What allowance for 10-year old?

[jyl]

I think ours got $5 or $10/week.

[DanielDudley]

Originally Posted by Seahawk

Wow. My kids each got $10 a week a decade ago. The money, in my mind, has to be meaningful to matter, to make an impression.

It was interesting to watch how my kids managed their money. They were complete opposites.

Yup, ten bucks. Doesn't sound like you raised any slackers, doesn't sound like Tubwreck is either.

I used to get two bucks a lawn. I was just supposed to do ours.

[Baz]

Originally Posted by tubwreck

Not what you got when you were 10, but what are you paying your 10-year old today?

50 cents a week outta do it. That's if he takes the trash out nightly and helps Mom do the dishes.

Then if he mows the lawn, washes the car, shines dad's shows, etc....he can earn more.

[porwolf]

I have seen kids being raised with no "allowance". The parents bought them whatever they felt they shoud have. And they turned out great.

[mikesride]

I have seen many kids raised well without allowances as well. I think the freedom a little pocket change gives a kid is a good thing. Most fiscal planners will also tell you its a good thing to do for their future skills as well. I totally remember making judgement calls with my money at that age...saving up for new bike sprocket an bearings or blowing it at McDonalds with friends. Its important to understand you can do both as long as you can deal with the consequences.

[jwgn777]

Originally Posted by Steve Carlton

I dunno. Couple grand a week?

LOL LOL That might be true in the year 2090 if we last that long.

[Seahawk]

Originally Posted by DanielDudley

Yup, ten bucks. Doesn't sound like you raised any slackers, doesn't sound like Tubwreck is either.

I used to get two bucks a lawn. I was just supposed to do ours.

Tub is doing great...they don't, as we all know, come with owners manuals.

The best part of being a parent is the discovery phase for each one.

[GH85Carrera]

When I was 10 I had to get up before I went to bed and work in the coal mine for 28 hours a day and all I got to eat was some gravel.

No wait that is a Monty Python bit.

No kids here so no useful input from me. Just some random BS.

[Head416]

I'm 33 and I'm terrible with money. My parents just bought me stuff and handed me money. I wasn't complaining at the time, but it probably has a lot to do with the credit card debt I've racked up. Anything you're doing to teach your kid to budget and save, good for you. I wish at 18 I had been as smart as some of the kids I read about on here.

[Steve Viegas]

Starting at the age of 5, my kids get 0.50 per week per year of age. They are expected to save 10% and donate 10% to their favorite charity (generally done at the zoo or aquarium.

Our kids are expected to help around the house period. Their allowance is not tied to this help.

When we started this my son burned through his allowance every week for about 6 weeks. He then found something he wanted but he could not afford it. He realized that if he had not bought something small every week he would have had enough money.

Today he is 10 and he saves his money very well. My daughter is 7. She also has learned the value of saving.

[onewhippedpuppy]

9 year old, $20 per week if he does his work, subject to being docked or eliminated by poor performance or bad behavior in school or at home. Same deal but $10 per week for the 5 year old.

We want them to learn that money = work and the power of saving. My 9 year old requested a bank account at 7, by this point I think he has put about $300 in there. He keeps the rest of his money in his little safe and has a hard time spending it, I've taken him to the store to purchase something that he has saved for only to have him walk away from the purchase. I told him if he gets to $500 we will start him a mutual fund, which he thought sounded cool. He's a great little saver, hopefully he keeps it up. My 5 year old daughter, on the other hand, shoves all of her money into a dresser drawer, never knows how much she has, and thinks nothing of spending it all on a whim. She's going to be a handful......

I think teaching your kids the importance of saving and good money management is hugely important. Furthermore, if you don't teach it who will? Most high schools do not have a household finance course as a part of required curriculum, which I think is a travesty.

[weseeeee]

If they did the tasks they agreed to the weekly rate was $10. Sadly you can't even go to a movie for ten bucks anymore. I agree that it should be based on the amount of work agreed upon. Funny how they held onto the money they earned, but didn't mind spending good old dad's $.

[scottmandue]

Put them in charge of your portfolio and cut them 5% commission.

[Schrup]

I give my son $10 a week for a few chores I have to remind him about constantly. This was primarily to get his mom to stop buying him whatever he wants. If he does something stupid that costs me money, it comes out of his allowance. Last week he left his dirt bike boots at the ORV area & I had to drive 2 hours the next day to retrieve them, his allowance went for gas. He is on the honor roll, so I cut him a lot of slack, he has a lot of homework for a fifth grader.

[scottmandue]

Originally Posted by Schrup

He is on the honor roll, so I cut him a lot of slack, he has a lot of homework for a fifth grader.

They have an honor role in 5th grade?

[Schrup]

Originally Posted by scottmandue

They have an honor role in 5th grade?

Yes, he is in a private school, he made the list last year. I told him I'm not putting any bumper stickers on my vehicles. He can slap it on his dirt bike.

[Seahawk]

Originally Posted by onewhippedpuppy

We want them to learn that money = work and the power of saving. My 9 year old requested a bank account at 7, by this point I think he has put about $300 in there. He keeps the rest of his money in his little safe and has a hard time spending it, I told him if he gets to $500 we will start him a mutual fund, which he thought sounded cool. He's a great little saver, hopefully he keeps it up. My 5 year old daughter, on the other hand, shoves all of her money into a dresser drawer, never knows how much she has, and thinks nothing of spending it all on a whim. She's going to be a handful...

That was exactly how it was with us: My son is an inveterate saver and squeaky spender. My daughter was the opposite. She isn't now. Because we kept to the plan, made her work and learn how to manage her money, she is now, as a senior in collage, debt free and on track.

I'll never forget when she showed me her first excel spreadsheet defining her monthly expenses. I teared up just a bit

[Moses]

Originally Posted by tubwreck

He currently gets $2 a week.

Throwing that kind of cheddar at a 10 year old is just asking for trouble.

[aigel]

I think $2 is about right. That's still a hundred bucks a year. $10 or more is excessive IMHO, unless you have them pay their way on a lot of things you'd usually pick up yourself, i.e. visits to the zoo, movies, snacks or ice cream, non essential clothing etc.

No allowances at my house. Some chores outside of the regular ones may earn a buck. All kids have re-occurring daily and weekly work starting at age 4. There are cash gifts all the time from friends and family which are used to learn about money management. It works really well if they want one of the latest gadgets. I never say "no". I just ask them to buy it from their money. They never are ready to cough up anything over $20. It is fun to see. Suddenly a tablet computer isn't that interesting any more! And even on things they need, if they have to pitch in 10 percent, they take a lot better care of the item ...

G

[VincentVega]

I pay my kids (21 and 19) $10 an hour to work on the farm when they are home from school. It is real work and they are good at it.

Well done. I've been looking for kids like to help around my place, cant find any. Do they need gas $$ to get up here?