Yes, we give our kids an allowance. Yes, they also have chores – but the allowance is not tied to the chores (they lose electronics or other privileges if chores are a problem).
How much? Right now, our 9-year-old gets $5 per week, 12-year-old gets $10 per week, and 14-year-old gets $15 per week.
How do they get it? 12 and 14 get theirs direct-deposited into a bank account with a debit card. 9 gets $3 per week direct-deposited into savings (her choice), and $2 per week in cash (she doesn’t have a lot of expenses but likes the occasional candy or soda).
Now, my question to you, if your kids also get an allowance or have some sort of income, is what do your kids pay for vs. what you pay for?
Our kids can spend their money on fun stuff: candy, sodas, books, magazines, music, posters, etc. But they are also supposed to pay for things like birthday gifts for friends and smaller expenses at school (school dances, smaller field trip and supply fees, additional school supplies, drum sticks).
We’ve also started giving a seasonal clothing allowance for the older two, although I’m still trying to figure out what is the best amount. So they pay for their own clothes out of that, unless something comes up like an urgent need for a new winter coat, or having NO SHOES that fit any more.
OK, that kind of sounds like I have our system figured out. But I don’t entirely, and I suspect high school is going to shake things up a bit, and we’re going to have to figure out where to re-draw the lines between what we pay for and what they need to budget for.
What do you do?
Yes, it’s been a while. What have I been up to? Lots of hiking this summer. I’m hiking for my health and because I love it! I post hike reports and photos at the Portland Hikers Forums (latest post). I’ve also been traveling with my family – family reunions, Yosemite, and the Oregon Coast.