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Allowance?

Lately I've seen lots of middle school children eating at McDonald's. I wonder if the parents would approve?
Other children would buy things/toys at the dollar store. Do parents expect their children to do something differently with the allowance they give their children?

 
Anonymous

Asked by Anonymous at 3:56 PM on Jun. 15, 2011 in Parenting Debate

This question is closed.
Answers (9)
  • An allowance is NOT the same as being paid for extra chores. It is like alimony or child support that you give to your child each week or month JUST BECAUSE. In theory it will help the child learn about independance, saving money, and putting money toward good use. It's money that the child can depend on being there, whether you approve of his use of it or not.

    Don't give your child an allowance if you're not prepared for him to spend it how he sees fit.
    GoodyBrook

    Answer by GoodyBrook at 4:15 PM on Jun. 15, 2011

  • At eight I don't give my dd an allowance. At least not the way most would. She earns points. The points can be transferred to money when she finds something she wants to buy. This usually means either books or arts and crafts stuff. Sometimes it is a game for her DS or PSP.
    Shaken1976

    Answer by Shaken1976 at 3:59 PM on Jun. 15, 2011

  • I don't know where this fits in the majority of parents, but my kids don't get an allowance and never have. I do have an "income opportunity" board where I post things that need to be done around the house that they can be paid for (no one gets paid for things like making their beds or cleaning their rooms). Washing the car might be worth $5, pulling the weeds, $2 a bucketful, things like that.
    Now for your question about what they do with that money: half goes to saving and the rest can be anything within certain limits. If my son wants to save for a new game, it has to be rated E (he saved for a year to buy his reconditioned PS3) Since eating at McDonalds requires a ride from me, and it's been a well known fact for years that my car doesn't know the way to McDonalds, it's usually the frozen yogurt shop or a movie with friends (with movie prices and the cost of the snack bar, that usually only happens once a month).
    LoriSnyder

    Answer by LoriSnyder at 4:07 PM on Jun. 15, 2011

  • I give my kids allowance (a dollar for each year of age) based on attitude and school work. They each have two containers: Long term savings and save-to-spend. They immediately put 20% into their long term savings, which is important to us to teach them that their savings comes before everything else. They can spend the rest however they want. My youngest bought himself a movie ticket and a neat shirt he wanted, and my oldest bought himself a couple of books and a Ghostbuster's ds game. Since then, they have been saving up for a wii, which they finally got enough money together for.
    JulieJacobKyle

    Answer by JulieJacobKyle at 4:32 PM on Jun. 15, 2011

  • Shaken,
    That's a wonderful allowance system. Thanks for sharing!
    Anonymous

    Comment by Anonymous (original poster) at 4:06 PM on Jun. 15, 2011

  • Lori,
    That's a great thing about your car. LOL
    Anonymous

    Comment by Anonymous (original poster) at 4:11 PM on Jun. 15, 2011

  • Goody,
    Good points you've mentioned. Thanks
    Anonymous

    Comment by Anonymous (original poster) at 4:18 PM on Jun. 15, 2011

  • I am not at that point to give allowence yet but I would want them to be more responsible with their money. I want them to know the importance of money now rather than later.
    othella

    Answer by othella at 6:59 PM on Jun. 15, 2011

  • My kids get $4/week. $2 to spend as they wish, and $2 to put in their savings account at the credit union. The money in the credit union cannot be withdrawn until they are 16 (my rules) and the idea is it's to buy their 1/2 of a used car (I will be paying the other 1/2). I never want to give my kids easy access to large amounts of money until they are old enough to handle it. They are learning to save and spend wisely with small amounts before they get large amounts.
    missanc

    Answer by missanc at 7:33 PM on Jun. 15, 2011

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