Should I give my 5yr old a small allowance?

Question

Is he to young? I know he loves having money and puts it into his piggy bank. Not sure if he's able to really understand anything more than just the fact it's fun to play with. If I do give him money how much and when?

Answer 1

i give mine a small allowence for doing little chores it can teach them responsibility

Answer 2

I don't think he is too young.  What I did with my boys at that age (and still do, but they get paid more) is commission.  If they worked, they got paid.  If they didn't work, they did not get paid.  That did NOT include picking up their own toys and such.  This was for other things like unloading the dishwasher or helping daddy with the lawn work.  Helping with the dishes would earn a quarter.  They had to wait for pay day just like a grown up.  We helped them "budget" their money.  If they saw a toy they wanted to buy we would help them decide how much to save.

Answer 3

Not an allowance. But give him money for extra jobs around the house, like, if he puts all your old newspaper in the trash or helps mommy with the laundry. Don't give it to him for stuff he normaly does.

Answer 4

Decide whether or not you think that the child is mature enough to handle money at that age.

Answer 5

If you do choose to give an allowance do it to teach about money and saving. Open an account and have him put a portion away. I don't think that you should tie the money to chores because chores should be done without monetary gain involved. Part of growing up to be a responsible adult is to do chores. So allowances are a good thing, tying them to everyday chores is not. In my opinion anyway.

Answer 6

MY HUSBAND AND I DO THIS W OUR 3 YEAR OLD.  DEPENDING ON THE CHORE.  SHE GET SMALL CHANGE FOR EX PICKING UP STICKS IN THE YARD LIKE 25-50 CENTS WE DO GIVE LARGER AMTS FOR EX DOING OTHER STUFF IN THE YARD.  FOR HER IT IS A LITTLE HARD TO EX MAKE UP HER BED.  SHE DOES HAVE TO CLEAN HER ROOM UP THERE IS NO ALLOWANCE BC THAT IS SOMETHING WE EXPECT.  SHE DOESS HELP PUT UP THE DISHES EX THE SILVEWARE I MAKE SURE I PUT UP THE KNIVES AND SHE PUTS UP THE PLASTIC BOWLS BC SHE CAN REACH THAT.  THEN WE TAKE HER TO THE STORE AND SHOW HER SHE HAS EX 50 CENTS AND THAT SHE CAN BUY EX GUM WE JUST SHOW HER THAT U HAVE TO PAY FOR THINGS WE DONT LET HER BLOW HER MONEY.  ALSO I THINK THAT A CHART SYSTEM IS GOOD.  I HAD A FRIEND THAT DID THAT AND IF BOTH HER KIDS DID ALL THEIR CHORES AND DID NOT FIGHT W EACH OTHER ALL WEEK THEY ALSO GOT TO GO SOMEWHERE FUN.

Answer 7

He's definitely not to young to understand money.  My daughter is 5, has a savings account at the bank where half her money from birthdays and such goes.  I explained the stock market to her a few weeks ago.  As soon as she has a little more money (about 200, she has about 160 now) we are going to open an investment account and buy stocks with her savings.

As for the allowance, I would say no. However, if he wants to do extra chores to earn money, then definitely

Answer 8

Well you should give him allowance but what does he do. If he does something big for a job then yes he should at least get $10 or something and by then take him some where to buy toys or something or take him and let him get a bank so he can save up.

Answer 9

Tell him if he keeps his room clean,  he will get a dollar/50 cents per day.  He could use the money for small outdoor items...  or go to the dollar store!  

Five is a good age to start this!!!  :)

Answer 10

You could just give him 25 cents-$1 if he just likes playing with it.Also you could take him shopping at a toy store and show him that u can spend your money to buy stuff, if he would like to do this insetad of play with iand start giving him $3-$5.

Answer 11

I have a five year old & we give him money when he helps out around the yard.  Like raking or picking up rocks.  He has a bank and puts his change and money in it & he loves to go with me to the bank to deposit it in his savings.

Answer 12

Our belief is that if you live in the house you contribute to the daily household chores. One should not be paid to contribute to the house in which they are living, eating, etc. However, the kids are always wanting something and wanting to save for something and teaching them the value of a dollar isn't a terrible thing. So, we do give them $2/week. My oldest two are 8 & 5. Even the 5 year old understands money. He is just now learning how to make change. Don't underestimate your child. If you work with him he'll understand it.

Answer 13

Its a great idea. Make him a daily chore chart with simple chores that he can do quickly such as wash the table, feed the cat, pick up his room. Then give him a quarter each day for doing his chore. Eventually you can make the chores more complex and pay him weekly, but start out with the daily motivation to get him into it.

Answer 14

Give him 5 dollars because he is five, open up a savings account and have him put a dollar in there and have him give a dollar to the church(if that is something you want to do) and then let him pick out something in the store if he wants to, but tell him if he saves his money he can buy something more expensive. I think five is a good age to start learning about money and savings.

Answer 15

not that's is no too young, but make sure you also teach him how to save and not just spend it because he has it, i would make daily or weekly chore chart to help him learn and depending on the job depends on how much you give him, unless you want to do a set amount anyways good luck

Answer 16

it is never too early to start teaching about money. my children receive an allowance and when they decide to spend they have to factor in sales taxes.

it is quite fun teaching about these things and letting them know that there is no endless funnel

Answer 17

Only give an allowance if your child does something that he normally wouldn't do.  Say if he helps you dust or vacuum or something, then give him a quarter.  He is too young to have more than that.  We only give our kids money if they do something that isn't normally expected of them.  Even our 5 year old.