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Allowance for Children
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<blockquote data-quote="trinityroyal" data-source="post: 366082" data-attributes="member: 3907"><p>We have been giving Little easy child a weekly allowance since he was about 5 years old. We give him a dollar amount equivalent to his age, weekly, with the stipulation that 1/2 is his to use and the other 1/2 must go into long-term savings.</p><p>So, right now, he gets $8 per week, $4 of which must go into savings.</p><p></p><p>He is also allowed to earn additional money by doing chores around the house. These chores go above and beyond the things we expect him to do as a matter of course as a member of the family.</p><p>So...helping with dinner, cleaning his room, setting the table, tidying the bathroom after he uses it, etc. is just part of "being a helpful boy". </p><p></p><p>Chores for which he can earn money include: sorting and folding laundry, scrubbing the bathroom, sweeping and mopping floors, washing windows -- things that an 8-year-old would not normally be responsible for.</p><p>Rates for chores are agreed to in advance and written on a chart. All chores are subject to inspection before money is handed over.</p><p></p><p>This has really worked well for us, and Little easy child has been learning how to manage money, plan spending, save for larger purchases, etc. Right now he's saving for a large (and expensive) Lego kit, so he's asked me not to take him to any toy stores for the rest of the summer, until he has enough.</p></blockquote><p></p>
[QUOTE="trinityroyal, post: 366082, member: 3907"] We have been giving Little easy child a weekly allowance since he was about 5 years old. We give him a dollar amount equivalent to his age, weekly, with the stipulation that 1/2 is his to use and the other 1/2 must go into long-term savings. So, right now, he gets $8 per week, $4 of which must go into savings. He is also allowed to earn additional money by doing chores around the house. These chores go above and beyond the things we expect him to do as a matter of course as a member of the family. So...helping with dinner, cleaning his room, setting the table, tidying the bathroom after he uses it, etc. is just part of "being a helpful boy". Chores for which he can earn money include: sorting and folding laundry, scrubbing the bathroom, sweeping and mopping floors, washing windows -- things that an 8-year-old would not normally be responsible for. Rates for chores are agreed to in advance and written on a chart. All chores are subject to inspection before money is handed over. This has really worked well for us, and Little easy child has been learning how to manage money, plan spending, save for larger purchases, etc. Right now he's saving for a large (and expensive) Lego kit, so he's asked me not to take him to any toy stores for the rest of the summer, until he has enough. [/QUOTE]
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