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Attention Parents: I Need Your Help With My Children’s Allowance!

Over the weekend I was reading an article about the need to teach your kids about finance at an early age. It was a very interesting article and gave me reason to pause. I had a flashback to when I was a child and remembered all the times I cut lawns or shoveled driveways for some cash. I tried to remember “way back when” about what my allowance was and what chores I had to do to get my full allowance on a weekly basis. Unfortunately with me being so old, I had trouble remembering what I received.

With my kids being so young, I haven’t started to give them allowance. Maybe that should change? Maybe we should give them $2.00 a week and their chores should include:

  • Cleaning up their room
  • Feeding the dog
  • Watering the flowers
  • Cleaning up the pool area
  • Not leaving wet towels on the floor
  • Making their bed

Of course we could come up with creative chores like:

  • Not crying
  • Not irritating their baby sister
  • Calling their grandparents weekly

The question is, when do people start giving their kids allowance?

  • What chores do they have to do?
  • How much do they get?
  • How does it vary by age?
  • How much do they get penalized for not doing something?

And the most important question:

  • At what age does the allowance stop?

I really look forward to reading your comments.

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