Making Allowances

Do you think kids should receive an allowance or should they learn the benefits of hard work without being compensated? Check out this article from MSN Money about if and when to give your child an allowance. Weigh in with your opinion in the comments section.

Should Your Kids Get an Allowance?


4 thoughts on “Making Allowances

  1. Holly Hamrick says:

    I think that you should have set “duties” for the kids to do. Every week, the kids know these things MUST get done. It’s part of helping out around the house. Anything outside of that, the kids should have an opportunity to earn money just like in life. It’s amazing to see my nephew hoard all his money that he earns to save up for a big present for himself. It’s so cute to see him count his money and tell me how much he has. He sees it as an accomplishment.

  2. greenishmonkeys says:

    I do. We started around age 5 for both kids. Here are our rules:
    Each child receives 1.25. They put a quarter in three jars: to give, to save, to spend. They can put the remaining 2 quarters in whichever jars they choose. We match whatever they donate, and we match savings. When savings get to $5, they take it to the bank and deposit it (we match it then). The allowance isn’t tied to chores, which are just a part of being in the family– however, I periodically pay for a special job, or I will let them bid on a job. I sometimes fine them from spending, too, although not for chore-related things.
    Spending can go towards whatever you want, but unless it is a special situation, you have to wait a few days to make sure that you really want it.

    • TheBudgetMaven says:

      Anne Marie,

      I like that you are giving them choices, even this early. I think we underestimate how much what they’re taught as children spills over into their adult lives and if you start them off financially responsible, they’re so much more likely to have a handle on their finances in their later years. Thanks again for sharing the wonderful things you’re modeling and putting into practice for your children.

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