Allowance for kids?

Question

My daughter is 4, son is 7

How much do you think they should get 2 times a month for an allowance?

And half in the bank and half they can save or use for toys?

Answer 1

wow they are kind of young to be getting an allowence. they will just waste it all on toys or loose it.  My parents dont believe in giving allowence. Even when I babysit they don't pay me. They allready pay for my food, clothes and to live in this house. So if anything i should be paying them. Although i do get extra cash from babysitting at other people's house besides my own and teaching violin lessons after school

Answer 2

10 total and 5 for them and 5 in the bank. $3.00 more to the 7 yr old.  

Hopefully it's just not a allowance.  Do they do daily chores?

You should also let them take the money to the bank to deposit and have them add their money up, etc.  (more for the 7 yr old).  4 yr old might be yet a little too young to understand it completely but still have her do it.

Answer 3

If half is going in the bank I would say 20 a month and maybe a little more for the 7 year old.   Thats good that half goes in the bank it teaches the responsibilty.

Answer 4

daughter- $1 a week

son- $3

don't spoil them

Answer 5

They normally say to give for example if your child is 4 years old then give them $4 a week if your child is 7 then give your child $7 a week. by doing this it teaches the child a value of a dollar they will understand when they get older that they have to work hard to get their money and save it. It teaches them that money isn't easy come easy go.

Answer 6

id say 15 for the 4 years old and 25 for the 7 years old that is far enough

Answer 7

My son is 6, and he gets $3 a week.  We decided not to do the half in the bank thing because this way he really does need to think about what he's doing with his money, and if he wants a good toy he needs to really try to save for it.  I think the "half in the bank" rule really doesn't teach kids to save, it just teaches them that their parents are always putting away something for them.  For me, I think it's better to let the kids have control of a smaller amount of money so that they fully grasp that the decisions they make to save or spend control what they can or can't do, or can or can't buy.  (also, we kept the dollar amount low for now because he has so many toys, crayons, etc, that giving him more would just lead to more stuff piling up in his room that he never uses.... the $3 gives him enough for candy, something from the school store, a bit to save up.  It works pretty well for us.)

Answer 8

The 4 year old doesn't need one, she's too young to really know the value of a dollar. The 7 year old can start out at one dollar/euro/pound a week (so 2, twice a month) to start saving and learn the basics.

Answer 9

it depends on your INCOME!! duh

When i was living high off the hog...my daughters got 20.00 a week

After we went to a slower life, they got 5.

And they completely understood.  Of course this was back in 96 or so. My 9 and 11 yr old get EVERYTHING.....and ANYTHING they ask for from me, .....so i just give them $ as i have it or when they want something really bad...They arent hurting...they have more money in their wallets than i do in mine

teehee