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Friday, September 07, 2007

Allowance


~I started thinking about the possibility of giving my son some sort of allowance now that he's 5. I couldn't figure out how to do it, because I didn't want to tie it to his chores because I feel he needs to just grow up knowing he needs to do those things as apart of the household.

So we talked about saving, giving and spending, and what an allowance is. At the end of the conversation, that took a few "rabbit trails," he informed me that he was going to save his money until he was twenty so he could buy a plane, and then asked if he could have 500 dollars.

I am not sure that my "lesson" went as well as I'd hoped.

~Do you give your kids allowance?

8 Comments:

Blogger Beth said...

Having 4 kids at different ages, we give them an allowance for different things. Our two teenagers (17 and 15) get an allowance twice a month. With that money, they tithe, buy school lunches, make-up, movie tickets, iTunes cards, etc. Our son (the 17 year old and who doesn't buy make up) must also budget for fuel for the car he uses. He also has a job, but that money goes into a savings account for college. They have chores around the house that they are assigned. If the chores are done, they get paid. If not, no money. For that age, we treat it like a "job" so that they know there are expectations that go along with receiving that money. We're also teaching them to budget, plan how to spend, and track that spending. They both have checking accounts and debit cards that they are responsible for.

Our 11 year old and 7 year old get a small allowance weekly, just because. They tithe as well. They choose what to do with the rest. Usually they save for a trip somewhere so they have spending money for that. Sometimes it's for an upcoming holiday, etc. They choose to "blow" it sometimes too and that's OK. They are both very quick to empty their banks for charities, special offerings at church, etc. They both pay their own AWANAs dues and give an offering toward the sponsorship of the child that our AWANA club sponsors through Compassion. I'm a terrible saver and spender so I'm trying to instill different habits in my kids while they're still young enough to impact.

Beth

9:29 PM

 
Blogger kddub said...

That all sounds like a very good plan! I imagine at those ages it is easier to help them understand. Tithing is important too, I forget that they do that in Sunday school as well.

9:34 PM

 
Anonymous kricketd said...

I am so bad at this. I wasn't taught how to deal well with money personally. (I do for a living, when it's someone elses) I really need to start with Ragan, Sammy too. I need to start with me first.

12:02 AM

 
Blogger Larissa said...

that is HILARIOUS! i had to go read it to ben and we both laughed!! :)

12:16 AM

 
Blogger kddub said...

He's such a crack up!

7:14 AM

 
Blogger Annie said...

We have a chore chart for our daughter, but we've struggled with tying it to an allowance. Like you, we don't want her contributing to household responsibilities purely for a "paycheck." Then again, I see nothing wrong with a little reward or incentive to help build good habits in our kids. One thing I do know is that the system works differently for different families; I'm sure that whatever you guys decide will probably be what works best for your kids. Just keep those communication lines open!

12:40 AM

 
Blogger sarah chia said...

My husband and I have talked about starting an allowance for our 7 year old. She's had chores for quite a while now, so it's not tied to those. But if she *doesn't* do chores, a possible consequence is to take away part of her allowance. We might also take part away for talking back or reading after bedtime.

I see allowance as a privilege the same as watching TV. So, it can be taken away when disobedience occurs.

Our daughter is also allowed to earn more money for extra chores that aren't her normal responsibility. She often does this at her grandparents' house by putting silverware away or some such thing.

9:28 AM

 
Blogger Seth Ward said...

Funny.

"Yeah, this quarter will do fine... but how bout 500 dollars."

4:39 PM

 

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