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Tweens and Teens
Reply to "Tried and True allowance strategies "
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[quote=Anonymous]We started young, with $1 per grade per week. (So, 3rd grader gets $3 per week.) Not tied to chores, and parents pay most expenses. The purpose of the allowance was to teach the kids how to save and spend wisely. What worked for us was something I think I read about here ages ago -- we pay a crazy amount of interest. Like, 1% per week. I keep a spreadsheet for each kid so the math is easy, and they don't have the money in hand -- just a balance in the account. The point is that when they're little and they want something from the toy store every week, they are quickly rewarded if they hold off. The money stacks up pretty fast, and they understand that it's worth it to save.[/quote]
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