I never got an allowance, I believe, until I was 10 or 12, and I think that was too late. By that time, I was old enough that I just saw it as "bonus money," not tied to specific chores (because I already did them) and not much interested in saving, because there were already too many things in the stores I was interested in. I think it's probably smart to start an allowance -- and the money learning that goes with it -- at least before "tween" age, when every advertisement and every friend has some new thing that a little kid yearns for.
My sister started her kids' allowances at 6. They actually give an allowance equal to each child's age, but with this caveat: 1/3 goes to savings, 1/3 goes to "taxes," and 1/3 is the child's to spend as they wish. So in essence, the 6-year-old has $2 to spend, puts $2 in savings and donates his $2 "tax" money to the household -- in the kids' case, they understand that taxes go to pay for lightbulbs, phones, cable tv, etc.
It'll be interesting to see, once these little kids are older and out in the world, what effect this routine has had on them. (They already grumble about taxes, LOL, but they also will never expect a paycheck without deductions!)
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I never got an allowance, I believe, until I was 10 or 12, and I think that was too late. By that time, I was old enough that I just saw it as "bonus money," not tied to specific chores (because I already did them) and not much interested in saving, because there were already too many things in the stores I was interested in. I think it's probably smart to start an allowance -- and the money learning that goes with it -- at least before "tween" age, when every advertisement and every friend has some new thing that a little kid yearns for.
My sister started her kids' allowances at 6. They actually give an allowance equal to each child's age, but with this caveat: 1/3 goes to savings, 1/3 goes to "taxes," and 1/3 is the child's to spend as they wish. So in essence, the 6-year-old has $2 to spend, puts $2 in savings and donates his $2 "tax" money to the household -- in the kids' case, they understand that taxes go to pay for lightbulbs, phones, cable tv, etc.
It'll be interesting to see, once these little kids are older and out in the world, what effect this routine has had on them. (They already grumble about taxes, LOL, but they also will never expect a paycheck without deductions!)
October 23, 2008 - 8:13amThis Comment
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