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What do you get for a weekly allowance, or give if you're a parent?
2 Answers
- D.E.B.S.Lv 75 months agoFavorite Answer
$30/month to the kids. That's a base for doing basic things around the house kids are expected to do. If there are larger jobs, such as non-standard yard work, then there is hourly pay involved. While I think they should understand that contributing to the house is important, they also need to learn the value of earning money. They're expected to put aside some of this for long term savings for a larger purchase (or not) when they find something they really want. The rest they spend 'day to day' and have to learn (much help in the early years) to budget it and do a cost benefit analysis against the snap 'I want' urge.
- Anonymous5 months ago
We didn't give allowances. We gave money for specific events (meeting friends at the movies or for lunch at Panera), a little extra for just having. If they were out with me and wanted something, they were in on how I made the decision to get it or not.
I think this helped them understand that money needs to be budgeted and spent wisely on things of lasting value most of the time.
There are a lot of approaches to kids and money, from allowance related to age, to grade-based, given only on completion of chores, to kids having to earn their own spending money, and lots more.
FWIW, both our kids manage money very well, never got into credit card debt, and bought houses at younger ages than most of their peers.