We've got quite a while before this becomes an issue in our family, but it's not too soon to start thinking about it. I've heard great arguments for and against giving kids an allowance? What has been your experience?

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My kids are almost to the age where they will start getting an earned allowance. I don't believe in just giving kids money. I think they need to earn it. I know some people say that kids should just do their chores and that is just part of being a family, not something one gets paid for, but I don't see anything wrong with it. We will probably start off small, like $2-3 a week for cleaning their room and making their bed (still have to teach them) and clearing their places at the table. They are 4, 3 & 1 so we've got probably a year before we start.

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Frugal is being wise with your money and resources and cheap is forcing everyone else to.

My 10 year old gets $5 a week base, that covers, tidying his room, clearing dishes everyday stuff. He has the option to earn more by doing more. We are currently building a house and DH has done 90% of the work himself and our 10 yr old has done a lot of clean up inside the new house and out- such as stacking lumber, taking things to thier appropriate spot-ie recycling, trash, burn pile. It has been a tremendous help, and he has made a good bit of money.
He is actually really good at saving his money so I don't mind. I think it teaches them the value of money. He sorta works for the $5, but knows if he works more and harder he will get alot more.

Oooh I was just thinking about this and our 1st isn't even born yet. Can you tell I'm bored at work? My kids will get an allowance but it won't be a set amount and it will be based on performance. They will have a list of chores they are expected to do and that do not have any bearing on their allowance but there will be "bonus" chores available to earn money. I think it will teach them the value of money and responsibility. My parents did this with me and it worked well.

What I would like to know is what chores people require and what do they pay for chores? I want to make a chore chart with common "bonus" chores and a dollar amount.

Required chores to me are putting your clothes in the laundry and putting clean clothes away. Also keeping your room clean and helping set/clear the table. Also since the two bedrooms share a bathroom keeping the bathroom straightened out. To me bonus chores are things like cleaning out the car, outside chores (although some of those will be family chores and not earning $). But I'm having a hard time thinking of bonus chores and what they would be worth. By the time I was 2 or so I was helping with my "required" chores and I want very much to continue this with my kids.

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I was thinking about a small base amount for keeping up with required chores. That's not a bad idea. I'll have to remember that.

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Great ideas. What is a good age to start giving an allowance?

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~Jeweled

I was just reading some more on this topic on another site and in my opinion (for what its worth) kids should start getting an allowance as soon as they are old enough to earn it. My 3 year old neice is old enough to do plenty of things (not that she does) and also to start learning the value of money as she is always wanting something from the store. I think younger ones can still help but don't really get the value/advantage of allowance. Although you could add to their piggy banks or something.

Allowances could also be age appropriate. Obviously a smaller child will likely earn less than an older sibling. And responsibility increases the same way.

Of course these are all just my brillant theories. We'll see what I think once the baby is old enough to implement all this! lol

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My kids both get allowance and have been for about 5 years now. They currently both receive $5 per week (they're 9 and 12). It is not chore based. They are free to do what they want with their money. They don't spend it very often. They both have more than $200 saved right now...

There are no "required" chores in our house, it's just not how we do things. If I want someone to empty the dishwasher or feed the dog, I just ask and it gets done. Without complaining! That's my big thing, I want them to do it without complaining and they do. They do keep their rooms tidy, keep the playroom tidy etc so we do have general expectations and they fulfill them, so it works very well in our house.

I have read all sorts of books and articles on the "best" way to handle allowance. There are pros and cons to each way.

I finally settled on the following and it has worked for us for about 2 years now:

My two oldest each have the opportunity to earn $2.00 per week. (It used to be $4.00 but dh made me lower it.) However, when they get into trouble they lose a "point" which equals 25 cents. I put a dot on our simple chart, by their name. It is easy to remember if we were out somewhere, as soon as we get home I'll put a dot on the chart. It's on the fridge.

On Sunday evening, we count the dots and do the math. Most weeks my boys earn $1.00 to $1.50.

BTW they can also earn "bonus" points for doing extraordinarily helpful or nice things. When I see one child helping another with clean up, or if he runs and grabs a "boo boo" ice pack when someone is hurt I add a "star" to the chart. It equals a quarter at the end of the week.

I have liked having the allowance tied into their behavior. It gives me leverage if they are acting up, I simply say, "You're about to lose a point..." and they shape up fast. And, dh didn't just want to give them money each week, free and clear, with no accountability for how they behaved.

When the kids receive birthday money we will often deposit some into their savings accounts. If their allowance was higher I would have them put a portion into savings. We may do this in the future, but at this time, they aren't really earning enough IMO.

My kids get $10 a month by check. On the last Friday of each month I write them a check, drive them to the bank and they have to deposit it themselves. I have to say I am really impressed with the bank. They make a huge deal out of it and know the kids names. They always tease them, ask them for the driver's license, ask them what they are saving up for, give them a tour of the vault! The kids love it.

They get a $2 bonus per month for every $100 they have in their account to encourage saving. The allowance isn't tied to chores per say but they can lose money, as Kellytime said, by not doing their expected chores or not using their manners.

Edited to add: My kids are 6 & 8.

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