Kids Allowances
photo credit: Travis Seitler
My kids are young but get an allowance and have for a couple of years now. I am not the greatest about actually paying them, but I keep track in an excel spreadsheet so they are kept up to date. I don’t give them an allowance based on chores – I feel like just beause they are little doesn’t mean they don’t have to help take care of the home they live in. I’m not a maid and I’ve taught my kids to help with household chores since they were little!
Their allowance is figured in the easiest way possible – their age, doubled. But despite getting that for an allowance, they don’t get to spend all the money on whatever they want. Half is for spending, the other half is divided in half and half of half is saved and half of half is for donating. I realize that is a large percentage of savings and donating, but for now it works. Maybe in a year or two I will adjust it for them and have them donate 10% and still save and then still have half so they can spend it.
Of course since I do a bad job of giving them their allowance, the excel spreadsheet often shows them with a balance of $20-$30 or a few times, more then that.
I would like to WILL do a better job in 2010 of giving them their money and working on teaching them more about managing it. My daughter is a girly girl and loves lip glosses and always wants a little something from the store, my son on the other hand is more likely to save his money. Maybe them having cash will help her see that saving it for something bigger is a good idea!