Reply to Allowance - how much and for what?

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[quote=Anonymous]Mine are older now and I can't recall the exact amounts but we did not tie allowance to chores. They have to do chores because they are part of the family. They get spending money to manage because they are part of the family and it eliminated the "will you buy this for me!" nagging. If you tie chores to allowance you have to also be OK with them one day saying I don't need my allowance this week so I'm not going to take out the trash/make my bed/etc.

Instead of dictating a required savings amount, DH managed a "bank of dad" where if they "deposited" money to save then he'd give a very high rate of interest. We were very influenced by this "Bank of Dad" book https://www.amazon.com/First-National-Bank-Dad-Foolproof/dp/1416534253

The author had the same set up we did, encouraging saving by making the return on it meaningful so it's a child's choice. Kids aren't stupid. If the "allowance" includes a required savings amount (that doesn't have a real date when you can have it) then they know that's not really their allowance.

FWIW both kids are now in college and very frugal with their money and smart shoppers when they do need to spend. DD was into savings from the start and has always hated to spend. DS blew his allowance every week on pokemon cards or other random stuff or later saving over short periods to buy video games. Eventually, seeing how his sister had so much money vs. him helped wake him up to the impact of spending everything so quickly.[/quote]

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