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allowance
Ok, so my older kids (8 and 10) are getting to the age where they would like to have their own money. I agree. They want to buy things like nail polish, craft things, music, movies, posters, etc. Great and fine with me. I'm all for learning the value of a dollar early in life.
I guess what I really want to know is this: how much money and for what. Get an allowance for chores or not? Stuff like that. What do you do in your house?
I was thinking for the how much was this: half their age. Say, my 10 year old can get $5/week. My dd8 $4. A .50 raise every year. Maybe an incentive for making honor roll would be a little extra for them (not that they needed one. They have always made honor roll. But DD10 starts middle school this year and things will start getting more challenging for her). Maybe extra things around the house for extra dough.
I got them a book yesterday from American Girl. The Smart Girls Guide to Making Money. It has lots of info about saving, spending wisely, and making money. Problem is, most money making ideas can't apply to us. Living out in the country miles from other humans makes it hard to mow lawns, walk dogs, and babysit/story hour things. But there were some GREAT ideas in it. Highly recommend it.
So, what do you do in your families?
Comments
Kids and Money
Our girls have been geting an allowance since about that age. Right now DD12.5 gets $10.00 a week and DD16.9 gets $15.00 a week. We don't pay for regular chores/housekeeping or for grades, although we do occasionally "supplement" low funds for a specific item/event by paying for "above-and-beyond" tasks (ie: DD12.5 needed about $8.00 "more" to buy a specific piece of software so she swept and washed the proch, deck and sidewalks) and we often set a reward for reaching a goal...DD12.5 wants to eat at The Melting Pot so that will be the reward for meeting some learning goals/tasks that we'll set for her first grading period in 7th grade(first year in middle school here.)
Some of our guidelines are: if an outing is our idea (DH and/or I), we pay. If we are included in the activity, we also pay. If we drive but are NOT included, they pay. We pay for meals on outings. We don't buy "toy" souvineers. Ever.
We cover the costs of school and scout related activities (except for junkfood, snacks, etc.)
They buy their own music, software, batteries, etc.
We have given DD(almost 17) a budget for all her "senior-year" related stuff and will let her decide what the priorities are: the more she spends on pictures, the less she has for prom, etc. She also has two BIG trips this year (Florida with the band for Spring Break and Europe with my mother after graduation!) so she know she needs to be saving for that.
Both of our DDS seem to be thoughtful spenders...possibly because I don't "shop" for fun at all. Both will research and compare prices before buying, and DD12.5 expecially LOVES to get a bargin!
That's my girl!
Blessings!
Lenora
When I was younger....
*~* GLITTERY.HOMEMAKER *~*
I do not have children yet but I have thought about whether or not I will give them an allowance. I will probably do something like what my parents did for me when I was younger. I did not get an "allowance" but I was rewarded with my weekly tasks around the house. I had set things that I helped my mother to do and I also had my own responsibilities of making my bed each day, keeping my room clean, etc. If I did all of these things then I would get a set amount at the end of the week. If I did not do all of them then I would not get the entire amount.
I then decided that I wanted to make even more money (I was ambitious as a 10 year old) and decided I wanted to help my father feed the calves. I grew up on a farm and love animals so this was perfect. It became my little "job." Each afternoon after school, Mon-Fri, I would go to the farm and feed the calves (it only took about a half hour and thinking back was such a simple task). Each day that I did it, I would get $2. So potentially I could make $10 a week. It taught me responsibility and how to save/manage money. It was also fun!
Just gave a raise
We just gave a raise to DD11(almost 12). She is now getting $10/week because she has completed a babysitting class and can now watch DD5 for an hour or two while I run errands. By not having to take my little tornado along, I save at least that much
We do not pay for chores or good grades because we'd go broke. DD5 won't get an allowance until she starts Kindergarten. This has created a lot of melt downs because DD5 feels it's sooo unfair.
DD11 gets to do with her money whatever she wants. She is expected to budget and we don't help out just because she spent all her money on a video game and has nothing left to go to the movies. That's life. Can't do it all... DD11 has been pretty good about keeping an "emergency savings", though.
I tried doing things by the
I tried doing things by the task, it didn't work out that well. At the time, they really didn't NEED to have any money, and were happy to live without it. Even with charts and stuff, I would forgot to write one down (or they would), or I'd get busy with the smaller kids.
I really strive to be organized. And in my head, I have charts and plans and all sorts of ideas. I make a GREAT home organizer. It's just putting my plans into action is where I have the problems. LOL!
Sounds like feeding calves was a great start! I would love to get paid for that (uh, I don't get paid for it NOW. Hmmm...). LOL! No, I do feed the cows once in a great while, but they are all out on pasture and feeding them is getting in the cake pickup, hitting a button, and poof, cake (cattle cubes to some) comes out of the feed box on the back in neat little 5 lb piles, one pile for each cow. Not a job my 10 year old can do quite yet (though she sure is getting the hang of driving, even the stick shift. Won't be long I'm sure).
Too bad I didn't make money for each stall I cleaned growing up. THAT was expected of me, without so much as a thank you from my evil stepmother.
Thanks much for the ideas, gals! Hope some more chime in!
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