My daughter doesn't get an allowance yet, but she does get money every time she goes out of the house to go to the Burger King so that she can buy a little treat for herself. Usually, it's just a dollar or two, enough to buy one icecream cone. Sometimes, I put a couple dollars in her hand and suggest she buy something healthy like peanuts at the store and she always does that cause those are her favorite. Sometimes, she takes her dollars and goes to the $1.00 store and buys a little beanie bag animal. She has dozens of those. She is a very frugal girl, very sensible and never asks for very expensive toys. Just wondering how you handle the allowance situation in your home? Do your kids get a fixed allowance or money as they need it? What's the best age to start giving a real allowance? And, how much allowance is right for a child under ten years old?
When I was a kid, I only get an allowance when I go to school. ^^ And whenever I would ask for money from my parents it should be something worth while.. Just like your daughter, we grew to be frugal kids.. We make sure that when we spend money, we're buying things and stuff we need.. not just want..
Having grown up in a very poor home, I learned the value of saving money and being frugal from a very young age. And, though later on we had more money, it wasn't enough to be wasteful, so our frugal habits continued. And, now I'm just passing along what I know to my daughter. Like I said, she's a very sensible person. My biggest concern with the allowance situation is that if I give her eight dollars or ten dollars at one time and tell her that's all she gets for the week, so will go spend it all at once or she will give it to her Daddy and he will buy snack cakes for her. And, I don't mind an occasional snack cake, but that's a heck of a lot of money to be spending at one time on a temporary pleasure. Anyway, I know her, she would just come to me the next day wanting another dollar. So for now, I'm doling out the money a dollar or two at a time, that way she can buy little treats here and there or maybe an occasional dollar toy that she plays with for a whole year. That's a really good investment of a dollar. Like I said, smart kid, she doesn't go for the very expensive toys. She has a good head on her shoulders. For now, she's obsessed with her online video games which are free and that seems to be sufficient.
Honestly I think you should be giving it to them as soon as they are born and put it in the bank for them. And once they know the meaning of a allowance, make them put half in the bank and let them spend the other half. My wifes parents did this for her and she had over $20k saved by the time we got married and we used it on our wedding.
That's really amazing! She had really smart parents. That's such a good idea. There is a sharebuilder company online from ING Direct that encourages parents to start accounts for their children. I might check that out. I had no idea so much money could build up over time. Who knows how a person could use that money. Would be nice as a down payment for a first home. Thanks for that tip.
