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Financial Friday: Guidelines on allowances for kids

Hi friends,

I’ve blogged previously on chores for kids and I seriously believe that any money earning/allowances should be directly attached to chores:

Chores for kids

Just to add to that post, I pay my kids their age in allowance, so every year they get a raise.  I also pay them every second week which is a personal choice, I don’t feel like they need money each week and I like to pay them when we grocery shop to keep the gimmes away.  They can pay for their own gimmes this way.

I know of some parents that have their kids save a set portion of each allowance, which is a great idea.  I do a special chore program in the summer which focuses on extra money for extra work, and setting a long term savings goal in advance, then working all summer to achieve it.  This could really be done at any time of year but it’s easier for me in the summer as the kids are home from school with me.

I’ve also seen it done that parents set up a board or list where each chore is worth a certain dollar amount (eg. wipe the kitchen counters, $1 or clean the bathroom, $5) that kids can pick specifically when they want to earn money.  That will work in conjunction with, or separately from the regular chores system.

There are a few different systems to make your children’s introduction to money easier, but starting one soon to get them on the path of earning money and making their own financial decisions, supported by you, is important.

Amy

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