Allowance??????

Question

What is a good age to start an allowance? What amount is good to start??

Answer 1

I started my kids at age 8 and I paid them according to what they did. When they turned 10, I paid them $5 a week minimum and then more if they did extra stuff. When they turned 15, I gave them between $10 and $15 a week, because they did a lot more for me. If they did above and beyond what I asked them to do, and they did it on their own without asking me, I paid them more. They got smart pretty early on and usually did a lot more than their normal chores, because they knew it would mean more money. And, they did all of their chores right, without any complaining. Hopefully, when they are at an age to move out on their own, they will have learned enough to take care of themselves. I think it's important to teach a child how to be independent as early on as possible. My 22 year old now has a beautifully kept apartment and he has 2 roommates who have learned how to keep things up, too. I am proud of my kids. They learned well!

Answer 2

Soon as the child is old enough to do something to EARN an allowance. This will help build self esteem, respect, responsibility and a host of other values. Along with the allowance will come a sense of accomplishment when the job is done. You can guide the child to start saving some or all of it for a wanted gift for themselves or others. This will also help teach the value of work/money relationship. Have them open a bank account when they have saved enough to open one.(banks differ on amounts to start an account.) Base the allowance on the child's age, work being done, amount of work actually getting done, hoiw many times they must be reminded to do it. If I don't have to remind my kids to take out the trash on trash day I may give an "extra" dollar once in a while just to show them appreciation for a job well done. (like a company will give bonuses sometimes) BUT, make sure they earn it otherwise you will become "first nat'l bank of mom/dad". A 5 yr old is old enough to clear the table and stack dishes in the sink or take out the trash, clean up their room(with supervision). Must NOT overwhelm a small child or give too many chores. As they grow, increase responsibility and money. A $1 or $2 a week is good for starter for 5-6 yr old. with only one chore. A suggested guideline would be add $1 a week for every yr. of their age when you start the allowance. EX: Start age 5 at $1.00 a week and give $2 a week at age 6, $3 a week at age 7, etc. If they do a great deal to help give little more.

Answer 3

I think a good age to start an allowance would be 10 years old. That's a fun age where, they'll be able to realize how money works and how to save for the things they want. $5-$10 should be okay. Or, you could base it on them doing their chores and homework?

Answer 4

My family started me with $3 when i was 5 then $5 at 7 and $5 at13

Answer 5

age 6 & $15 per week