I'm about to start an allowance for my 9 year old son. Going to give him $10 a week and he must save 20%.

My 8 year old gets no allowance. He does do chores though. He sits down with us every month as we pay our bills. He understands how money works.

Anonymous wrote:

Anonymous wrote:I find these rates interesting. $5 a week seemed to be the going rate 30 years ago when I was 10. People are still paying the same amount now? How do you even motivate your kid to do chores for $5 a week?

My kids do chores without an allowance. The motivation is they get to stay in the house, eat the food we buy, and sleep in their beds.

+1

I am a PP whose 10 yr old gets $7/week (really 5 since I make DC give to charity and put in savings account). $5/week goes pretty far. DC has learned to save for a few weeks to buy a $20 item. It has taught DC that though $5/week is a lot for a 10 yr old whose needs are all met by the parents, if you spend it every week on something like candy, then you lose out on getting a bigger ticket item - the whole opportunity cost thing. We've talked about this very thing.

Anonymous wrote:

Anonymous wrote:DD13 gets $3 a week. She gets allowance to learn to manage money, thus it is not tied to chores. You do chores because you're a member of the family, not because you're getting money.

Your 13 year old gets $3 a week?

Yep. I didn't realize this was the elementary school forum until after I'd posted.

Anonymous wrote:DD13 gets $3 a week. She gets allowance to learn to manage money, thus it is not tied to chores. You do chores because you're a member of the family, not because you're getting money.

Your 13 year old gets $3 a week?

My 10 year old DD gets $5/week, of which $2 must be saved. This is not tied to chores or school. She is expected to do those things to be a part of our family. She always seems to have plenty of money so I think it's enough. We may raise it in the future if she wants to take on other purchases, for example, buy her own clothes or toiletries.

Anonymous wrote:I find these rates interesting. $5 a week seemed to be the going rate 30 years ago when I was 10. People are still paying the same amount now? How do you even motivate your kid to do chores for $5 a week?

My kids do chores without an allowance. The motivation is they get to stay in the house, eat the food we buy, and sleep in their beds.

My 8 year old receives $5/week.

I find these rates interesting. $5 a week seemed to be the going rate 30 years ago when I was 10. People are still paying the same amount now? How do you even motivate your kid to do chores for $5 a week?

We do half the kids' age, so 9 year old gets $4.50 and 6 year old gets $3.

Not tied to chores. Since the children are members of the family, and members of the family all must help out, chores are simply an expectation and must be completed regardless of money.

DD13 gets $3 a week. She gets allowance to learn to manage money, thus it is not tied to chores. You do chores because you're a member of the family, not because you're getting money.

I read a good rule of thumb is .50-$1.00 per year of age, so then they get a "raise" each year. I'm sticking with the .50 amount so $4/week for my 8 year old. And not to hijack, but do you tie chores to allowance?

My 10 yr old gets $7/week, but $1 goes to savings,; $1 to charity.

My 10-year old gets $5/week.

If your kids have an allowance, how much do they get?