We’re taking the plunge. We’re giving DC an allowance.
DC was really excited about Halloween this year. Then we got to talking about Thanksgiving and Christmas. We talked about gift giving and Christmas and what to give DH. DC suggested candy, and named off a couple of DH’s favorite treats (“the ones that are like the ones with the m’s but have the s’s instead”). That got us talking about buying gifts (or making them) and that got us talking about money and allowances. DC wants one. I asked what (s)he’d do with it and (s)he said, “buy candy?” Halloween has really made a big impression.
Anyhow, so we’re thinking to do 60 cents a week until hir birthday and then we’ll up it to 80 cents. (The idea is that it’ll be less than a full size candy bar each week because (s)he does not need a full size candy bar each week until (s)he’s a bit bigger.) We’re going to get a clear plastic container and cut a hole in the top for hir to put coins in. (S)He gets to keep all the money with no constraints and spend it (or save or give) on whatever (s)he wants. It will not be tied to chores. DC, I mean spiderman, helps out with chores no matter what.
Back in the day, I got 10 cents per year of age. That wasn’t a whole lot of money. But it did teach me to save up, and it forced me to budget. I knew very well the local tax rate and exactly how many packs of lemonheads and now-and-laters I could get. Of course, back in the day, we kids could go to the local drug store and spend hours trying to decide which pieces of candy to get, but poor DC is stuck with places we drive hir to.
DH had to do chores for his allowance. I tend to go with this post from GRS on the allowance philosophy– let them make their own decisions and mistakes now. But I don’t think it probably makes too much of a difference. But who knows. That would be an interesting research paper… but I kind of doubt it would get into a top journal.
How are allowances working out with your kids? How did they work out for you growing up?