The KP Been There Done That Squad is a group of parents sharing their thoughts and experiences on a few topics related to raising their children in Kamloops.
Today’s question is:
Do your kids get an allowance? Will they? What is your family’s perspective on kids and spending money?
We talk about money a lot. Our kids look at prices in the grocery store and we talk about saving and spending etc. They each have a piggy bank and they often seem to find coins and stash them away. Our kids do not get an allowance but we do sometimes ask them to do jobs that are outside our regular routine and then offer them an opportunity to earn some money. For example, we were seeding our back lawn and I asked them to pick out rocks. A full bucket earned them $4.
A friend of mine recently passed on this link to me, http://moneyasyougrow.org. I popped on over to take a look and was really impressed by the site.
Life lessons and sage advice to teach our kids (and remind me) about money! What an awesome resource. If you are wondering about how to teach your children the value of money, and your values about money, check out this site for some really neat ideas and practical examples of ways you can teach your kids about their finances.
Our kids do not get allowance yet. It is something we have been starting to discuss though. We will be using threejars.com. It allows you to input your child’s allowance and show them/teach them that part of the money SHOULD get saved, part of it is for fun and part of it goes to charity or Church. http://www.threejars.
Yes, I do plan on giving my kids an allowance, but I’m not sure when I’ll start as my oldest is just 5. I hope that an allowance will teach my children the value of money and value of toys, treats, and activities. Right now, my daughter asks for a lot of stuff and probably gets more than she should. If she has to save and spend her own money, hopefully she’ll learn that a 5th baby doll is unnecessary, ice cream cones usually end up in the garbage, and the toys inside Kinder Surprises really aren’t that fantastic. And hopefully it will encourage her to finish household chores (in an ideal world, children wouldn’t need financial compensation to do their chores, but I definitely don’t live in that world!)
Our girls just turned four. At this point, they do not get an allowance. We have started, however, giving them a few coins for their piggy bank whenever they complete a difficult task that we ask them to do (like practicing printing their name or doing their required physio/speech therapy). I would love to teach my girls to be financially responsible, but I’m not too sure how to start.
Right now my kids are too young to receive an allowance (3 and 1), but I imagine we will give them one once they are old enough to start doing chores around the house (5 maybe?) I would like my kids to start good saving habits young. I plan to have 3 jars (or piggy banks) per child; one labeled “saving”, one labeled “spending” and one labeled
“tithing” (or “donate”). Each jar would get a percentage of the allowance. So if the allowance was $5 per week, 50% (2.50) would go to savings, 40% (2.00) would go to spending, and 10% (0.50) would go to tithing, for example. I would like them to learn that we need to save for our future and we need to look after those that are less fortunate. Also, that it is okay to buy yourself a treat every once in awhile.
Not at the moment as I feel they are currently too young, but as they get older they will. Allowance will be earned with the chores they do (I plan on having a chore chart). I think it’s important to not only learn how to handle money but also to earn it. I would hope to encourage them to save for things that they want that way they will also learn goal setting skills.
Our kids do not currently get allowance. I think at some point they will probably get a small allowance contingent of them doing chores or other work around the house. Some regular chores they will be expected to do as part of helping the family but at some point (before being old enough for a job) it will be important for them to learn about doing a good job at a task where they earn something and then being responsible for making their own choices with the money they earn. It will be important for them to learn how to deal with money responsibly especially in a time where collecting debt seems so acceptable.
My kids don’t get an allowance yet. I do give them a dollar here and there if they’ve helped out beyond what was expected of them though. Especially my oldest son. He is older, more capable and responsible, so tends to help more than the others. It’s my way of letting him know I have noticed, and appreciate it. I plan to start allowances as some point in the future. I think kids need to have their own money to spend in order to learn how to spend money.
My son will likely get a wimpy allowance just as I did. I plan to give him chances to earn money. We haven’t formulated our exact perspective on spending yet…but we know less is better.
Giving children an allowance is something that I struggle with. On the one hand, I think it is a great way for kids to learn responsibility with money and how to work to earn it. On the other hand, I am not sure that kids should be paid to do chores that I believe are just part of being a family. I grew up on a ranch and I remember asking my parents to pay me to feed the animals. They explained to me that I was well taken care with food, shelter, clothing and toys and that feeding animals was an expectation of living on a ranch. I also worry about how paying kids to do tasks like laundry, setting the table, cleaning etc. sets an unrealistic expectations. When they grow up, they are going to need to do all of these things for themselves without being paid. This is a topic that will likely be an on-going discussion in my household over the next several years.
Did you get an allowance as a kid? What was your experience like? Will/Do you give your kids and allowance?