How much allowance do you give your kids?

Our rule at home is, whatever cash they get (birthday, whatever), 2/3is saved, 1/3 can be spent.

 

I used to get $10 a week but I had to mow a 7 acre lawn (took me two solid days), take the trash out, do my own laundry, clean the whole house and any other chores that were asked of me.

 

That's good. I'm also hoping than the spendable portion becomes the smaller portion out of habit. I wish I'd have saved more growing up. I'd like to help cultivate that in my crew.

 

The money we received for Bdays and Christmas we got 100% to do with as we pleased, just like our allowance money, but our parents taught us not to just blow it instantly. Usually there was something specific that we'd save our money towards (some toy or video game or whatnot), but we understood it took time and were willing to wait.

 

What about the other 10%?

I used to get $20 / month for a few years as a kid around 11-14 (2001-2004). I got a job at 14 so the allowance stopped. Never got paid for doing chores directly.

 

Agree

 

Wrote it too quickly. Essentially the way we explain at home is if you have $3, save 2 and spend one. So to be precise 2/3 saving, 1/3 spent Thanks for catching that.

 

What is this allowance bill shit lol. Growing up my dad owned a remodeling, flooring, and building company. I started working for him at age 10 cleaning up job sites at 5 bucks and hour in 1998. At 12 got bumped up to 12 an hour helping install floors and cabinets. At 15-17 I was doing general carpentry and installing floors by myself and was paid 25 bucks an hour. My dad sure knew how to use child labor.

 

I got $5 a week. If I needed anything, it came out of my allowance. My parents didn't buy me anything unless it was Christmas or my birthday.

Allowances are a great way to teach kids how to manage money.

If you just buy them everything they want, they'll never appreciate anything.

 

In high school, I received $160/month. $20/week for lunch money, $20/week because my parents are nice. My dad got tired of pulling $40 out of his wallet so, so they started writing me a check.

My chores mainly consisted of landscaping, vacuuming, dishes, and making sure my mom's car had gas. (they gave me a gas card)
It was nice getting it once a month, if I wanted a new videogame I could buy it then and there. I also learned to buy food and make my own lunches so I could pocket more . However I could also blow through it in the first few days buying stupid shit and I had to eat PB&J, or dip into what I saved.

Edit: I learned to budget real quick.

 

I got $1 per my age every week.

If I saved it my parents matched dollar for dollar.

I started saving for my first truck at 8 typically saving 50%

Bought an F250 at 15 y/o for cash.

Obviously I worked several jobs ontop of that to save $$

 

No official allowance. But my parents would pay for Friday night football tickets, a movie night with friends but would make you feel like you were asking for a million dollars. Eventually I realized why ask for money when I can have my own. Jobs all through middle school/high school. My dad said he could give me an allowance but he would start charging me for rent and meals at 13 yr old. . Basically don’t be lazy and things aren’t handed to you because you want them.

 

We give my daughter $5 a week. She has chores that she has to do to get that. She misses her chores, she forfeits the cash.

But, I'm trying to encourage savings, so for every dollar she puts in the bank, I match 1:1. So she has a choice... get a $5 bill in her hand, or $10 in the bank. We haven't much worked out how long that $10 has to stay in the bank before she's able to take it out (some kind of vesting period), but that's a detail we'll worry about when she figures that out.

 

It’s the best kind of labor because it’s free and it builds character.

 

Jobs are good. It teaches you lots of things. Sadly most kids in the neighborhood are doing Kumon and all these other school actives, and don't have "time for job," Then again when there is Bentayga, and TeslaX in driveway, maybe those parents don't want their kids to work at mickey D. who knows.

 

Thats a great way!

 

They get a cell phone, for that, dishes, rooms picked up daily, mass cleaning on Saturday, trash. I purchased google wifi, and have everything they use, listed by name, if they don't do their chores, i shut off the wifi to their items.

 

Hide TW from them!!!

 

Made me appreciate every dollar I earned and on top of that sports and those jobs I was too tired to spend it.

 

I was a 3 letter varsity athlete and still worked 20 hours a week. I agree completely with the Tesla reference and then not wanting their kids to work an McDs but crappy first jobs like that will make kids want to better themselves. Plus some kids don’t need that drive and others bull be in the basement of their parents until they are 40 so. Ehh ha