There are many schools of thought when it comes to allowances. Assuming you've made the decision to give your kids an allowances, how much should you give? What are they going to use it for? In our household, once our kids turned 12, we decided to teach our kids a lesson on budgeting and have started giving our kids enough money each month to pay for their school lunches, clothes, entertainment and anything they might want to buy for themselves. We do keep a watch on what they are eating at school thanks to an online system that the school provides where we can see exactly what they are eating. Our fear was that they would cut back on their food in order to save money for something they wanted. So far, that has not been the case they have done a good job of budgeting. The one thing that has changed for sure is that they now look at prices before buying clothes where before they didn't seem to care and we found ourselves buying a lot of clothes that never got worn.
What is your allowance system and what do you expect your kids to spend their allowance on?
Saturday, November 03, 2012
What is an allowance for?
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2 comments:
We pay our children 1 times their age per week. For example: our 8 yr old received $8 per week.
He can use the money for whatever he wants but we do try to help guide him on where he spends his money. ;)
I try to pay my kids based upon the chores they complete and we assign a dollar figure to each chore. At the end of the week, we review their chore chart and pay them accordingly.
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