4Real Forums: allowance tips

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Nurturing the Years of Wonder
4Real Forums : Nurturing the Years of Wonder

Topic: allowance tips

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dolorsofmary
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Joined: Jan 17 2010
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Posted: Feb 24 2010 at 12:23pm \| IP Logged

I light of teaching math and prudence I am strongly considering giving my 4.5 yr old son an allowance of a whopping $0.75 per week. I ask your advice on this subject, what have you done? Did it work? Etc. I've read a little hear and there a while ago. I was considering having the following system. We give him 3 quarters a week. One to save in a piggy bank, one to put in the collection at church and one to spend as he pleases. And this is not for doing chores. Chores are family work and so he is not paid for that.

This may also alleviate or exasperate temporarily the gimme gimmes at the store (which don't work anyway). I say exasperate because what can a stinken quarter buy anyway?!

Your thoughts please.

Thank you!

kristacecilia
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Joined: Feb 05 2010
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Posted: Feb 24 2010 at 12:33pm \| IP Logged

We have just started something very similar with our 6 y/o and 4 y/o. We give the 6 y/o 10 dimes and the 4 y/o 10 nickels. They have to give at least 1/10 to the Church and 1/2 to Savings (at the bank of mom- I keep a ledger to track it) and the rest they can keep in their piggy banks to spend as they wish.

We also make them save half of any birthday/Christmas money (in the ledger). The other half they can spend on a nice toy or book, or whatver.

It's working well for us so far. My just-turned 4 y/o has $50 left from his birthday to spend as he wishes. My almost 6 y/o will most likely have the same amount after his birthday in April. They have decided to put their money together and buy a nice Plan Toys car garage. I am really proud of them for deciding to save their money and put it all towards one nice, big item.

They are also very generous when they give to the Church. Often they will put 3 or 4 of their coins into the envelope for the offering, even if that means they only end up with 1 coin into their banks after putting half in their savings.

This is also independent of their chores- they have to do those anyway.

JSchaaf
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Joined: Feb 22 2005
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Posted: Feb 26 2010 at 5:02am \| IP Logged

I just posted on the other thread about allowances-I didn't realize your son was still so young. My advice would be the same, but at that age I had a little "mom store" at home-I would buy some things (sometimes candy or little toys, sometimes stuff the girls left lying around and I confiscated, and some bigger things, too-a book or coupons for a trip to Dairy Queen, etc.) I would price everything so it is affordable for your son and have him "shop" there. Have a couple of things that are a little more expensive and are things he wants and help him to realize if he "doesn't buy candy for three weeks he will be able to get this cool whatever".

Oh, and I agree with the above poster-allowances are separated from chores. Chores we do because we are a family and all live and work together. Allowances are a tool to help learning about saving and spending. I know this makes me sound like a wife under her husband's thumb, but I get an "allowance", too. It's a bit larger than $20 a month

but it helps the girls realize that adults have to manage their money, too. If we go out to fast food one night of the week and my cash is gone then we have to wait until next week if we want to do it again.
Jennifer

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