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Reply to "Seeking savvy input on structuring allowances for kids: first experience did not work! "
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[quote=Anonymous]$1 per year seems awfully high! I pay .25 per year. I also don't require that they save or give to charity. While I model it, I don't require it because I believe giving should come from the heart. I don't believe in forcing someone to give their money to charity. For birthday gifts from relatives such as grandparents, we decide on an amount they can keep. Usually one set gives $100 for a birthday, so I may let the child keep $20 to buy something while the rest goes in a savings acount. With their money the kids are allowed to buy things I feel is beyond what I would buy them - toys or candy while we're out, for example. The purchases still have to be approved. Or they may use it to go to a movie with a friend or to save up for a big item. It's basically for "extra" things. [/quote]
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