When to start giving Allowance?
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so show them the positive side of spending, before teaching saving
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And make them do an accounting spreadsheet to show their expenditure !
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help them to spend?
Probably start to give allowance at 6 years old? since primary school they have to spend on food.
From 4-5 years old, show them the currency, how to recognize them. -
It’s not just abt when but how much as well.
For our case, P1 & 2 - give just enough for recess w 0-50cts daily savings.
Intend to upgrade to basic allowance (small enough that he will want more $) + wages for each household chores (fold clothes, tidy up bookshelf, scrub toilet walls etc) from this dec hols onwards. Gotten this idea out of the 3 systems mentioned in a book, "You’re Not the Boss of Me - Brat-proofing your 4 to 12yo Child" by Betsy Brown Braun.
Hopefully, will help me from having to chase him to fold clothes etc & teach him abt work & earnings. Total amt will b the amt we want him to hv by end of the week. Will then guide him to divide the $ into Spending (recess, small purchases etc), Saving (bigger ticket items or "to b determined") & Sharing (charity, gifts 4 others etc).
Tested out the spending part last weekend. He was v motivated to shop w us & on good behaviour when he brought some of his savings along to c if anything caught his eyes during the trip. Ya, in the end he chose to spend $10 on a toy but could only play when he finished his homework during the sept hols. -
Vevey:
For me, I don't think is a good idea to give wages for household chores. when they grow old they might expect to be paid for each task done?It's not just abt when but how much as well.
For our case, P1 & 2 - give just enough for recess w 0-50cts daily savings.
Intend to upgrade to basic allowance (small enough that he will want more $) + wages for each household chores (fold clothes, tidy up bookshelf, scrub toilet walls etc) from this dec hols onwards. Gotten this idea out of the 3 systems mentioned in a book, \"You're Not the Boss of Me - Brat-proofing your 4 to 12yo Child\" by Betsy Brown Braun.
Hopefully, will help me from having to chase him to fold clothes etc & teach him abt work & earnings. Total amt will b the amt we want him to hv by end of the week. Will then guide him to divide the $ into Spending (recess, small purchases etc), Saving (bigger ticket items or \"to b determined\") & Sharing (charity, gifts 4 others etc).
Tested out the spending part last weekend. He was v motivated to shop w us & on good behaviour when he brought some of his savings along to c if anything caught his eyes during the trip. Ya, in the end he chose to spend $10 on a toy but could only play when he finished his homework during the sept hols.
I think a better way maybe the tv allowance or the reward chart. Collect 10 stamps for outing trips? -
when i was a kid my parents actually started me each week with an amount of money, then divide that into 7 days.
everyday at the end of the night they will sign off in a little book, minus
money from anything that was not done or bad behavior during that day.
and the total left over from each day was then given to me at the end of the week.
kind of a reverse way to do it, but i did learn to value the dollar very early on this way -
If your child is quite young and is given an allowance, make sure you conduct audits on the spending habit.
My DD’s classmate gives everyone treats and free pens whenever she gets her monthly allowance !!! -
UncleLim:
why monthly? how old?If your child is quite young and is given an allowance, make sure you conduct audits on the spending habit.
My DD's classmate gives everyone treats and free pens whenever she gets her monthly allowance !!! -
Nebbermind:
Primary 4. Not sure why monthly.
why monthly? how old?UncleLim:
If your child is quite young and is given an allowance, make sure you conduct audits on the spending habit.
My DD's classmate gives everyone treats and free pens whenever she gets her monthly allowance !!!
My own child does not have an allowance. -
I started giving my kids weekly allowance for spending in school at P2 & P3.
Initially I would audit their spending as they were excited and would spent everything....sometimes before the week finishes. So for the remaining days, they had to bring food to school....after 2-3 times, they learnt their lesson.
Each has a personal savings account, whatever savings they have, I will top up dollar for dollar and bank in on quarterly basis....seems to work well on them too.
And when they waste resources eg. play with correction pen, I stop paying and instead made them pay with their own savings so that they feel the pinch :evil:
So far, so good......
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