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Old 11-28-2013, 06:08 AM
 
1 posts, read 551 times
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Check out moneyboxed.com - with this site you can track virtual pocketmoney, I set it up to pay £2 per week for my kids, they can then add toys to their list and see how much they need to save.

Last edited by Jaded; 11-28-2013 at 11:12 AM.. Reason: no links for new posters
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Old 11-28-2013, 08:03 AM
 
16,825 posts, read 17,684,540 times
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Originally Posted by no kudzu View Post
Another household who do not believe in linking "allowance" to the common chores and responsibilities needed to keep a family running smoothly. We do give a small allowance to help our girls learn the value of money and how to manage it. but at 11 their needs are very simple. As a family we do very little if any recreational shopping which gets a family in debt pretty quickly. They squirrel away their money for a new Wii game or something like that but otherwise they don't need to buy anything.

What does an 11 year old buy with allowance in other families? Just curious.
When mine were 11 they were getting $15 dollars a week. Third into mandatory long term savings for a pricey item they wanted. That left them $10 for going to the movies, or roller skating, or for snacks down at the beach in the summer. It was around that age that they started going out with their friends without us. So most of the money was for that.
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Old 11-28-2013, 08:09 AM
 
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Originally Posted by longnecker View Post
No $100 would not cover it. It would give the child a sense of having to pay for his expenses though.
But why do you think children have to pay their expenses? Isn't that part of parenting, covering a child's financial needs? I suppose I understand if a teen has to work to help support the family but just to teach then a lesson about giving money to someone who doesn't need it I don't.

Mine never worked until college, they are all financially responsible. The two in college pay all of their own expenses except cell phone. And during the summer their internships cover their insurance for the year. But to be honest if a great but unpaid internship came up, than I would not ask them to give it up just to work.

It's an ROI, thing, with the goal being financially well off young adults.
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Old 11-28-2013, 08:12 AM
 
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Originally Posted by nana053 View Post
We used allowances for our kids to teach money management.

Early on at 5 or 6, it was pocket money. They could spend it however they wished and they did not have to ask for money for small toys or treats. They could save up for a bigger toy if they wished.

As they got older, it became budget money as well as pocket money. They got a budget for clothing, school supplies, the public bus, etc. My ds would walk to school and save the bus money to buy his baseball cards or tickets for various sports games. My dd would buy her clothes at the thrift shops and save money for her music and for tickets to plays. Both learned to save and to make decisions about *how* to spend their money this way.
Same here. By the time they were 13 they got a clothing allowance for the season and were responsible for buying their own clothes.
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