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

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[quote=Anonymous][/quote]+1 To me, I see the skill of saving growing as my kids make choices to save for something they really want and then enjoy it, vs. blowing their money on random stuff and then not having money when something they really want comes along.  It's a more impactful way to learn that lesson than just forcing them to save.

For those who require a certain amount to savings -- when do the kids get to spend what they have saved?  Are they saving toward a particular goal[quote]

PP, I do not tell my kids how to use their money, except that they are required to give birthday and Christmas presents to siblings and parents, which they are free to make or buy.  But all of mine are savers - as am I.  Two of mine are saving for jeeps (they are 7 and 12).  They have been researching used jeeps online for a long time and have figured how much they need to save per year to get themselves one by their 18th birthday.  They are very proud of their bank accounts.  I direct deposit their allowance into their accounts once a month and if they want to make a withdrawal, they let me know and I take them to an ATM.  The benefit of this is that they don't tend to blow money just because it's in their pocket.

I cannot imagine how much you would have to give your kid in allowance if only 40% was for them to spend.  A day at the movies is $20 (including bus fare and a small snack), a snack at the mall is $5.  If you were only going to let them spend 40%, you would have to give them $50 per week if you were going to let them go out with friends.  That's way more than I give.  The conversation does remind me though that my oldest is ready for a raise in allowance because he goes out more and I want it to come out of his money.  [/quote]

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