Reply to Breakout for allowance- 30% college, 40% spend, 20% charity, 10% future.. ?

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[quote=Anonymous]We have no requirements on how they use their allowance (except to limit junk food purchases).  Our thinking on this was shaped a lot by the book "Bank of Dad".  Basically, he makes the point that kids aren't stupid -- they can figure out that if you are telling them their allowance is $10 but $8 goes to various things that you are requiring, then their allowance isn't actually $10.  It's $2.  So, just give them the money THEY get to control and don't mess around with the other stuff.  But, we do give them a generous interest rate for saving.  11 yr old DS still tends to blow his on crap while 10 yr old DD rarely spends it and has built up quite a big stash.

For charity, we talk about where we donate money, they donate outgrown clothing and toys to charities, they participate in community service activities through our church.  DD (the saver) occasionally chooses to make a cash donation to an animal charity.  DS hasn't voluntarily given cash to a charity, but has on his own purchased the occasional birthday or valentine gift for his sister, which means more to me given their often contentious relationship.[/quote]

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