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What is the best way to approach allowance? My son is eight and we haven't really discussed it yet, but we feel like now is the time.

 
c.love49

Asked by c.love49 at 4:50 PM on Aug. 4, 2010 in School-Age Kids (5-8)

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Answers (3)
  • I agree chores should be kept apart from "jobs" that he gets paid for.


    I would create a list of jobs that he can do and how much he will earn when the "job" is complete. I would also leave some job payment slots empty because these jobs may be harder or easier depending on the season or schedules. That way he can also learn to negotiate with you and determine what the "job" should pay. I would also tell him he must check with you or DH before starting a job so you can see the before and after.


    I would also set up 3 jars for his job $$$ (a save, a spend, a charity) 50% goes to save 40 % can go to spend and 10% to charity or whatever works for your family. If more kids were taught at a younger age how to save more adults would not be in such a credit bind,


    G/L

    justgrape723

    Answer by justgrape723 at 10:20 AM on Aug. 5, 2010

  • we prefer to have allowance a separate issue from chores. In our house the kids do chores because they are part of a family and they need to participate as such. They had chores from early on.


    At some point we decided they needed to learn how to deal with money and budget money... so we gave them an allowance. They have to save part, part is for spending, and we suggest they donate part.


    They can earn extra money for doing extra chores... but if they do not do their chores they are not docked money.  HOWEVER, they DO get into trouble.... because they have let down the family.

    sahlady

    Answer by sahlady at 4:54 PM on Aug. 4, 2010

  • I agree in kids having certain chores that they just do because they are part of a family. My kids (7 and 8) help fold all the laundry and put away their own laundry. They clean their own rooms, make their own beds, clear their own places at the table. Basically clean up after themselves.

    Extra things can earn them money. We don't do an allowance but that is mostly because DF is out of work and I only work pt, so we just don't have any extra money. Once we are more settled and have a little extra, I would also like to start a regular allowance. I really want to teach them how to save money, but any time they get money they want to spend it right away....

    I think you and DH should talk about what amt you think you should give him and agree to that first. Also be in agreement of what earns money or has money taken away. Then you'll have to go over all of that with DS. Good luck!
    TJandKarasMom

    Answer by TJandKarasMom at 8:30 PM on Aug. 4, 2010

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