I have been thinking about allowance and how different families choose to do this. When I was a child I got a small amount ever saturday which I could save of spend on sweets.

A friends family had a system where each chore had a set pay. Meaning taking out the trash could be 20 cents, doing dishes another 20 and so on. At the end of the week the parents gave them what they had earned. I loved the idea and was thinking about using it for my kids, but then someone pointed out that daily chores should really be a family responsibility and it was not right to pay for it.

So how do you decide on allowance? Do you give allowance or do you have any reasons not to? If you are not quite there yet - have you given it any thoughts?

My son has a sticker chart where he can accrue stickers towards cash. He gets one sticker per day for doing his homework without complaint, and has the opportunity to gain an additional sticker per day for completing a chore of my choosing. If he does something particularly noteworthy I'll sometimes allow him another as a reward.

I understand when people say that it is a responsibilty for them to help around the house. But I think it is a great idea to allow them to do certain chores for an allowance along with teaching them how to save that allowance.

Originally Posted by tater03

I understand when people say that it is a responsibilty for them to help around the house. But I think it is a great idea to allow them to do certain chores for an allowance along with teaching them how to save that allowance.

I think so, too. I think that learning how to wisely handle money (including savings) is just as important as the feeling of helping with family responsibilities. If they know that they will be receiving their allowance for doing the assigned chores, I really think that it teaches responsibility and doesn't lessen it at all.

My children have chores to do and I give them an allowance for doing these chores. I explain that we all live in the house and it's up to all of us to make sure things run smoothly.

My kids understand this and are even happy to help. It shows them responsibility and they feel good when they see how proud of them when they do what they're supposed to do.

Surprisingly, the money part of it is second place to them. Being proud of what they did is the thing that they like best.

I thik allownace is great when tied into something constructive like doing chores. It helps you out while teaching them responsibilty as well.

I agree in giving allowance to children, but they have to work for it to earn it, just like doing household chores. Growing up in the province is surely different in the city coz during my childhood, I seldom receive allowance from my parents (though I helped in the household chores), When I feel hungry, I just go home and eat some something since our house is just walking distance from school.

When my parents give me allowance, I forgot to spend it most of the time coz I'm already used to the idea of having no allowance, But my dear brother has a different situation. He will go to the canteen and told the seller of food that he'll take a credit and just ask my Mother to pay it,hehehe. Smart kid! So my dear mother got surprised most of the time coz the lady in the canteen will say to her that she has to pay for the food that my dear brother ate,hehehe.

As a child I got a small amount each week when I was a teenager and also sometimes got some for doing certain chores.

My children are toddlers and I put some money into their trust fund each month which I like to think of as their pocket money. I do not want to encourage them to spend money too much and would much rather that they saved everything that they were given (at the moment if they are given money I always put it in their trust fund). I am considering giving them a certain amount of money a month but doubling it if they decide to have it paid into their trust fund, in the hope that they will learn about saving. What does everyone think about this idea?

I think your kids will be allot older before they understand the notion of saving versus spending!

Originally Posted by Green-Moo

I think your kids will be allot older before they understand the notion of saving versus spending!

I agree that toddlers are probably too young to know why saving is important or what a trust fund is. Kids like to play and have fun and not have to grow up too fast.

I think that a savings account for children is a great idea and my daughter has always had one... I never had her put her own spending or "fun money" into it, though, until she was older and understood why it's important.