We have a weekly allowance that isn't tied to chores. The amount is tracked in a simple allowance app (not fancy like greenlight). If they want to keep cash on hand they can, but usually they never have it with them when they want it. If we are out and they want a trinket or pack of cookies or whatever, it comes out of their own account. No whining, no haggling for me to buy it for them.

I think we might subscribe to greenlight soon. DS is becoming interested in money and savings, and I think it would be good for him to see the numbers for himself like a real bank account. I'm not totally sure if it's worth it yet...

Each kids has a "kid's account" at Chase with a savings bucket and a spend. The spend bucket has a debit card; if they want something, they use the debit card to pay.

We fund the account with $5 earned if they each do their respective chores (or other ad hoc activities). Its funded through a transfer from our account at Chase.

Kids are 8 and 11; only the 11 year old has used the debit card in a physical store.

Anonymous wrote:1) cash or tracked on an app (which one?)
2) weekly or monthly?
3) always happens on time or reconcile periodically?

Anything else about how it actually gets paid?

There's no need for apps. Weekly allowance, always Saturday mornings. It's just cash on their desks.

We just started. I had DS label three jars with percentages - spend, save, donate. He and I talked about what good percentages would be for each.
We pay every two weeks and he splits it right into the three jars.

It’s not a checklist of chores he must do, but generally we tell him please do this or make sure you do that and it gets done. But he is young and reasonably compliant. I’m sure as he gets older we may need to move to a more enforced list.

Anonymous wrote:I keep the $ in her “allowance account” and if she wants to buy something when we’re together, we spend from that. I don’t give her the cash bc I rarely have cash and she is also impulsive.

+1 DH manages the "account" on a google spreadsheet and gives them a generous interest rate for saving money. We'll give them cash when they ask (and if we have it) and deduct from the online balance. I'm sure there are apps that could handle this but DH likes his spreadsheet.

Anonymous wrote:

Anonymous wrote:I keep the $ in her “allowance account” and if she wants to buy something when we’re together, we spend from that. I don’t give her the cash bc I rarely have cash and she is also impulsive.

so this an amount you track for her? or does it end up being kind of made up? when she gets her weekly allowance, do you tell her "you now have $x in your account" or is it only discussed when she wants to spend it?

Yes I track it for her though she also tracks it herself. It’s like $5/wk so not
a ton of $

Anonymous wrote:I gave mine her allowance weekly in cash. I passed my banks ATM during my commute so easy enough to get cash. Sometimes, I would get enough for the month. I wanted her to learn to deal with actual money (helped with giving cashier right amount and ensuring she received correct change) when making purchases, and to feel/see it leaving her hands.
She had a bank account too.
Allowance wasn't connected to chores.

Was it always an easy $ of cash to have on hand? or did you make change of what she had in her piggy bank? I tried the $1 per year age but then trying to get $7 each week seemed way too complicated. This wasn't hard for my parents, but i'm assuming they had cash around all the time 30 years ago

We use Greenlight.

We started by paying weekly and my 10 year old requested a monthly payment as she wanted to try a new approach to savings. So one gets weekly, the other gets monthly.

Our kids have one half day a month and I give them $15 to hang out with their friends.

Greenlight works really well for us.

I gave mine her allowance weekly in cash. I passed my banks ATM during my commute so easy enough to get cash. Sometimes, I would get enough for the month. I wanted her to learn to deal with actual money (helped with giving cashier right amount and ensuring she received correct change) when making purchases, and to feel/see it leaving her hands.
She had a bank account too.
Allowance wasn't connected to chores.

Anonymous wrote:I keep the $ in her “allowance account” and if she wants to buy something when we’re together, we spend from that. I don’t give her the cash bc I rarely have cash and she is also impulsive.

so this an amount you track for her? or does it end up being kind of made up? when she gets her weekly allowance, do you tell her "you now have $x in your account" or is it only discussed when she wants to spend it?

My kids are older teens now, and we never gave them an allowance. One of their grandmothers used to give them money occasionally. They are expected to help around the house (starting in their tween years), and if they want something, we either buy it or they pay for it using their Grandma money. The oldest also has his job money.

It's too much of a hassle to manage allowances, and none of them are spendy people anyway.

I keep the $ in her “allowance account” and if she wants to buy something when we’re together, we spend from that. I don’t give her the cash bc I rarely have cash and she is also impulsive.

Anonymous wrote:Yes we need to implement this. We tried at one point, but then I never had cash and it just sort of stopped.

op here - thats what happened to me as well.

Yes we need to implement this. We tried at one point, but then I never had cash and it just sort of stopped.

1) cash or tracked on an app (which one?)
2) weekly or monthly?
3) always happens on time or reconcile periodically?

Anything else about how it actually gets paid?