When Do You Start an Allowance?

Well, my three stepchildren, ages 9, 10, and 12, are only here in the summer with us, but they get paid for chores. They don't get paid if they don't get them done. This has been going on since the youngest was 6, which was when my husband and I married. Their mother doesn't give them any money, but I know that they need to learn money management and motivation for earning. I was listening to the Dave Ramsey show and he was saying that there are some chores that kids should do just because you eat and are a part of the family, some that you do to earn money. I agree with that. Not every chore around here gets money, some is just on an as-needed basis and they are expected to pitch in when asked. I was doing a chore list with them with age-appropriate chores, and I let them take turns picking their favorite chores and helping make the chore list off of a master list of a list of chores to make it fair, and I also made a list for their dad and I, and they were actually better than doing theirs than we were at doing ours! lol. The amount will depend on your family's needs, values and ability to pay. It can be helpful to expect them to save a little and blow a little, whether it is 5 or 15 a week, and it probably goes up with age and amount of chores. Hope that helps!

I would started now since he is doing some chores but there are a couple of rules for me. (1) There sure be chores he does just because he is part of the family and family help each other out. (2) If you are a Christmas family ten percent goes to God and ten percent goes into savings and he can spend the rest. (3) He should get a dollar for each year al least to began with, when he is a teenager you can talk about more.

go check out daveramsey.com - financial peace jr. for kids - it talks all about not giving an allowance but putting your kids on commission. teach them "work = get paid; don't work = don't get paid". you start them out young - can start as young as 3. my oldest just turned 4 and i am about to start her on the system. she will have a chore sheet and each chore will be worth $X (we will probably do a quarter each b/c she really doesn't understand the values yet and coins are cooler right now to her). she gets paid for the chores she does and the reverse is true. then you teach them what to do with that money - give, save, and spend. a certain amount you give - either in a tithe if you go to church or to another cause if you don't go to church. then you save a certain amount of that (even though at first it is not much - you are really teaching principles not trying to make them rich), and then you let them spend a certain amount. that way they get the reward of working hard for that money. take them to the store with that money they earned and DO NOT help them buy anything with your money (even tax). it will teach them if they don't have enough just to work harder if they really want that thing. a lot of times they won't buy that thing when they finally have the money b/c they realize that it is not worth their hard earned money. hope that helps!

I was giving a small amount at age 7 and 8, but lately I have started trying to teach my 9 yr old about working for $.So I have him write each chore down on a slip of paper and we put it in the jar. On my pay day I tell him what the $ value is for that chore and we add up all that he has earned. I pay him every two weeks when I get paid. He looks forward to payday and what he can spend hims money on. He has bought himself quite a few things over the years. He paid half on his Nintendo DS, bought a $50 bible, a skate board and last week a razor scooter. Some f the money comes from family for birthdays and good grades. But it has taught him to work for money, save money, and spend it wisely.
HTH

We started our children on allowances at about age 5 and do $1 per year per pay for their age upwards from the $5. Five yrs. old = $5. They get very excited on their birthdays because they know they will get a "raise!" We haven't had to fuss with our children about what they are supposed to do around the house so I haven't had to really think about withholding the $$ often at all. They get paid every other Friday not per week. At that age (5), $10 per month was sufficient for their extra spending money. They manage their money and save really well for the special things they want. I usually only buy them things on birthdays, Christmas, clothes needed and school items. They buy the other random things. It has sure helped me with the "I want ..." when we are in the stores. I just ask them if they have enough money and did they remember to bring their wallet/purse. They are welcome to spend it on what they want and quickly realized a good bargain or something they should skip. I heard you shouldn't advance them money on allowances to buy something because it teaches them to spend before they've really earned it. They know they have to wait for another pay day. That was good advice given to us. In this economy, I hope it has helped them get used to keeping up with their money and spending it wisely.

My girls are 9 and 10, I started giving them an allowance around 4 or 5 for cleaning their rooms. Now their chores include not only keeping their rooms clean, but also helping with the laundry, setting the table for dinner, keeping their bathroom tidy and occasionally vacuuming. But for the most part, money doesnt seem to be a motivator... :]