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Allowances and chores (1 Viewer)

TheIronSheik

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What kind of allowances are kids getting these days? And what are their chores?

I have a 10 year old daughter and I'm not sure what the standard wage is these days or what she should or should not be doing.

TIA

TIS

 
This is what I do with my 9-year-old. The top 8 are everyday things and the last 4 are once or twice a week. She is with my a little over 50% of the time, so she averages $4.50-$6.75 per week. She is required to put $3.00 per week in the bank.

Out of Bed by 7:15am $0.10

Bed Made Correctly $0.25

Morning Routine Done by 8am without Being Told $0.25

Homework Completed at after-care $0.25

Table Set for Dinner $0.15

Lunch Made $0.50

Night Routine Done without Being Told $0.25

Fish Tank Cleaned $0.50

Clean Dishes Put Away $0.10

Room Straightened Up $0.25

Clean Clothes Put Away $0.15

 
This is what I do with my 9-year-old. The top 8 are everyday things and the last 4 are once or twice a week. She is with my a little over 50% of the time, so she averages $4.50-$6.75 per week. She is required to put $3.00 per week in the bank.

Out of Bed by 7:15am $0.10

Bed Made Correctly $0.25

Morning Routine Done by 8am without Being Told $0.25

Homework Completed at after-care $0.25

Table Set for Dinner $0.15

Lunch Made $0.50

Night Routine Done without Being Told $0.25

Fish Tank Cleaned $0.50

Clean Dishes Put Away $0.10

Room Straightened Up $0.25

Clean Clothes Put Away $0.15
You pay her more for making lunch than doing her homework?

 
I've got nothing. What age is a good age to start? I tried this once and it went no where. I also feel that my kids are incredibly spoiled. They have little need for their own money.

 
We use a stars/points system with our 5 and 7 year old boys. When the kids do something we appreciate (their morning routine, tie their shoes, help clean up), we award them stars on a wipe board. They can cash in the points for things they like - a TV show, iPad time, or cash. Works pretty well...when they misbehave, we take stars away. That works especially well when they are wasting time following instructions. I start counting up from 0, and I take away whatever number I get to before they move their butts.

 
This is what I do with my 9-year-old. The top 8 are everyday things and the last 4 are once or twice a week. She is with my a little over 50% of the time, so she averages $4.50-$6.75 per week. She is required to put $3.00 per week in the bank.

Out of Bed by 7:15am $0.10

Bed Made Correctly $0.25

Morning Routine Done by 8am without Being Told $0.25

Homework Completed at after-care $0.25

Table Set for Dinner $0.15

Lunch Made $0.50

Night Routine Done without Being Told $0.25

Fish Tank Cleaned $0.50

Clean Dishes Put Away $0.10

Room Straightened Up $0.25

Clean Clothes Put Away $0.15
You pay her more for making lunch than doing her homework?
The amounts are not totally scientific, but I guess the rationale in my mind is that making the lunch is more of a luxury for me than doing homework. But making sure that she gets the homework done right away is a bit of a luxury, so that's why she it's a "chore" for her.

I could consider re-calibrating the system, though.

 
This is a good start. Thanks.

On a side note, how much time does everyone let their kids play on their electronic devices per day? She just got a Kindle and a Touch for Christmas and I feel like she's on it 24/7. And I hate that. But I really don't know what the acceptable amount of time is on these things. I don't want to be strict, but I also don't want her to become a vegetable, never looking up from these things.

 
I let my kids have access to electronics whenever I am using them (e.g. if I want to use the computer during a weekend, they get to watch TV or use the iPad at the same time). I don't have strict rules. If they are becoming zombies, I just tell them it's "no screen" time (me included), and we play a board game or read for a while.

My kids (again, they are younger) are really into a "game" I made up a few weeks ago. At the start of the weekend, we make a list of 13 things to do and assign each item to a playing card. It ranges from things like "watch a TV show" to "clean out the toy boxes" to "walk the dog". At any point, if they say they are bored, we draw a card and do the activity.

 
I let my kids have access to electronics whenever I am using them (e.g. if I want to use the computer during a weekend, they get to watch TV or use the iPad at the same time). I don't have strict rules. If they are becoming zombies, I just tell them it's "no screen" time (me included), and we play a board game or read for a while.

My kids (again, they are younger) are really into a "game" I made up a few weeks ago. At the start of the weekend, we make a list of 13 things to do and assign each item to a playing card. It ranges from things like "watch a TV show" to "clean out the toy boxes" to "walk the dog". At any point, if they say they are bored, we draw a card and do the activity.
That's cool. I should have specified that I'm actually more OK with her watching TV if we're watching TV. I consider that part of family time, since we end up talking to each other the whole time. It's really more when she's on the Kindle or Touch doing things that bother me after a long period of time.

 
I've got a new system going, and it seems to work well so far. Each kid has a weekly chart on the fridge with 10 squares. If they don't follow instructions, get their expected chores done, or misbehave, they get an "X" in a square. The first couple of squares are warnings. After that, they start losing privileges and/or have $ deducted from their weekly allowance.

As far as dollar amounts (and I'm still playing with this system), they get $5 per week. 1 of those dollars goes into a long-term savings, where they have to amass $40+ to be able to spend it on a "big ticket" item. Another 1 of the dollars goes into a short-term savings, where they have to amass $20+ to be able to spend it. Then the other $3 are theirs to blow on whatever they want (or they can also add to one of the savings stashes if they so choose). They are free to add any extra money they get (birthdays, cash from grandparents, etc.) to either of the savings stashes as well.

 
Kids get $1.00 a week. That's for all chores around the house.

They have to donate .10, save .30, and they can spend .60

Kids are 8, 6, and 3.

They can earn extra for other chores.

 
This is a good start. Thanks.

On a side note, how much time does everyone let their kids play on their electronic devices per day? She just got a Kindle and a Touch for Christmas and I feel like she's on it 24/7. And I hate that. But I really don't know what the acceptable amount of time is on these things. I don't want to be strict, but I also don't want her to become a vegetable, never looking up from these things.
We let them have one time a day (20 minutes) during the week.

Two times a day (20 minutes each time) on weekends. Kids are 8, 6, and 3.

 
Long Ball Larry said:
This is what I do with my 9-year-old. The top 8 are everyday things and the last 4 are once or twice a week. She is with my a little over 50% of the time, so she averages $4.50-$6.75 per week. She is required to put $3.00 per week in the bank.

Out of Bed by 7:15am $0.10

Bed Made Correctly $0.25

Morning Routine Done by 8am without Being Told $0.25

Homework Completed at after-care $0.25

Table Set for Dinner $0.15

Lunch Made $0.50

Night Routine Done without Being Told $0.25

Fish Tank Cleaned $0.50

Clean Dishes Put Away $0.10

Room Straightened Up $0.25

Clean Clothes Put Away $0.15
I am waaaaaaayyyyyyyyy overpaying my wife.

 
I have an 11 yr old and 9 yr old, both boys. They get no allowance. They are expected to do chores...empty dishwasher, take out trash, assist with house cleaning, etc... But they do it without pay. We present it as their contribution to the household just as mom and dad do many things for the family without compensation/monetary reward. That said, I have been thinking of starting up something tied to money just to start reinforcing some basic personal finance lessons...not sure what exactly...Maybe tasks that are more demanding hen everyday chores.

 
Kids get $1.00 a week. That's for all chores around the house.

They have to donate .10, save .30, and they can spend .60

Kids are 8, 6, and 3.

They can earn extra for other chores.
Man, I wish my oldest gave a crap about .60/week. I tried something where she could earn $10/week when she was 6 and she lost interest after a few weeks.

 
Kids get $1.00 a week. That's for all chores around the house.

They have to donate .10, save .30, and they can spend .60

Kids are 8, 6, and 3.

They can earn extra for other chores.
Serious question. What can a kid get for $.60 in this day and age? I mean, I can't think of a single thing a kid could purchase nowadays for $.60. Other than two quarters and a dime.

 
This is a good start. Thanks.

On a side note, how much time does everyone let their kids play on their electronic devices per day? She just got a Kindle and a Touch for Christmas and I feel like she's on it 24/7. And I hate that. But I really don't know what the acceptable amount of time is on these things. I don't want to be strict, but I also don't want her to become a vegetable, never looking up from these things.
Very little during the week best case scenario, but if my wife and/or I are tired, they'll get to use it some. That's at home. They do have about a 20 minute/each way drive to school so they can use it there. Weekend, they use it a ton. My oldest reads on it as well, but there is a lot of game playing and tv watching. Its miserable outside so its not easy filling in a 13 hour day with other stuff.

 
Kids get $1.00 a week. That's for all chores around the house.

They have to donate .10, save .30, and they can spend .60

Kids are 8, 6, and 3.

They can earn extra for other chores.
Serious question. What can a kid get for $.60 in this day and age? I mean, I can't think of a single thing a kid could purchase nowadays for $.60. Other than two quarters and a dime.
Was thinking the same thing. Took my kids to the lego movie yesterday. They wanted to play some games afterwards, but everything was $2 or more. Hell no.

 
Kids get $1.00 a week. That's for all chores around the house. They have to donate .10, save .30, and they can spend .60 Kids are 8, 6, and 3. They can earn extra for other chores.
Serious question. What can a kid get for $.60 in this day and age? I mean, I can't think of a single thing a kid could purchase nowadays for $.60. Other than two quarters and a dime.
Teach them to save up before purchasing something. What's wrong with that?

 
This is a good start. Thanks.

On a side note, how much time does everyone let their kids play on their electronic devices per day? She just got a Kindle and a Touch for Christmas and I feel like she's on it 24/7. And I hate that. But I really don't know what the acceptable amount of time is on these things. I don't want to be strict, but I also don't want her to become a vegetable, never looking up from these things.
almost four year old gets a half hour on the ipad during the day if all of his messes are clean, he wasn't difficult eating (constant problem), and there aren't any melt downs. Same deal at night. He gets shows in the morning and sometimes a movie in the afternoon. We will also turn on a show for him while we get dinner ready.
 
I have an 11 yr old and 9 yr old, both boys. They get no allowance. They are expected to do chores...empty dishwasher, take out trash, assist with house cleaning, etc... But they do it without pay. We present it as their contribution to the household just as mom and dad do many things for the family without compensation/monetary reward. That said, I have been thinking of starting up something tied to money just to start reinforcing some basic personal finance lessons...not sure what exactly...Maybe tasks that are more demanding hen everyday chores.
weeds, mowing the lawn, shoveling, leaves, scrubbing the deck...still working on my list but we plan to do the same when our oldest gets to be 8 or so.
 
We don't pay for chores, those are just expected to be done as a member of the family. They get a $5 allowance each week.

 
Kids get $1.00 a week. That's for all chores around the house. They have to donate .10, save .30, and they can spend .60 Kids are 8, 6, and 3. They can earn extra for other chores.
Serious question. What can a kid get for $.60 in this day and age? I mean, I can't think of a single thing a kid could purchase nowadays for $.60. Other than two quarters and a dime.
Teach them to save up before purchasing something. What's wrong with that?
Yep, this.

 
Kids get $1.00 a week. That's for all chores around the house. They have to donate .10, save .30, and they can spend .60 Kids are 8, 6, and 3. They can earn extra for other chores.
Serious question. What can a kid get for $.60 in this day and age? I mean, I can't think of a single thing a kid could purchase nowadays for $.60. Other than two quarters and a dime.
Teach them to save up before purchasing something. What's wrong with that?
Yep, this.
What do they usually save up for?

 
Kids get $1.00 a week. That's for all chores around the house. They have to donate .10, save .30, and they can spend .60 Kids are 8, 6, and 3. They can earn extra for other chores.
Serious question. What can a kid get for $.60 in this day and age? I mean, I can't think of a single thing a kid could purchase nowadays for $.60. Other than two quarters and a dime.
Teach them to save up before purchasing something. What's wrong with that?
Yep, this.
What do they usually save up for?
Well, if they save it for about 14 weeks, maybe they can get a ticket to the matinee.

 
Kids get $1.00 a week. That's for all chores around the house. They have to donate .10, save .30, and they can spend .60 Kids are 8, 6, and 3. They can earn extra for other chores.
Serious question. What can a kid get for $.60 in this day and age? I mean, I can't think of a single thing a kid could purchase nowadays for $.60. Other than two quarters and a dime.
Teach them to save up before purchasing something. What's wrong with that?
Yep, this.
What do they usually save up for?
It depends. They hang to to their money for awhile. They are also getting birthday and Christmas money also that they save. Plus, I give them additional chores where they can make money. For example, they both earned $10 to move a cord of firewood to the backyard before winter.

My 6 year old saved about $100 for the last year and bought himself a bait casting fishing rod and this past weekend bought a small aquarium.

My 8 year old will hang onto his money long enough to buy Lego sets that range in the $20 - $30 range. We just simply don't allow them to blow their money, and at their ages they don't NEED a lot of money.

If I pay them more, they accumulate faster, meaning they are buying things more frequently. Not the message I want to send right now. As they get older, they will start getting a raise. Not now.

 
We just started this with my 3 year old, if she goes all day without getting in trouble, she gets to choose 2 coins from the change jar for her piggy bank. Not really an allowance, and she hasn't spent any of it yet because, if we're being honest, the reward for her right now is the act of dropping the coins in her piggy bank, not spending the money. We're hoping that lasts a while and that her first purchase is something big, so that she can have a quick win with saving. No doubt that'll follow up in quick order with the expectation that she's got enough for another big ticket item, but I consider that our teachable moment.

No idea how or when we'll follow up with an allowance, there's a lot to work out there with some of the views my wife and I have expressed to each other in the past.

 
Kids get 35 bucks a month. They assist with chores around the house, dishes, dusting, vacuum, garbage and laundry. They must save 20%, donate 10% and the rest they can use for other things. Most of it stays in the bank. We have bought CD's and stocks with the money. They also have kids books on managing money and investing.

Money received as gifts they must save 20% and the rest they can do what they wish. Usually they save it for legos or something else.

Tough teaching them that they are not able to have everything their friends get.

Boys 11 and 9. Have been doing this since they were born. The saving part. As they got older we added the chores.

 
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My 15 year old gets $15 a week and my 8 year old gets $11 a week. Each must donate $1, then half goes in "spend" and half goes in "save". Any birthday/christmas money follows the half and half rule. "Spend" they can keep as cash and can use on anything they want, regardless of how stupid it is, without asking us. "Save" goes in the bank and can only be spent on parent approved stuff. The 15 y/o will be using her "save" on a car this year.

Lol at some of the cheapskates in here. If your kid has to save up months to buy a $20 toy you're not teaching them fiscal responsibility, you're teaching them how to not have money. IMO kids understand the value and respect things far more when they spend their own money on it instead of having mom/dad buy it for them. Buy them less things and use that money to increase their allowance. When they can actually walk into a store each week and see hundreds of interesting things they could buy, but decide to save it because there is something really awesome they'd rather have it's a beautiful thing.

Edited to add: Just checked and the 15 y/o has over $120 in her "spend" checking/debit account. She went to the mall with friends last weekend and spent $6. The 8 y/o has over $55 "spend" in his wallet but I think he has multiple places he keeps his money so he may have more.

 
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Lol at some of the cheapskates in here. If your kid has to save up months to buy a $20 toy you're not teaching them fiscal responsibility, you're teaching them how to not have money. IMO kids understand the value and respect things far more when they spend their own money on it instead of having mom/dad buy it for them. Buy them less things and use that money to increase their allowance. When they can actually walk into a store each week and see hundreds of interesting things they could buy, but decide to save it because there is something really awesome they'd rather have it's a beautiful thing.
Well, us poor folk can't afford the $100 a month, mainly because we use all that extra money on things for the kids like food, shelter, utility bills and the like.

Fiscal responsibility can be taught no matter the dollar amount.

 
Lol at some of the cheapskates in here. If your kid has to save up months to buy a $20 toy you're not teaching them fiscal responsibility, you're teaching them how to not have money. IMO kids understand the value and respect things far more when they spend their own money on it instead of having mom/dad buy it for them. Buy them less things and use that money to increase their allowance. When they can actually walk into a store each week and see hundreds of interesting things they could buy, but decide to save it because there is something really awesome they'd rather have it's a beautiful thing.
Well, us poor folk can't afford the $100 a month, mainly because we use all that extra money on things for the kids like food, shelter, utility bills and the like.

Fiscal responsibility can be taught no matter the dollar amount.
Lol, if you've read any of my posts you'd realize I'm probably one of the most broke paycheck to paycheck people on this board. I've heard alot of people say they can't afford something, but usually it turns out that in reality they aren't willing to sacrifice some things to be able to do it. Maybe I'm wrong and you've cut your budget to the bone, but in my experience few people actually do. My cell phone is a prepaid Nokia that can only make phone calls, it costs $7 a month. I drive a 9 year old vehicle with 145,000 miles on it because it's paid off. Our cable costs $25, the cheapest basic cable package our provider offers. We save about $30 - $50 a week on groceries by clipping coupons. You in the same boat?

To me it's a priority to make sure my kids understand, respect, and have control over their money. Teaching them responsibility is the best thing I can do to make sure they don't have to live as tight as we are right now.

 
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Kids have it easy these days. My allowance as a kid was to not get beat with a belt. :shrug:
Too true. Saturday morning chores sucked. And we got paid a pittance. I'm talking dusting, vacuuming, bathrooms, garbage, sweeping, f'n everything. Now i have two stepdaughters and I still do f'n everything. I got screwed all the way around on this crap.

 
My children get no allowance at all.

Here's my view on it, and I'm not saying this is right or wrong, just my opinion....

The purpose of allowance and chores as I see it is to a) instill a sense of value to time and money (and savings) b) help around the house and c) give the kids some money in their pocket to buy stuff for themselves.

Well, my children are expected to help around the house (read, pitch in) and this should not be a paid event. Their rooms must be presentable, clothes cleaned, bathrooms kept cleaned, help out with cleaning common areas, what have you. If someone is not pulling their weight, it's up to the parent(s) to determine the course of action to bring them up to speed. In my eyes, keeping everything presentable is not to be rewarded, it's expected.

Now, in order to heighten my children's sense of the value of money, I remember back to my days when I was younger and saw the time value of money. Not to age myself too badly - but I had a savings account and I had a passbook as a child. I used to go to the bank every month or so and have my interest earned printed in the book and how by putting more money away would only compound more interest and thus more money for me. Today's interest rates are a pittance, so we have decided to start a bank for our kids where we hold their money and pay them 5% interest on their savings account. They are free to deposit and withdraw as they please and every month we produce a statement of account showing their interest. If we are out somewhere and they see something they reallllllly want, they don't have to worry about carrying money around with them, they can make an on the spot purchase and we deduce the money from their account.

In my eyes, if you have your kids carrying around money, they are going to spend it, and spend all of it. The schools around here have a monthly 'spirit cart' fundraiser type deal where they sell the most worthless crap but these kids eat it up. If my youngest brought in 10 dollars with her, she would spend every last penny and come home with plastic pencil sharpeners, erasers, etc.. even though we have all of this stuff in house. So, we do budget that type of spending.

As far as what our children can do for money, they can work :) or they can go above and beyond and we have a sheet printed out of extra stuff that can be done on occasion and the value associated with it. This is not a recurring/weekly thing, just when stuff needs to get done. I guess I've always felt that an allowance was counter productive and caused more problems than it was actually worth. I think our kids primary job should be school. Oh, and we do pay/reward for good grades.

I do like the idea of children donating a portion of their money and will try to think of a way to incorporate that into their thinking, although forced donating to me, defeats the purpose and the reason for the donation. Will need to put more thought into that.

:shrug:

 
Statcruncher said:
ChiefD said:
Statcruncher said:
Lol at some of the cheapskates in here. If your kid has to save up months to buy a $20 toy you're not teaching them fiscal responsibility, you're teaching them how to not have money. IMO kids understand the value and respect things far more when they spend their own money on it instead of having mom/dad buy it for them. Buy them less things and use that money to increase their allowance. When they can actually walk into a store each week and see hundreds of interesting things they could buy, but decide to save it because there is something really awesome they'd rather have it's a beautiful thing.
Well, us poor folk can't afford the $100 a month, mainly because we use all that extra money on things for the kids like food, shelter, utility bills and the like.

Fiscal responsibility can be taught no matter the dollar amount.
Lol, if you've read any of my posts you'd realize I'm probably one of the most broke paycheck to paycheck people on this board. I've heard alot of people say they can't afford something, but usually it turns out that in reality they aren't willing to sacrifice some things to be able to do it. Maybe I'm wrong and you've cut your budget to the bone, but in my experience few people actually do. My cell phone is a prepaid Nokia that can only make phone calls, it costs $7 a month. I drive a 9 year old vehicle with 145,000 miles on it because it's paid off. Our cable costs $25, the cheapest basic cable package our provider offers. We save about $30 - $50 a week on groceries by clipping coupons. You in the same boat?
I do like the idea of children donating a portion of their money and will try to think of a way to incorporate that into their thinking, although forced donating to me, defeats the purpose and the reason for the donation. Will need to put more thought into that.

:shrug:
We just basically used it as another way to spend their money. The way we looked at it was this: kids learn a lot of what they learn from their parents. We donate when we can to various causes, so we are basically teaching them how to do it on their own and also that it DOES come out of what they earn.

The coolest part is when they have saved enough to donate, and we sit around and talk about what they want to do with it. This year they donated all of it to a family we adopted here at work for Christmas. They ended up contributing about $40 from the three of them.

 
In my eyes, if you have your kids carrying around money, they are going to spend it, and spend all of it. The schools around here have a monthly 'spirit cart' fundraiser type deal where they sell the most worthless crap but these kids eat it up. If my youngest brought in 10 dollars with her, she would spend every last penny and come home with plastic pencil sharpeners, erasers, etc.. even though we have all of this stuff in house. So, we do budget that type of spending.
Most kids starting out with cash in their pocket will spend it like that, I agree. But keeping them from being able to spend it on useless crap IMO kind of stunts their appreciation of money. Sure, they still have the money, but they still want the stuff and haven't been able to equate it to dollars. Until they are the ones who make the decision that the useless crap isn't worth the money they really haven't learned anything.

My daughter has always been a saver, she was easy. How many 15 y/o girls can go to the mall with their friends and $130 on their debit card and only spend $6? My son however liked to spend it on candy and dumb cheap stuff that he would play with for 5 minutes and then never touch again. The light bulb finally went on for him though. He finally realized he had drawers full of junk when he could have simply saved for a month or two and gotten a new X-Box game, skateboard, etc.

Once he realized the value of a dollar he became alot more conscious of spending money, preferring to save it whenever possible. He doesn't buy candy anymore and when he does buy X-Box games he buys them used at Gamestop to save money. The last X-Box game he bought he couldn't install because he'd filled the 4GB memory on the X-Box. He didn't want to delete any games he already had, plus he had enough spend money to buy more memory. I told him his options were to go to a store and buy memory so he could play immediately, or order it online to save $20 but he would have to wait 3-4 days to play. Still holding the new game he was so excited to play, he told me to order it online, he could wait. That is what it's all about.

 
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I am 50 years old and I made more in allowance than this. Geesh my grandfather who lived through the Great Depression and got a nickel a week so he could buy one pack of gum a week paid more than you guys.

Well IS I was raised to think that I didn't really owe anyone servitude, My work had value. My only job through school(except for summer jobs school was more important) would be chores and grades. I would make my money for doing those things. I made about 10 bucks a week in middle school for chores. I made 20 a week in high school for chores. That was in 1978 dollars. My guess is that's at least 40.00 today,

Now I could bonus with grades. I think I was getting 5.00 an A. 2.00 for a B. Nothing for a C. And lots of trouble for anything lower than a C.I could easily pick up 25 to 30 dollars per report card.

Almost forgot I did cut a few lawns but my other source of income was really babysitting. I think I was 10 my first gig. I got paid 5 bucks an hour per kid. They had 3 kids and I usually watched them for about 4 hours. So about 60 bucks a night. They were good for 1 to 2 Friday nights a week most months. I did that for several years until I was old enough to work real jobs in the summer.

Some of you are really tight.

 
My wife recently had an anyeurism , before this her and I pretty much did everything. Not any more. We have a 10 and a 7 year old. Printed up an excel sheet for each of them that I got from moneycrashers.com, search for cleaning template.

Daughters list,she is 10.

Daily - make bed, eat, get dressed, brush teeth, separate clothes by color and put in proper bin inside-right, take out garbage, take out dog, feed dog in the am and load and unload dishwasher.

Weekly: vacuum stairs,clean bathrooms,clean room, vacuum downstairs, fold clothes and clean entry way.

Son 7: make bed, brush teeth, get dressed, put clothes in bin, wipe table, bring dishes to dishwasher and empty silverware as needed. Scoop cat box and feed dog in the pm

Weekly - vacuum stairs and upstairs, clean room, take out recycling, fold clothes and wipe counters in kitchen.

Pay them depending on the chore 10 cents to a dollar. We should have done this long ago. Our house has never been cleaner. We don't give our kids enough credit, chores are great way to teach responsibility.

Now when they ask to do something I have them get their chore sheet, if all is done they play. If not they don't. They understand this and it has saved me many arguments.

 
Kids get $1.00 a week. That's for all chores around the house. They have to donate .10, save .30, and they can spend .60 Kids are 8, 6, and 3. They can earn extra for other chores.
Serious question. What can a kid get for $.60 in this day and age? I mean, I can't think of a single thing a kid could purchase nowadays for $.60. Other than two quarters and a dime.
Teach them to save up before purchasing something. What's wrong with that?
Yep, this.
What do they usually save up for?
In a few months they may be able to afford a pack of gum.

 
Kids get $1.00 a week. That's for all chores around the house. They have to donate .10, save .30, and they can spend .60 Kids are 8, 6, and 3. They can earn extra for other chores.
Serious question. What can a kid get for $.60 in this day and age? I mean, I can't think of a single thing a kid could purchase nowadays for $.60. Other than two quarters and a dime.
Teach them to save up before purchasing something. What's wrong with that?
Yep, this.
What do they usually save up for?
In a few months they may be able to afford a pack of gum.
But they'd have to give 10% of the gum away and hide another 30% of it in their sock drawer for later.

 
I would imagine that some kids are naturally savers and some kids are naturally spenders. I don't think there is any one right (or wrong way) to teach them how to handle money. You have to take kids individually.

I have only one child. He's 11. Since the age of 5ish -he's gotten a weekly allowance of $1 for every year old. So when he was 5 that was $5 per week. Now he's 11 - it's $11 per week.

We don't really have a "set" list of chores - imo families do what is needed for each other and what is asked of each other. But out of respect for the household do ask that he does keep his room clean (daily), empty the dishwasher (daily), vacuum the house (1-2x per week), take out garbage (as needed), bring in the mail (daily) - and in general just be a good sport about doing whatever else we ask. He may "drift" but is pretty good about doing what is asked of him. I understand that having a 1 child household makes this much much easier.

We also pay for grades, which I consider his "job". His school posts grades on the web every week. If he's able to get all scores above 90% he receives a weekly bonus of $5. At the end of each semester if he's able to attain straight "A's he gets a bonus of $100. The weekly bonus sets a short term goal so that that he stays on track for the semester bonus (a long term goal). That means he has the opportunity to earn $160 extra every semester. It's a big carrot for an 11 year old to have hanging out there, but we have no issues at all with homework getting done.

Over the years we discovered that our kid has no issues at all spending MY money - but when it comes to HIS money he's a not so willing. Any activity we do as a family (example would be go to a movie all together)- I will always pay. However it there is something he wants to do with friends or something he wants to buy for himself (popcorn at the movie) - that is what his money is used for. We've also negotiated some big ticket items. For example: last year he wanted a set of custom made junior golf clubs (he's competitive golfer)- those were about $300, and I made him pay $100 of the cost. I think being "invested" in his sports and other activities makes him more appreciative of those activities.

At anytime he has more than $50 in the house - we go to the bank and deposit it into his personal savings account. In the past year he created a ledger book on his own to keep account of his cash that gets deposited. He thinks he's sitting on quite a stash.

 
I would imagine that some kids are naturally savers and some kids are naturally spenders. I don't think there is any one right (or wrong way) to teach them how to handle money. You have to take kids individually.

I have only one child. He's 11. Since the age of 5ish -he's gotten a weekly allowance of $1 for every year old. So when he was 5 that was $5 per week. Now he's 11 - it's $11 per week.

We don't really have a "set" list of chores - imo families do what is needed for each other and what is asked of each other. But out of respect for the household do ask that he does keep his room clean (daily), empty the dishwasher (daily), vacuum the house (1-2x per week), take out garbage (as needed), bring in the mail (daily) - and in general just be a good sport about doing whatever else we ask. He may "drift" but is pretty good about doing what is asked of him. I understand that having a 1 child household makes this much much easier.

We also pay for grades, which I consider his "job". His school posts grades on the web every week. If he's able to get all scores above 90% he receives a weekly bonus of $5. At the end of each semester if he's able to attain straight "A's he gets a bonus of $100. The weekly bonus sets a short term goal so that that he stays on track for the semester bonus (a long term goal). That means he has the opportunity to earn $160 extra every semester. It's a big carrot for an 11 year old to have hanging out there, but we have no issues at all with homework getting done.

Over the years we discovered that our kid has no issues at all spending MY money - but when it comes to HIS money he's a not so willing. Any activity we do as a family (example would be go to a movie all together)- I will always pay. However it there is something he wants to do with friends or something he wants to buy for himself (popcorn at the movie) - that is what his money is used for. We've also negotiated some big ticket items. For example: last year he wanted a set of custom made junior golf clubs (he's competitive golfer)- those were about $300, and I made him pay $100 of the cost. I think being "invested" in his sports and other activities makes him more appreciative of those activities.

At anytime he has more than $50 in the house - we go to the bank and deposit it into his personal savings account. In the past year he created a ledger book on his own to keep account of his cash that gets deposited. He thinks he's sitting on quite a stash.
This seems pretty good to me.

 
My 15 year old gets $15 a week and my 8 year old gets $11 a week. Each must donate $1, then half goes in "spend" and half goes in "save". Any birthday/christmas money follows the half and half rule. "Spend" they can keep as cash and can use on anything they want, regardless of how stupid it is, without asking us. "Save" goes in the bank and can only be spent on parent approved stuff. The 15 y/o will be using her "save" on a car this year.

Lol at some of the cheapskates in here. If your kid has to save up months to buy a $20 toy you're not teaching them fiscal responsibility, you're teaching them how to not have money. IMO kids understand the value and respect things far more when they spend their own money on it instead of having mom/dad buy it for them. Buy them less things and use that money to increase their allowance. When they can actually walk into a store each week and see hundreds of interesting things they could buy, but decide to save it because there is something really awesome they'd rather have it's a beautiful thing.

Edited to add: Just checked and the 15 y/o has over $120 in her "spend" checking/debit account. She went to the mall with friends last weekend and spent $6. The 8 y/o has over $55 "spend" in his wallet but I think he has multiple places he keeps his money so he may have more.
So he's already hiding money. GB him.

 

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