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We're going to do commissions where they work for their money by doing specific activities.

Yea, but only if they do their chores.

@mrbee it's also likely he blew it because that's the first time he got one!

We are planning on giving money for work around the house. There will be chores DS is expected to do and then anything above that we will assign money too. Very similar to @hummusgirl. But he will have chores that are expected, like cleaning his room, picking up toys, etc.

@hummusgirl: Doing the exact same thing when we start giving kids money. Haha.

I think I read somewhere that giving a set allowance not tied to chores is a really good idea because of what you said it will help them manage money later. But also there should be a set of chores that are "expected" not to be paid for (like making the bed for example - also a chore wheel could be used here) - house rules and basic things they need to do to be a member of the household. Then there are chores that are above and beyond their normal house duties which you give extra for.

Yes – I believe getting an allowance is an important part of learning how to handle and save money. We got an allowance weekly as kids and we were required to save at least half of it. (We typically saved more than that). It allowed us to learn how to save up for bigger purchases. We also had to fill out all deposit or withdrawal slips for the savings account the money was in (and keep up the account ledger).

I am also a firm believer that allowance should not be tied to chores. You do chores just because you are a contributing member of the family. You shouldn't be paid for that.

We will, but I don't want to start until she roughly knows the value of money. I want to implement what @chopsuey: doing with 3 jars - give, save, spend.

I also set aside a little money for her each month, which I intend to give her when she either turns 16 or 18 or when she finishes high school. She's only 3.5, so we have some time to figure it out.

Yes I definitely will when the boys get older for doing chores, doing well in school, etc. but not for a while... I think they should help around the house without incentive when they're little just to make it part of how things are.

I'm still deciding what to do about this. I never got an allowance growing up, but if I needed money, I could ask for it and usually get it. DH didn't have an allowance, but his parents set up a system where they paid for chores. He had two siblings, and only one of the siblings ever took advantage of it, and he would do all the chores and collect all the money. It's hard to decide how much to give and if it should be tied to something like chores, grades, etc.

@looch: Same with you! I totally get why having an allowance would be beneficial, and it's not off the table, BUT I never had one and I grew up very aware and responsible of how to use/manage money... Somehow my parents instilled that in me without an allowance

I also agree that *most* chores should not be paid but part of their responsibility as part of the family but there can be above and beyond chores that can earn them $.

I didn't have one as a kid but once I got my 1st job at 16 and my mom had me start paying for stuff I learned really quick to save and what was worth spending my money on.

DS is 7 and has been asking for one but we haven't done it yet. I don't think it should be associated with reg chores (bed, laundry, trash, etc) but I would be fine giving it for extra things that I typically would do myself.

I have heard 1/2 their age in $ per week and their age in $ per week.

@hummusgirl: love that! DS is visual so that would totally appeal to him!

@hummusgirl: I guess that kinda makes sense, but that assumes your LO wants to spend money on the kinds of things you were going to buy anyways. Like clothes. You obviously have to clothe your kid, but what if instead of designer jeans, they want to blow it all on video games?

I guess I figure yes, we spend money on them just for being our kid - we clothe them, buy them extras, presents, etc. But I want them to earn money so that they can exercise buying freedom and realize the consequences of their decisions. So I won't go out and buy them a $50 video game every month. But if they want to save up their allowance for it, that's awesome to me.

We're still in discussions on this. DH read in Freakonomics or some other similar book that kids shouldn't earn allowances for doing chores, but should be expected to do chores just as a member of the family contributing to the family. What I don't get is what is to incentivize kids to do chores then? The threat of punishment if they don't pitch in? In that case, it seems that the positive reward system of earning $ makes more sense than grounding the kids every time they don't take out the trash. But maybe I'm missing something here? How do you get kids to do chores if you don't offer an allowance?