Reply to Seeking savvy input on structuring allowances for kids: first experience did not work!

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[quote=Anonymous]Right now, I pay for all of my kids' activities.  They get allowance and are required to use it for gifts and for whatever stuff and snacks (beyond what I buy if we are all out together). I still pay for their activities, but expect that to change in the future.  What I did was figure out how much they need for gifts and then how much I felt was a good amount of spending money per year.  I base the weekly amount on that.  Right now, my 14 year old gets $7 per week and my 11 year old gets $5 per week.  I have to soon start my 5 year old on allowance and I'm thinking $4 per week.

As far as gifts, they have to buy Christmas and Birthday for everyone in the family.  They can choose to buy others and have always bought a Mother's Day gift.  I buy the gifts for friends parties but if they aren't happy with my budget, they can supplement with their money.

As far as amount of spending on gifts, I encourage them to budget no more than one to two weeks of allowance for a gift.  It forces them to price shop and spend within their budget.  Lately they have been combining money to get larger gifts.  [/quote]

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