Reply to Allowance for a 1st grader?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My first grader got $10 per week last year. He saved nearly all of it.

It sounds like a lot, but I don't buy much for him. If he asks for something at Target (toy, candy, whatever), I say "Okay, but I'm not buying it. That comes out of your money." He then decides whether to spend his money or not. He usually decides not to.   He bought a Kindle for himself. He buys video games sometimes. [/quote]

Does anyone else think this is WAY too much for a 6 yr old?  My son got a dollar a week when he was 6 and he had certain chores he had to do before he got it.[/quote]

You can't even buy a candy bar with a $1, though.  If it doesn't buy anything, it doesn't mean anything.
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+1 pp here[b]..I think $10 for a 10 yo is way too little.[/b]  Then you must be buying stuff for them.  OP I think it depends on what your goals are.  Some people are trying to have it be a lesson for learning about money, whereas others are giving a bit of pocket change or tying it to responsibilities.  Once you decide the "what for" you can set the amount/time frame.[/quote]

The $10.00 for a 10 year old is [b]per week[/b], not per month.  That way, if he wants to save for a DS game, it takes just about one month.  A fancy Lego set?  8-10 weeks.  It makes saving for something attainable, but still requires effort and discipline.

Guess what?  The funny thing is that after saving for that long, sometimes he decides that because he has worked so long to get that money the trinket it not worth getting and he would rather have the savings or put it towards something more valuable.

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