What is a fair price to pay kids an allowance these days?
I have teenagers that constantly ask for money but I think they should earn it. But I have no idea what would be fair to pay.
How old are your teenagers?
How about a combination? For example, the teens have a certain number of chores they are expected to do without pay (ex. put away their clothes, wash the dishes). And they also have a certain guarenteed allowance (say $10 a week). These things (the chores and the money) are unrelated.
Additionally, there are a number of extra chores they can do to earn extra money (ex. $5 if you mow the lawn).
What autz says is the classic advice given in all the parenting books. Sounds workable; I haven’t tried it myself, as my kids aren’t that old and I can’t always be sure I’d have the excess cash on hand. Are your kids old enough for part-time jobs?
I like autz’s numbers. If they don’t already have one, I think a bank account is also a great way to teach financial management and responsibility.
The kids are 13, 15 and 17.
I have opened a savings account in each of their names and they are required to save a little money each time they get some to go into the account.
I used to pay them for chores in monopoly money. Everytime I did something for them (like cook) I would charge them and make them pay me in monopoly money. Then if they did something I would pay them. But one night my son was crying at the table and I asked what was wrong and he said he didn’t have enough money to eat dinner that night. LOL So I stopped the practice.
I just don’t know what is a good weekly amount of money to pay. I am cheap ha ha
IMO, and I’m not that far removed from that age myself (23), but the 17 year-old should have a job. Unless there’s a real good excuse otherwise, he should be making his own spending money by now.
Sorry, make that 22. 22. I’m 22. I don’t know why I keep thinking I’m 23. I will be 23 in October.
The 17 year old has a good paying job. He makes anywhere from $350-550 a week. But he is always borrowing money from me because he can’t save a dime. His cell phone bill for this month was $675.00
I grew up never getting any allowance and only taking on light chores. If I wanted to go see a movie, or buy a CD I would ask. If my mother thought I deserved it, she would hook me up - otherwise I was on my own.
This method gave me incentive to be on my mother’s good side whenever possible. I think if I had kids, I would run the same deal with them.
If they are 15 or above, make them work for their own money. Also, try to teach them the importance of keeping a budget and not throwing their money away. I know a lot of teens that do that on their cars, and do illegal stuff to them, such as illegal mufflers.
:eek:
If I were 17 and racking up that kind of charge, my parents would have cut me off a long time ago. I doesn’t seem like he needs an allowance with what he makes from him job. Perhaps a loan with a 2% interest rate for the Bank of Parental Units is something to consider?
Same here. 
I think of allowance as a teaching tool. Giving the 17 year old an allowance under these circumstances would keep him (or her) from learning to live within his (or her) means, IMHO.
I respect the fact that he is working, but $550 a week and living at home with free board? And you’re giving him money on top of that? You’re not doing him any favors by enabling that sort of fiscal irresponsibility. The reason he “(doesn’t) save a dime” is because he knows he doesn’t have to. He’ll never learn to handle his finances if he thinks mom and pop will always bale him out.
Are they hiring where your son works? :eek: damn, I know many adults who don’t make anything like $550 a week, myself included.
My parents stand on the issue is allowance is only for kids too young to work, or unable to work due to family obligations.
I’d have to agree with Chefguy here. My reaction to Isabelle was also “Dayumn! :eek:”
I think the allowance approach is better preparation for the Real World. When you’re grown up and responsible for your own finances, you don’t get CDs and movies depending on whether or not you “deserve” them; you get them if you have enough money left over from the other things you’ve spent it on. You get to decide whether it’s worth the price, or whether there are other things you want/need more.
I don’t think kids who have a job should get an allowance. I mean, as long as they keep their earned money for themselves.
I agree with autz answer. I also made a deal with my kids, even in grade school. I gave them enough lunch money to last 6 weeks. If they blew it, they had to pack their own lunch. If they wanted to keep the lunch money, they could pack their own lunch and at the end of 6 weeks could keep all of the money that was left. If they always wanted to buy their lunch, they had to keep the money only for lunches. My kids made a lot of money and learned to pack a balance meal.
Slight hijack - at WHAT AGE should a child receive an allowance? My 2 boys are almost 6 and 8; lately I’ve been giving the oldest one $1 a day to do small chores around the house. The $7 he gets each Sunday is always spent on something like a birthday present for Grandma, movie, etc. - as in, something I would have paid for anyway. Thoughts?