Kids and Allowance

I just read this article on Cozi about kids and an allowance.  While I don’t agree with paying kids just to breathe, the article got me thinking.  I think it can be a great motivator to reward chores in the beginning.  But, we  no longer pay for any chores.  We all live here and it all needs to get done.  They are responsible for helping.  End of story.

But, I do see the wisdom in giving them control of a certain amount of money.  I wish I had been taught more about managing money when I was young.  I also think it would make them think a lot harder about the next sweater or toy they just have to have if it is their own money they are spending.   Here is what I am thinking…  I already spend little amounts on them here and there because  I am a gift giver.  I love to give them stuff.  I also have a small monthly budget for clothes.  So, why not give them each a little money every month out of that budget that they are allowed to manage?  This way they can decide if they want that dress they are in love with now or if they want to save up for the adorable boots later.  Or, they can decide to wear the hand-me downs in their closet and buy something else with the money.  I would still cover the necessary items like every day clothes, undies and socks. And the occasional special outfit,  But, all those things I am not prepared to purchase…they would have to make.

I am thinking using their age would be a great dollar amount  to give each month.  I think the older ones deserve more because I expect more out of them. That would mean…

  • Dancing Grit $10
  • Sporty Grit $8
  • Goofy Grit $7
  • Baby Grit…nothing yet.  In my opinion she is still too little for this kind of life lesson.

That is only $25 a month.  That is a $6.25 a week to teach responsibility with money and spending. 

What Do You think? I would love to hear what you like/dislike about these ideas.  Or, tell me how you do allowance or money in your house.


Renee said...

We give $1 per grade per week.... so in our family Sporty Grit would be in 2nd grade?
They need to use this money to buy bday/CHristmas gifts for siblings and any extras they may want throughout the year...
it's worked well for our family.
When the teen gets a driver's license, the allowance disappears because we are paying for gas and insurance.... money must then be earned elsewhere

Joyce said...

Thanks so much for sharing. That sounds like a great approach, too! I really like the idea of having them buy gifts for each other out of it. Mine usually make things for each other, but I know as they get older they will be wanting to give a little more.

Chasity said...

We never gave money for chores live here....this needs to be done. (Momma doesn't get paid for chores niether do you policy) That being said about a year ago we started an allowance. So they could learn titheing, saving for what they want ect.
We give $1 per age...Just like you said. OLdest get $11 and the twins get $7 a piece. Since this time they do save what they make for big purchases. Oldest saved for a Kindle Fire, twins pooled their money to share one. (THey also had bday money to add in) However it really stops the asking for this and that.....they seem to understand tha tmoney is not easy to come by...It takes them a while to save, but that is a good thing.
We are also going to teach the Dave Ramsey curriculum to them.
I have not been getting around to visit blogs lately...missed you!!! Hope you are having a great week!!

Chasity said...

Oh and that amount is per month.

Joyce said...

Missed you, too. It has been hectic here as well. KCC and Spring turnover time...uugghh.
Thanks for the comment. I love that you are always one step ahead of me and I can glean so much from you!
You will have to let me know how the Dave Ramsey is. or blog about it so we can all read it:))

Chasity said...

My kiddos are older so we just got there sooner.....I am sure I am not ahead in other areas, ha. Oh KCC days...I miss it and I don't (:o) I really needed Legos-bulk I wished we could have at least been mear to shop. Dave Ramsey has little kids and big kids stuff too. I have read Total Money Makeover and I totally love it. I will be doing some of his things with M for high school. Just have not decided which year we are doing it yet. She is in 7th next year and we are allowed to do high school stuff for credit starting then........YIKES!!!
Blessings sweet friend!!!!