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Calling all parents out there...My new turned 7 year old has requested an allowance..which is fine.
Question is...How do I go about determining what is appropriate "for pay chores" for a 7 year old?
She already does the basics (make her bed, do her homework, clean up her toys, etc etcetc)....anyway. Should these go rewarded now monetarily?
I was thinking sure, because even though she already does this, it would be a good lesson in learning how to get paid and since they learned about money this year in the first grade...it might re-inforce how to save, spend etc etc and just overall build her self esteem?
Is it too young to start preaching saving and the value of money? I dont of course expect her to pay rent or her own way..but she used a gift card won yesterday and it was a HUGE deal for her to hand it to the cashier because it was "her own"..so then I thought..it may be nice to have an allowance and then let her bring some of it shopping so she too can experience what its like to work and buy things, with what she did around the house..or when we go on vacation and stuff she can take it for the little goodies.
Do parents still do allowances anymore? My parents didnt...honestly...they just felt that everyone had to pitch in and help out because it was just a responsible thing to do.
Whats the going rate these days....back in the day the 80's for me it was 5 bucks a week. What is it now?
Also do you pay for good grades too? What about good behavior? What do you if things DONT get done..I dont want this to be a punishment thing..but rather a lesson learned thing. Summer is upon us and I think this is the perfect time for some one on one time to get things re-inforced.
What would be typical things that should be included? TIA.
I think it is a terrific idea to begin her on an allowance. I am a true believer in the fact that kids need to BE TAUGHT about money, how to make it/manage/spend it. If you start when they are younger, they will most likely have a better grasp of finances when they are older. It worked in our family, and to this day my son is better managing money than alot of adults I know!
One thing I did NOT do is reward him monetarily for good grades. I say this because I wanted to instill in him a sense of self motivation and pride in getting good grades, and genuinelly felt that the "payoff" for getting a good grade came from within HIM. (His sense of pride/satisfaction, etc.) I wanted him to do well and get those grades because he knew that 1) he was capable of doing so, 2) that he felt a certain sense of pushing himself to get the grades, and 3) that if he had the capacity to do so, that his own sense of achievement and pride would be the reward in the end...
As far as chores go, you can determine what sort of things your 7 year old can (and must) do each week in order to get an allowance. When my son was 7, it went something like this: set the table every night; help dad in the yard for 20 minutes on Saturday morning (just 20 minutes of raking leaves, for example); help take out the trash once a week; or help mom dust for 15 minutes every week. (Then you can advance them to vacumes!)
Seriously though, I think it's terrific (as well as essential) to instill "chores" in kids -- They LOVE the fact that they are getting $$$, they (initially, at least) love the fact that they are helping out and it nurtures the fact that "we all live in this house together, as a family, and everyone helps out because we ARE a FAMILY!"
I think it's good for kids to learn to save their money for things they want. I can clearly remember being about 6-7 years old and I desperately wanted this huge stuffed panda bear that cost $100. My mom said she was not going to buy me a $100 stuffed animal, but that I could save my allowance and buy it if I really wanted it. She put it on layaway for me and I saved and saved, and I eventually got that panda, which I still have! I would sit and count all my money every week when I got my allowance, so it was good for math skills too. After I got my panda, I started working on the next thing I wanted, which was a set of bunk beds even though I was an only child (at the time). I was able to get that when I was around 10.
I have a friend who uses a piggy bank for her child that has 3 compartments - 80/10/10. 10% first to God (tithing is very important to them), 10% to savings, and the rest for what you want. She used to give $1 per week (in dimes) to facilitate this when her child was very young.
When i was a wee one I got probably $3 a week to cut the grass and that was my allowance. But back then you could buy action figure and their full kit for $0.80 cents!
We started by son on chorse and allowance when he was 5 but I couldn't keep up with it - but he LOVED it - I need to really keep up with it this time!
We gave him $1 a week. IF ALL THE CHORES were complete. And only if they all were complete.
He didn't care about the money as much as the feeling of pride which is nice - but I know that's cuz he's young
But when he asks for stuff in the stores I always say "You have the money for that?" and he says no. I told him "Save your money", which I can hear my mom's voice when I do that.
Soon allowance will make a difference to him. He already is proficient at counting money and understanding worth. He has a play cash register and ATM and moola, and he has set up a resturant at our house and he makes the menus and "sells" us meals. And then makes change! It's pretty cute.
Especially since the hamburger is 50 cents - but a side of ketchup is like 50 bucks! Well, he's only 6 now.
Our neighbors have a son that receives an allowance. They chose not to do a chore by chore allowance reward, instead, he had a set of items he had to get completely done to receive his allowance at all. Sort of a no partial credit system. Now, he could do some specific extra chores (I think wash the car and mow the lawn were the big two) for a set dollar amount. Washing the dishes, setting that table, cleaning his bathroom, etc. were all requirments.
I was thinking 5-10 bucks a week as well. And not pay per chore..but also a set list..that was reasonable...as far as pay for grades. I know one parent that does 20 for every A and 10 For every B..nothing for below. I think there are 6 subjects in high school or something (cant remember)..so I guess its not a bad gig 100 bucks for a great report card...the mom says "compare it to a performance review at the office"..if you do well, you can get promoted or get a raise.
I use to get $20 a week, far too much in my adult opinion. My kids get their age equivalent. I sometimes do special things with them in place of the allowance. $30 a week is a bit much on the pocket book. When I don't have cash I will mark it down and deposit in their bank accounts.
They can also get money taken off if they are being rude with not doing their chores or homework.
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