pp, referring to the $10/mo pp

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My first grader got $10 per week last year. He saved nearly all of it.

It sounds like a lot, but I don't buy much for him. If he asks for something at Target (toy, candy, whatever), I say "Okay, but I'm not buying it. That comes out of your money." He then decides whether to spend his money or not. He usually decides not to. He bought a Kindle for himself. He buys video games sometimes.

Does anyone else think this is WAY too much for a 6 yr old? My son got a dollar a week when he was 6 and he had certain chores he had to do before he got it.

You can't even buy a candy bar with a $1, though. If it doesn't buy anything, it doesn't mean anything.

+1 pp here..I think $10 for a 10 yo is way too little. Then you must be buying stuff for them. OP I think it depends on what your goals are. Some people are trying to have it be a lesson for learning about money, whereas others are giving a bit of pocket change or tying it to responsibilities. Once you decide the "what for" you can set the amount/time frame.

Anonymous wrote:

Anonymous wrote:My first grader got $10 per week last year. He saved nearly all of it.

It sounds like a lot, but I don't buy much for him. If he asks for something at Target (toy, candy, whatever), I say "Okay, but I'm not buying it. That comes out of your money." He then decides whether to spend his money or not. He usually decides not to. He bought a Kindle for himself. He buys video games sometimes.

Does anyone else think this is WAY too much for a 6 yr old? My son got a dollar a week when he was 6 and he had certain chores he had to do before he got it.

You can't even buy a candy bar with a $1, though. If it doesn't buy anything, it doesn't mean anything.

Anonymous wrote:We do the amount PER MONTH of the age of the child. So my now 10 yr old gets $10/month and the 7 yr old gets $7. We were simply unable to remember to do weekly allowance so we started doing monthly.

They are expected to do chores but the allowance isn't linked to their doing of the chores (they do chores because they are part of our family, not because they will get paid if they do them).

This is what we do. We started with the large amount per week (stupid us) and that plus indulgent grandparents led to my DD having WAY too much disposable cash on hand at a young age. As in, "Mommy, I can buy an ipod touch for myself if I want one." That cash went into the college fund, we took a break, and we started over. Lesson learned.

Anonymous wrote:pp here, we put it in a jar and use a ledger, again so they can see the money grow or deplete. (and, so I can prove I paid them.)

I keep a ledger sheet on the refrigerator and add/subtract money from it for the same reason.

Anonymous wrote:We do a weekly allowance of $1.00 per grade in school.

Preschool= random change from my purse
1st=$1.00
2nd=$2.00
3rd=$3.00

etc.

Age appropriate chores must be done each week in order to earn the allowance.

This is exactly what we do. My 2nd grader is getting $2 now, she got $1 in first grade. Preschooler gets 50 cents. Extra money can be earned by doing chores that are above and beyond the usual setting/clearing the table, helping with putting laundry away, sweeping under the table (those are expected), putting toys away. But last weekend my DD mowed the lawn almost entirely by herself (she volunteered) and earned extra for that.

We do the amount PER MONTH of the age of the child. So my now 10 yr old gets $10/month and the 7 yr old gets $7. We were simply unable to remember to do weekly allowance so we started doing monthly.

They are expected to do chores but the allowance isn't linked to their doing of the chores (they do chores because they are part of our family, not because they will get paid if they do them).

Our five year old gets $5 and seven year old gets $7. We don't buy them much else. One spends, the other saves.

Anonymous wrote:

Anonymous wrote:My first grader got $10 per week last year. He saved nearly all of it.

It sounds like a lot, but I don't buy much for him. If he asks for something at Target (toy, candy, whatever), I say "Okay, but I'm not buying it. That comes out of your money." He then decides whether to spend his money or not. He usually decides not to. He bought a Kindle for himself. He buys video games sometimes.

Does anyone else think this is WAY too much for a 6 yr old? My son got a dollar a week when he was 6 and he had certain chores he had to do before he got it.

Well...someone has to be the 1%

Anonymous wrote:My first grader got $10 per week last year. He saved nearly all of it.

It sounds like a lot, but I don't buy much for him. If he asks for something at Target (toy, candy, whatever), I say "Okay, but I'm not buying it. That comes out of your money." He then decides whether to spend his money or not. He usually decides not to. He bought a Kindle for himself. He buys video games sometimes.

Does anyone else think this is WAY too much for a 6 yr old? My son got a dollar a week when he was 6 and he had certain chores he had to do before he got it.

pp here, we put it in a jar and use a ledger, again so they can see the money grow or deplete. (and, so I can prove I paid them.)

My first grader got $10 per week last year. He saved nearly all of it.

It sounds like a lot, but I don't buy much for him. If he asks for something at Target (toy, candy, whatever), I say "Okay, but I'm not buying it. That comes out of your money." He then decides whether to spend his money or not. He usually decides not to. He bought a Kindle for himself. He buys video games sometimes.

We do $2, and he's had it since KG. And, I don't make the kids save. They usually do, though, because they want expensive legos. I also match $1 for every week for him to use at end of year for a donation to a charity of his choice, of which I present 3 options. I don't tie it to chores, it is strictly to learn about the value of money and managing it.

We do a weekly allowance of $1.00 per grade in school.

Preschool= random change from my purse
1st=$1.00
2nd=$2.00
3rd=$3.00

etc.

Age appropriate chores must be done each week in order to earn the allowance.

Is it too early to start? If not, how much do you do? He'll need to save some for a short term goal, some for a long term goal, give some to church and then have some to spend. I was thinking $2. What do others do, if anything? Thanks!