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Old 03-12-2013, 09:08 AM   #1
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ktarsha
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dividing allowance money

My older son turns 7 tomorrow and we're going to start an allowance for him. The plan is that he will save some (probably have him set a goal to save for something he really wants), give some to the church, and have some to spend. If you do something similar with your kids, how do you manage each category - do you have separate piggy banks/other means of storage, or what? Do you also show your child how to keep track of money coming in and going out with a written or electronic register?

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Old 03-12-2013, 09:13 AM   #2
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Re: dividing allowance money

We keep it fairly simple. Ds gets $5 a week. $1 goes into his savings account in the bank. When he gets larger sums of money for holidays, he has to put aside half of it to the bank. He just had a birthday and he got almost $100 in cash so we had him put back half of it. He gives his weekly dollar to dh and one of us takes it to the bank every other month or so. We don't go every week for $1,lol.

He has a wallet and we let him manage own money. He can spend his allowance however he wants. If he wants something particular, he has to save for it. In addition to his allowance, I will give him opportunities to earn money for doing work above and beyond his assigned chores.
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Old 03-12-2013, 10:20 AM   #3
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Re: dividing allowance money

My kid is a toddler, but we are going to do what my parents did for me. Savings are matched by Mommy and Daddy at a young age to make it an incentive and thus a habit. In around middle school they stopped matching but at that point it was awesome to see the nice amount in the account and I understood what saving could do.

I was only allowed to spend a really small amount of allowance.

I had an account at the bank and I physically handed the teller my money, and I got the bank book back with the amounts written in (this was the 80's ) We did it once a month or after holidays and birthdays. Obviously when we do this with my son we will be looking at receipts and balances online, but I think it will be helpful to be able to show him online the balance everytime he wants to spend money. A little extra support to why we save.
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