Allowance for Your Kids

The monthly, weekly or daily allowance for kids is always a big discussion. Let us have a look  what different ways we have to consider the height of the allowance and what we just found recently recommended on an online article about Allowance for Children.

1. Set Allowance by Formula

Some people suggest giving a child 50 cents for each year of age. By this method, a 7-year-old would get $3.50 per week. Others suggest a dollar per year, in which case a 7-year-old would receive $7. From Children’s Allowances: How Much Is Enough?

It is not recommended to set a number like That. There are too many aspects to consider when in each single case, but you get where that goes to.

2. Set Allowance by Budget

You might consider how much you spend on your child to determine the amount of the allowance. “Look at the space of a week and how much you spend on miscellaneous things your child wants or needs,” suggests James Sears, MD, a pediatrician in Southern California. This method takes into account your child’s needs as well as what you can afford, as long as you are currently spending within your budget. From Children’s Allowances: How Much Is Enough?

 

This approach might work in a middle incme class. In wealthy families it tends to set a too high number, in poor families it might turn out too low.

3. Let Your Child Suggest the Allowance

You could start by asking your child what amount works for her. “Let your kids make a proposal about what they want to spend money on and submit it to you,” suggests parenting expert Jim Fay, author of Millionaire Babies or Bankrupt Brats: Love and Logic Solutions to Teaching Kids About Money. Use your child’s proposal to determine what purchases match your values and what amount fits your budget.From Children’s Allowances: How Much Is Enough?

Take you time to sit with your child and go through all possible needs for a week and add some additional money they can safe for their own wishes and desires.

4. Pay Allowance for Chores

About one-third of parents exchange allowance for household chores, though many experts recommend keeping the two separate. “Kids have chores to do because they’re part of the family,” says Sears. If chores are tied to an allowance, your child could expect to get paid any time he takes out the trash or carries a dish to the sink. From Children’s Allowances: How Much Is Enough?

That is a dangerous field and thin ice. It might lead to the result that your child won’t do anything without expecting money.

We decided to give our kids the amount they need per week for fares, lunch in the canteen, etc. If they want anything more, they can come to us anytime and ask us for the funds. Of course this is only possible because of the trust we developed carefully over the last years so that they are not shy to ask.

Important is also, that the parents take the time if they deny the request, to explain there is a”No”. Next to that we also give them once in a while some small allowance on the side. This allowance system works now perfectly for us.

 

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