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

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[quote=Anonymous][quote=Anonymous]$1 per year. She keeps half, puts 1/4 in short term savings, I put 1/4 in long term savings. She is 11 and we have been doing this for 6 years. Short term savings is for big purchases or spending money on trips, long term savings she can have when she moves out of our house. The money she keeps she can spend on what she wants.

I have watched her "waste" money on gum, erasers, candy, silly bandz, gel pens in every color, tiny notebooks, useless plastic crap, and most recently an over- priced ugly Coach purse at a consignment shop. I also watched her spend ALlL of her saved trip money on the first day of a 5 day vacation at the gift shop at the Magic Kingdom on two Webkinz that could have been purchased much cheaper at home. (And yes we had that discussion before she bought them). I have also seen her save enough money to buy an iPad, voluntarily give money to worthy causes, and treat her friends to ice cream.

What do I pay for? Clothes, toiletries, gifts. I also buy all school supplies and sporting gear. I do not buy gum, toys, candy, or specialty clothing. If we are all going for ice cream, we pay. If she wants ice cream and it's not a family trip, she buys her own ice cream. If she wants Chipotle and that's not what's for dinner, she pays. Interestingly enough she has never paid for dinner. Seems as if what I am preparing for free always trumps buying her own junk food dinner.

I assume as she ages I will give her X amount of money to work with and send her on her way.

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This is OP. sounds like our approach is somewhat similar, except for the charity component. How do you handle movies, particularly if she wants  to go with a friend? Or other pay-to-play activities with friends?[/quote]

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