're already paying $60k in tuition, fees, room and board, that's not a lot to ask for a student to pick up and assume responsibility for. If you do cover misc. expenses, give it to them in a lump sum and let them learn how to manage the money to last the whole year. If your child is already a self-motivated, well-organized adult, they'll want to earn some of their own money so they can be more independent and self-sufficient or just to gain real world experience and connections anyways.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Well, here's another hiring manager chiming in that I highly value paid work experience, even if it is unrelated to the field, much moreso than unpaid internships. When I am hiring recent college graduates, it stands out like a glaring beacon if the college student has no paid work experiences from summers. I have been burned far too many times by spoiled, entitled recent grads who have no work ethic and act like they're doing me a favor by existing in my workplace. I want to see that potential employees have worked - truly worked - and I always call previous managers to make sure they are hardworking, punctual, and dedicated.

As for allowances, I provide a weekly allowance equal to my child's age in dollars until age 18. Until age 16, I require my kids to save half of the allowance in a savings account.

My kids are not in college yet, but the best systems that I've heard of are when parents help to match a child's savings, not just provide blanket support. I think it would be reasonable to match the first $1,000 a child saves per year. I'd also match up to $5,000 to purchase a teen's first vehicle (but make the student pay for his/her own insurance, gas, maintenance, etc.). I'm also planning to offer matching on purchasing a computer. Matching is a big incentive to save, and it encourages the habits I want to encourage, while having students have "skin in the game".

Just where do you work and what kind of previous employers are you calling for references? At the large CA-based company where I was a hiring manager for years, it was strictly against company policy to provide any information about previous employees except length of tenure.

Yes, well, work-study positions don't have those kinds of restrictions, so you can get a reference for a student who has had an on-campus job.

(That said, I've never had any problem getting references for any of the 50 or so folks I've hired in the past few years. Yes, I'm sure many of their employers had no-reference policies, but managers are still willing to give references for good people. I've also given references, against my company's policy, for people who are good and who I want to see succeed. Being unable to provide any references would be a huge red flag.)

[Anonymous]

When i was in college in the 80's, I got no allowance. My parents were barely able to contribute to my tuition. I was so broke that I could barely afford to buy clothes. I think it is great if you are well off and can afford to give your kids an allowance. I would have loved to have some spending money and some decent clothes in college.

[Anonymous]

Anonymous wrote:Every college includes about $3500 for personal expenses and books in the budget. Since they're not likely to spend more than $1000 for books, that works out to $2500 in miscellaneous expenses over 10 months or $250/month. If they get a work-study or part-time job, they can easily earn that themselves or use their summer earnings. If you're already paying $60k in tuition, fees, room and board, that's not a lot to ask for a student to pick up and assume responsibility for. If you do cover misc. expenses, give it to them in a lump sum and let them learn how to manage the money to last the whole year. If your child is already a self-motivated, well-organized adult, they'll want to earn some of their own money so they can be more independent and self-sufficient or just to gain real world experience and connections anyways.

My DD is high maintenance and going to a private college in an expensive city. We don't want her to work (she's bright but has some learning disabilities) and want her focus to be on school. She'll be on campus with a meal plan (and the food is good). $250 seems to be the amount she'd ask for and I feel it's too much. Or do college girls get regular manicures, blow outs, spray tans, Uber accounts, etc??