What's a fair allowance for a 5 year-old?

Question

Should they even get one or is it too soon? Any help would be appreciated.

Answer 1

.50 cents or one dollar. My son will be 6 in Oct and he gets $1. He picks up after himself and he has small chores around the house- water plants, feed fish, put away his clothes, clear his dishes, set the table

Answer 2

Im 13, and i think 5 years old is WAY too young for an allowance. I was 9 when I first got an allowance and it was $3 at first. Even before I got an allowance I was expected to help out a little.

Answer 3

Standard is $1 per year of age. If your child has chores, you can tie the allowance to the chore; however, that being said, my own are 7 & 9 and just began receiving a formal allowance that, yes, they _do_ save (contrary to other opinions opined here) and indeed, give to charity and then can purchase what they want. Perhaps waiting another year or two will allow some more developmental growth so that they can appreciate the ideas of saving and of making bad fiscal decisions. However, you'll be the best judge of your child's ability to save and comprehend money issues. Good luck!

Answer 4

yeah right! 5 year old do NOT need an allowance. they have nothing to buy at that age. When i was about 10 i got 20 bucks a month, and it went up as i got older. Now im 15 and have a part time job as well as go to highschool. Dont start spoiling them too early..

Answer 5

$5

Answer 6

I have a 5 year old. I don't really call it an allowance but I do allow him to earn rewards. So if he is good and is consistent the next time when we are at the market/store I will let him get a treat and its is usually the most simple things, sometimes right down to a big box of Popsicles.. Mine is thrilled when I give him pocket change :)

Now my 12 year old has to mow the lawn for $$ :)

Answer 7

How about nothing? What does a five year old need money for? You pay for everything she gets. She doesn't even understand the value of a dollar. A good age for allowance is, at the youngest, twelve. Any younger and they just don't understand. For instance, My friend, my friend's eight year old brother and I were at a resturaunt and the brother had $300 dollars of birthday money in his wallet. He asked if he could go to the little calw machine while he waited for the food and she said okay, thinking he was just going to spend some spare change or something. When the food came, we went to get him. He was glued to the claw machine, putting in dollar after dollar after ten-dollar bill. We went to him and took his wallet and counted his money. He had started the day with $300, and after the claw machine, he had $245 left. That means he spent $55 on that claw machine which only cost $0.25 for one play to begin with. And he still didn't see what was wrong with that. He figured, I still have money left, so what's the problem? Obviously, kids under twelve have no idea what a dollar is really worth. Do you still want to give your five year old an allowance?

Answer 8

I think it would be a wonderful way to teach him about money.
I would say $5 a week. I saw somewhere that they should get $1 for every year that they are until they get 10 years old.
It would be a great way to teach him how to save money and show him how to save up for something he wants. Like if he wants something that's $10 you can tell him after two weeks of saving he can have it. I think it would teach him value and responsibility and so forth. Good for you!!

Answer 9

The point of an allowance is to help kids understand the value of money, and help them to keep track of it and save for things, etc. Most 5-year-olds couldn't even tell you how much money they have if you gave them a handful of coins. Heck, a lot of 5-year-olds think that "yesterday" means any time beyond the past few hours. There's really no point in giving a child that age an allowance.

Answer 10

We don't give our 5 year old an allowance. Children need to know that they are expected to help around the house. It shouldn't be a chore, it should be a part of their lives. Everyone pitching in makes cleaning easier and quicker. I explain this to my kids by telling them the less time I spend cleaning, the more fun stuff we can do. (park, fishing, ball etc...) I always say thank you so that they know I appreciate their help. Afterall, todays kids have more than they need.